Payments In The Covid19 Economy
The world has forever been changed over the last few months; economies have been slowed or shut down, millions have moved to a remote distributed workforce as companies try to rapidly deploy digital transformation programs so systems function. The current state of industry flux across many business verticals has brought many challenges to the c-suite, including employee wellness and safety, and operational capacity changes. Many firms are addressing the question, can they sustain employment levels with current conditions? or What will be the path forward?
Many executives are forced to make tough decisions, to layoff employees, close down, others are pivoting and modifying their business models moving into ecommerce, manufacturing medical supplies, embracing video conferencing as a primary communication function. The companies that are pushing through this unprecedented time are responding to many new challenges, including managing a remote workforce, modifying internal processes, reframing the company’s delivery of goods and services, and many more. Another problem is, how are you paying your distributed workforce, especially those without bank accounts?
The US government is currently in the same dilemma with the disbursement of stimulus checks to families. If the IRS does not have direct deposit information on hand checks can be mailed but will take longer to arrive and cost more to process. Some fintech companies, including Square and PayPal have been trying to become disbursers of these funds but no decisions have been made as of yet.
What about your company? Were you handing out checks in the office? On the farm? Mailing commission checks overseas? Having a workforce that is under and unbanked (about 20% of Americans) provides many challenges to employers, especially in times like these where receiving pay quickly and securely is of the utmost importance. Uulala’s mass payout platform can facilitate payments for any US, EU, or UK based organization to pay workers in 160+ countries. The cloud-based platform and mobile application combined with a Visa or MasterCard allow workers to be in control of their funds 24/7.
Organizations that can be agile enough to survive and, in some cases, thrive in this Darwinian business ecosystem will emerge stronger than before. Uulala is here; we are servicing our clients; as long as companies need to pay workers, we have a market for our products and services. We hope executives are meticulous in their decisions that affect the lives of their employees, contractors, and their families. It’s imperative for enterprises to build in the necessary operational resiliency to survive this new reality. The COVID-19 pandemic has showcased the value of IT, and digital transformation and organizations should use this time to accelerate the transition. If you have a question on digitally transforming your payout infrastructure to meet this distributed workforce demand, please feel free to contact us at Uulala.io.
