Our partnership with Deel: Transforming cross-border contractor payments
Historically, a fragmented cross-border payment ecosystem has meant that businesses have struggled to hire and pay contractors internationally. Complexities have arisen due to dispersed operations in multiple jurisdictions, the handling of different currencies, and the involvement of intermediaries.
As a result, cross-border payments have experienced lengthy payment execution times, high SWIFT or intermediary bank cross-border fees, and transfer hold-ups. These dynamics not only impact contractors and employers, but the overall growth of the global economy.
Paysend recently commissioned a survey of 255 SMEs which showed 1 in 5 were dissatisfied with the settlement time periods for payments. Half of respondents said their current settlement times took more than 1 week, with 1 in 5 waiting 1-3 months.
Reflecting the wider business impact of delayed payments, the findings also highlighted that 6 in 10 respondents have cashflow issues because of the time it takes to send money to suppliers and contractors, and receive sales revenue.
Our partnership with Deel
In August we announced a partnership with Deel, the leading global payroll and compliance solution, to remove these frictions and offer contractors an easy way to access their money without unnecessary delays, costs or uncertainty around when their salaries will be paid.
Leveraging Paysend’s proprietary technology and connectivity to international card networks such as Visa and Mastercard, as well as local payment solutions in over 160 countries, Deel is now able to provide contractors with instant payouts to their cards in 70+ countries. This is especially transformative for businesses that have struggled to hire international workforces due to expensive cross-border services, delayed payments and opaque payment tracking.
Testimonial from Deel:
“We’re really excited to enhance Deel’s contractor experience by providing instant and reliable transfers, particularly in this new world of cross-border work. It’s an important milestone in helping businesses hire anyone, anywhere.
Paysend offered the most developed technology stack, and offered up a tenured team to help us understand how the technology works. The implementation process was super efficient.”
It is time to remove the limitations that come with paying contractors in certain countries – especially important in today’s world of global work and remote workforces.. Through this innovative partnership, we are enabling frictionless and borderless payouts so companies can disperse money to cards instantly anywhere, anytime.
Creating equal access to opportunity
We are proud to be working with Deel to break down hiring barriers internationally. For example, Deel’s latest service – powered by Paysend’s technology, Instant Card Transfer, offers contractors the option to get paid instantly and directly into their bank accounts by just using their cards. All contractors need to do to access Instant Card Transfer is provide their full name and bank card number – businesses can then pay them instantly via this service.
This service opens up access to hiring opportunities for those who were previously limited by geographic location or complex payment processes.
Currently available in 70+ countries, instant card transfers are expected to arrive within 15 seconds or less – ending cash flow latency and alleviating costs.
Enabling frictionless cross-border payments is crucial in today’s global economy in order to fuel international trade, activity, investment and support financial inclusion. With easier, simpler international transfer methods, we are proud to support businesses in expanding their operations across borders, tapping into new revenue potential, as well as gaining greater access to talent and exposure to foreign investment opportunities.
Article by Ashley Mallet, Head of B2B at Paysend
To find out more about Paysend’s global payout solution, click here.