Mobile payment is nothing new in the modern age. The Federal Reserve reports that in 2015, more than half of smartphone owners banked primarily using their mobile devices and banking apps taylormade for optimization of consumer ease of use. Mobile payment through banking is made even easier by mobile payment options like Venmo and Apple Pay. The usage of these apps in banking and in everyday life has been so encompassing that more mobile payment solutions look to be on the horizon, especially in the workplace.
As mobile payment options evolve, organizations that deliver payroll should consider the benefits of using modern technology in their process. These modern tools aren’t just affecting when employees get paid, as payroll also covers employee benefits and records. We living are in a time where there’s an evolution in the current market in the type of the workers employers typically deal with. As freelance workers become more integrated into the economy and a rising part of our workforce, many of these employees expect real time reimbursements for projects instead of waiting for a bi-monthly check. This tasks seems daunting and an efficiency killer if done manually, but with instant payment methods now available, this is an easy ask to answer. On top of instant payment cloud computing helps companies by not having to leave their office to go to the bank and helps organizations stay current with changing tax compliances, for not only their freelance workers, but for the company as a whole. This added to automatic payroll integration, with technology companies can meet their employees evolving needs and spend more time on the issues that really matter.