To Disburse Funds Faster, Businesses Are Tapping Into Popular Payment Apps

The use of faster payments is increasing in the United States, with a growing number of consumers prioritizing instant disbursements. To meet this demand, businesses are adopting digital payment options such as PayPal and Venmo, which are already popular among consumers. These payment apps provide fast, convenient, and secure experiences, allowing businesses to send payouts efficiently and recipients to access and use funds easily.

Faster payments are on the rise, with more U.S. consumers receiving instant disbursements than ever before. In fact, Onbe’s 2023 Future of Payments Report found that payment speed ranks among consumers’ top priorities when receiving a disbursement from a brand. To meet the need for speed, businesses are turning to digital payment options—including popular payment apps their recipients already use, like PayPal and Venmo.

According to the Future of Payments Report, most consumers have payment apps on their phones, with 60% using PayPal and 43% using Venmo. These two top apps, alone, represent a market reach of more than 400 million accounts. As consumers look for even more ways to simplify their lives, payment apps deliver what they want: fast, convenient, secure experiences.

Sending Disbursements to a Payment App

You’re probably familiar with using payment apps to pay the babysitter or split a restaurant bill. But these apps also offer a fast, secure way for businesses to send payouts to their customers and workforces. For instance, product refunds, healthcare and wellness rebates, and gig worker or contractor payments are ideal for paying by app. (More than half of gig workers prefer to be paid via PayPal, according to research from PYMNTS.)

Payment apps make it easy for consumers to use or transfer one-off or recurring payments without the hassle of depositing a check or inputting bank information. Recipients can access flexible ways to use their funds from within the app—whether it’s shopping with their favorite retailer or repaying a friend for lunch. They can also transfer funds from the app to a bank account in a few taps, with instant transfers available for a small fee.

Benefits to businesses include integrating with popular payment capabilities to offer a more seamless customer experience, plus unlocking new revenue streams by positioning payment apps as a premium option. As part of a digital-first solution, payment apps also offer a more sustainable way to make disbursements at scale. Businesses can provide a paperless experience to their recipients (90% of consumers prefer digital communications about their payment, according to the Future of Payments Report) with the added benefit of eliminating the carbon emissions generated by delivering physical payments.

Integrating with Popular Payment Apps

Businesses have the option to integrate directly with individual payment apps, or partner with an experienced payment provider that manages those integrations. A corporate payouts gateway such as Onbe provides a single point of integration to the world’s most popular payment methods, without the complexity of managing multiple vendors in-house. With Onbe, businesses can streamline everything from operations to customer support while giving their recipients a custom-branded payment experience that’s truly seamless.

Expert consultation is another reason to opt for a single provider. Onbe can recommend the optimal payments mix for your program goals. Choices may include faster payment options, such as PayPal and Venmo, virtual cards, and Express ACH, along with more traditional options to meet every preference. With access to the most popular digital payment methods available today, you’ll be ready to offer the fast, modern payment experiences your recipients have grown to expect.

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