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In the two months since earned wage access (EWA) provider Immediate launched Visa Direct as a payment option, the near real-time method is already accounting for 50% of its payments.
When Immediate launched in October 2018, it first offered its users the ability to gain access to their earned, but not yet paid, wages through an ACH transfer that could take several days. But one Saturday this February, just before the pandemic hit, an end-user put in a customer support ticket that prompted the fintech to shift to a faster payments rail.
“We had a guy put in a support ticket on a Saturday morning asking ‘where’s my money?’,” said Matt Pierce, founder and CEO of Immediate. “He needed $10 for gas to get to work and couldn’t wait until it was ACH’ed to his account on Monday. We had one of the guys on the support team Venmo him
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NEW YORK, Oct. 6, 2020 /PRNewswire/ — Small business owners are looking for a streamlined digital experience when it comes to buying insurance, and they’re willing to take a stand to get it. A majority—59%—of businesses surveyed said they’d consider switching agencies if another could provide faster quotes for new policies, according to a new survey from Semsee, the leading automated small commercial quoting solution. Similarly, 55% said they’d move their business if another agency had more digital service capabilities, such as online policy changes, billing and claims, reveals Semsee’s Small Business Snapshot, a survey series designed to measure small business owner preferences in insurance. Just one-quarter of respondents said they would not move their business no matter the digital capabilities of the agency.
Business owners also put a high priority on their agents’ ability to provide options for coverage and an open and transparent buying process. More than