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What are on-demand payments?

By February 26, 2019 October 17th, 2019 No Comments

How On-Demand Payments Will Grow Your Company Exponentially

With the growth of modern technology, expectations are high and patience among consumers is wearing thin. Popular features among tech devices such as “AirDrop” (available through Apple devices), streaming media services, and real-time news and market trend updates, have all created a demand to provide services such as on-demand payments…yesterday!

How On-Demand Payments Will Benefit Your Business

Did you know that companies such as McDonalds and Walmart offer their employees the option to choose to get paid immediately or whether they want to get paid later? If world-class companies like these are providing on-demand payments, chances are, in the not so distant future this won’t just be a trend, but the expected norm. What are the benefits of providing on-demand payments, and how can on-demand payments grow your company exponentially? Here are a few things worth noting:

Convenience Is Nearly A Form of Money Nowadays

Employees are attracted almost as much by the convenience factor, as they are by money alone. Offering a good paying job isn’t necessarily enough to attract and retain top talent these days. With companies offering weekly lunches, free phone plans, and unlimited PTO, the least your company can do is offer payments on-demand.

By giving employees the option to get paid on-demand once completing their days work, or whether they wish to get paid on a scheduled basis, you will no doubt stand out among the competition. This type of convenience allows for employees who live paycheck to paycheck (which, mind you, is nearly half the population these days) to live with the peace of mind that they can get cash when they need it.

Quicker Payments Also Equals Quicker Accounts Receivable

If you had the option to get paid now or get paid next week as a business owner, which would you choose? Now, of course!  One of the most common time constraints holding a business back is the processing of payments.

If you understand the “time value of money” you know that a dollar today is worth more than a dollar will be worth tomorrow. In other words, think of the stories your grandparents often tell you of being able to go to the market to buy a candy bar for just $0.05. This same concept applies to businesses in that money received quicker is much more beneficial to a business than money received later. Ever wonder why large discounts are offered for paying in full for a subscription service?

Shortened Operation Processes Equals More Money

If you are a retail clothing store that orders inventory from suppliers in other locations, chances are you are very familiar with the lag in time when it comes to communicating payment terms and actually completing the sending and receiving of payments.

By using an on-demand payment service, you will shorten the time it takes to communicate and process payments with your wholesalers and manufacturers. No more “sold out” signs and anxious customers emailing and calling you awaiting receipt of your popular products.

A Convenient Solution

OfficeCard is one of the only companies of its kind allowing you to enjoy the benefits of on-demand payments. With OfficeCard, you can even provide employee monetary incentives through email and in real-time. With the ability to give your employees options of when and how they get paid, OfficeCard will enable you to offer that extra convenience factor that attracts and retains top talent, and a healthy balance sheet.