With the beginning of a New Year, we’re seeing lots of predictions for the payouts industry. While we don’t like to make predictions, we do find value in staying ahead of trends. Below is a roundup of top four payout trends that we’ve been tracking and that are on course to play a major role in the year 2019.
Explosion of the Digital Economy
The digital economy has been growing dynamically and we’ll continue to watch it closely in 2019. With the growth of the digital economy, businesses have a pressing need to make regular, mass global payouts to their recipients around the globe. Facilitating these payouts in a timely, cost-effective, secure and transparent fashion is increasingly critical for business success. Local Bank Transfers can be used by a wide range of businesses, from payroll companies who pay out employees, publishers that pay out their affiliates, or marketplaces for goods that pay out their sellers.
Interconnectedness of the Global Economy
An interconnected world is a prosperous one and 2018 was filled with significant global interactions and economic changes. Interconnectedness can mean more opportunity for businesses, and whether your company resides in the United States, the Philippines, or Brazil, the opportunities are endless. As the global economy becomes more interconnected, companies are looking for payout offerings that can scale along with their business. These payout offerings can not only include Local Bank Transfers, but also e-wallets and bank wires as well. This is where Trend 3 comes in – businesses need more payouts options.
The Need for More Payouts Options
There are a wide range of payouts options, each with its unique benefits and disadvantages for recipients. A marketplace seller may value transparency over high cost and a freelancing translator may think otherwise. Therefore, businesses are learning more and more about how important it is to offer multiple payouts options. Think of it like this – payouts options are like credit cards. You usually don’t only have one because each of them has its own specific perks. By offering multiple payouts options, you make each and every one of your recipients happy by letting them choose what option best suits their needs.
Efficiency Over Everything
When it comes to payouts, efficiency is trending. You don’t choose a payouts option because it seems to be the lowest cost. You choose it because your global payouts will go where they are supposed to go – into the bank accounts of individual recipients, at speeds that often approach real time and with extremely high security. Local Bank Transfers are a payouts method that is based on an understanding that mutual cooperation is the best way to work with banks, and that a payment provider that takes on the hard work of compliance, regulation and fraud protection with its own in-house team, is the most efficient to serve you, the sender.