Market Overview

Bill.com Survey Reveals Gig Economy Workers Prefer Clients That Use Digital Payments

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Freelancers are becoming more adamant about receiving payments
electronically

Bill.com,
the leading U.S. digital business payments service, today announced the
results of a survey revealing that freelancers are ardent supporters of
digital payments, with 86 percent of freelancers wishing - and 41
percent requiring - to receive payments electronically in an effort to
combat late payments.

The gig economy continues to grow as a critical and influential segment
of the U.S. workforce, but getting paid remains a sore spot among this
group. According to the survey of over 1,400 U.S. freelancers and
contractors:

  • Over 50% are still being paid by check
  • 54% say it takes too long to get their money
  • 45% say clients don't pay them on time
  • 30% say dealing with payment processing fees such as those charged by
    credit cards or consumer payment services, such as PayPal, are a
    problem

"All small businesses struggle with cash flow, and self-employed
professionals are no exception," said Liz Steblay, founder and CEO of
the Professional Independent Consultants of America (PICA). "Most
corporations have payment terms of 45 days or even 60, which is brutal
when you're self-employed. To add insult to injury, it's surprising how
many clients still pay by hard-copy check which can easily add another
week to the payment process. With more and more professionals becoming
self-employed, the companies that offer faster, more reliable payments
will win the best talent."

Being paid digitally provides several benefits for freelancers and the
companies that hire them. According to the findings, 81 percent of those
surveyed say that customers who pay electronically tend to pay on time.
Furthermore, 63 percent admitted to feeling more valued when they are
paid digitally, which impacts the overall quality relationship between
freelancers and their clients. The survey results also reveal that
digital payments are so important to this workforce that nine percent of
freelancers have lost potential customers because they cannot support
their preferred payment method.

"The gig workforce and their influence is poised to continue to grow
each year as companies look to expand their workforce and Americans
embrace a more flexible lifestyle," said René Lacerte, founder and CEO,
Bill.com. "Digital payments not only meet the needs of both parties, but
they do it quickly and with less hassle."

With freelance work being the primary source of income for much of this
workforce, many (41 percent) agree that the top priority for payment
from a client is quick processing, followed by no-fees (24 percent) and
hassle-free (16 percent). However, despite the ease of going digital to
expedite payments, many U.S. companies still have a ways to go.

To help close this gap, Bill.com provides digital business payment
solutions so businesses can meet the timely and ease-of-payment needs of
the freelance workforce.

For more information on digital business payments, please visit www.bill.com.

About Bill.com

Bill.com is the leading business payments service with 3 million members
processing over $52 billion per year in payment volume. Bill.com helps
businesses connect and do business by saving them more than 50 percent
of the time typically spent on financial back-office operations.
Bill.com partners with four of the top 10 largest U.S. banks, more than
60 of the top 100 accounting firms, major accounting software providers
including Netsuite, Intacct, Intuit and Xero, and is the preferred
provider of digital payments solutions for CPA.com, the technology arm
of the American Institute of CPAs (AICPA). Recognized as one of San
Francisco Business Times' and Silicon Valley Business Journal's "2018
Best Places to Work," Bill.com has over $200 million in funding with the
most recent investment round led by Temasek and JP Morgan Chase.

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