Business travel is increasing as professionals attend industry conferences and meet with clients in person now that pandemic-related measures have lifted. This rise has also led to an uptick in business expenses and the need to reimburse employees. With the rise of digital payments, employees increasingly expect reimbursements to come sooner — without the hassle of waiting to receive and deposit a check.
These conditions help explain why instant payments of business expenses reimbursements are also on the rise. Employees received 43% of these reimbursements via instant payments — a 6 percentage point increase from one year ago. Employee satisfaction with instant reimbursements has reached a high of 78% this year, indicating that employees increasingly value the convenience and quick access to good funds that instant payment methods provide.
These are a few key findings explored in “Generation Instant: Business Expense Reimbursements,” a PYMNTS Intelligence and Ingo Money collaboration. The report is based on a census-balanced survey of 2,606 consumers across the United States conducted between Aug. 28 and Oct. 4. The survey examined their satisfaction with disbursements received from government and nongovernment entities.
Download the resource to see what we learned.