Whether your business is just starting to tap into freelancing help, or you have a well-developed network, the advantages of leveraging freelance work are endless. Today, we wanted to take a detailed look at the growing gig economy in the Philippines and how Transpay helps businesses pay out Filipino freelancers every day.
The gig economy in the Philippines has grown steadily in recent years. According to a study done by Upwork that looked at the first nine months of the years 2017 and 2018, the Philippines was the third largest revenue-generating country in terms of freelancers. And with one of the largest populations in Southeast Asia, the Philippines economy is just starting to be tapped.
At Transpay, we offer a Local Bank Transfer solution that helps pay out to countries that are particularly hard to reach. If you are a marketplace for services and have never worked with freelancers in the Philippines, the significance of the gig economy in that country may well make it an important market for your business in the near future. If you do not work with Filipino freelancers, what are some of the reasons? Are you prevented from reaching that market because your payouts provider does not provide a solution to reach hard-to-reach markets? If so, then maybe it’s time to rethink your payout solution.
Here’s how Transpay solves payouts in hard-to-reach markets:
A strong network means more savings. Transpay’s network was originally built in a quest to create the most direct route for consumers to send money, cheaper and faster than any other network. Our network was built by our sister company, Transfast, which serves consumers sending money home. With help from our long-standing network, we offer the largest bank and cash pickup network in the Philippines, with a network that includes 16,000+ cash pickup locations and every bank in the Philippines including BDO, HSBC, PNB, Metrobank, and more. Today, our network provides access to more than 95 percent of global bank accounts, and as part of the process also takes on the regulatory and compliance burden, reducing risk for payers.
At Transpay, we have huge purchasing power and operate with 60+ currencies, including the Philippine peso. Because we buy currency in volume, better FX rates are negotiated for you, even for currencies used in hard-to-reach markets. You can pay out your Filipino freelancers almost as easily as paying your neighbor next door. For example, in 2018, Transpay and Brightwell Payments partnered up to help crew members send money without borders. Transferring money with poor connectivity onboard is costly and time-consuming, especially when sending money to countries such as the Philippines where cash is the preferred currency and 77 percent of the population is unbanked. Integrating Transpay into the Brightwell mobile app helps crew members have greater control of their finances.
With our Local Bank Transfer solution, Transpay offers same-day Local Bank Transfers to the Philippines leveraging simplified pricing and low costs, making payouts to your Filipino freelancers as easy as 1-2-3. With the direct relationships in our payout network, we can send funds with a solution that avoids intermediaries and hidden charges for you and your recipients. Payout specialists who have direct relationships with their payout network can often provide this type of transparency and help you reduce uncertainties around fees. It’s time to challenge your payments provider to do same-day bank-to-bank transfers in the Philippines and if they say it’s not possible, you know where to turn!