Being a freelancer requires constantly drumming up work while hoping for prompt payment. Moreover, consumers who work freelance, contract or consulting rely on disbursement payments for part, if not all, of their income. Failure to receive timely payment can lead to financial strain. Instant payments can relieve this for freelancers.
Freelancers are 17% more likely to select instant payments than the average consumer. Eighty-four percent report that they would choose instant payments if given the option. Because they often need access to their earnings, nearly half of freelancers are willing to pay a fee to receive their payments instantly.
These are some insights in “Generation Instant: How Freelancers Use Instant Payments to Reduce Financial Hardship,” a PYMNTS Intelligence and Ingo Payments collaboration. The report is based on a census-balanced survey of 3,898 U.S. consumers conducted between Dec. 28, 2023, and Jan. 22, examining consumers’…