How payment companies hope to address the Great Resignation

Published Updated 2 Min Read

Companies that don’t pay employees when and how they want to get paid may find themselves short-handed at a time when entire national economies are searching for labor.

“The concept of waiting two weeks for a paycheck doesn’t seem natural anymore,” said Jim Filice, vice president and head of new payments at Visa in Toronto.

Visa’s DoorDash collaboration, which was launched in Canada on March 23, allows drivers to receive payments and direct funds to a debit card or bank account as they log hours, rather than adhering to a regular pay schedule.

The product, called DoorDash Fast Pay, uses Stripe’s Instant Payouts portal and Visa Direct to support real-time payments to contractors or freelancers. According to a Visa study, 89% of gig workers are likely to sign up for real-time payments, and 66% said they would select employers who offered real-time payouts over firms that do not. The DoorDash flexible wage product is focused on Canada and the U.S., and Visa has entered similar partnerships internationally with gig economy companies such as Instacart, Jobber and Lyft.

John Adams
Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech industries, hosts podcasts, moderates conference panels and … Read full bio


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