Life as a freelancer is anything but easy. Especially when contending with late or slow payments, which can lead to headaches and even financial strain. Ingo Payments and PYMNTS Intelligence latest collaborative 22-page report, “Generation Instant: How Freelancers Use Instant Payments to Reduce Financial Hardship,” uses visualizations of our proprietary data to explore how and why freelancers rely so much on instant payments.
About Freelancers and the Need for Digital
Consumers who work freelance, contract or consulting rely on disbursement payments for part, if not all, of their income. Failure to receive timely payment is a huge obstacle. Instant payments can relieve this strain.
Did you know that 84% of freelancers would choose instant payments if given the option?
Some more stats:
- Freelancers are 17% more likely to select instant payments than the average consumer.
- 84% of freelancers report would choose instant payments if given the option
- Because they often need access to their earnings, nearly 50% of freelancers are willing to pay a fee to receive their payments instantly
- 89% of freelancers who mostly use instant payments consider themselves highly satisfied.
These are some insights from our Generation Instant Report. This report is based on a census-balanced survey of 3,898 U.S. consumers conducted between Dec. 28, 2023, and Jan. 22, 2024, examining consumers’ growing interest in and satisfaction with instant payment methods when receiving disbursements from government and nongovernment entities.
But the main takeaway is simple: offering instant payments could play a key role in boosting freelancer satisfaction. Marketplaces that don’t provide instant pay are missing out on an important opportunity to attract and retain talent.
Download our full report to learn about freelancers’ increasing reliance on instant payment methods, and the benefits it brings.
