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11/11/2021

TaskRabbit Takes On The Gig Economy’s Instant Payout Imperative

PYMNTS.com

Getting paid fast is more than just a benefit for gig workers. It has become a necessity in today’s challenging economic climate

Some employers are ahead of the game when it comes to providing speedy disbursements for their gig workers, with ridesharing giant Lyft being one notable example. The company announced in 2015 that it was introducing a new payment feature called Express Pay, which allows its drivers to instantly collect their earned wages instead of waiting a week for access. The feature has been a hit with drivers since it was unveiled, and Lyft has continued to make tweaks to it since.

Other businesses seem to have missed the memo on offering instant payout methods, however. A survey released last year showed that just 7% of employers who rely on gig workers offer same-day payout options, while 61% are still processing gig workers’ payments with traditional payroll systems. This means many gig workers are struggling to secure the financial flexibility to make work-related purchases and even pay their bills.

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