What are on-demand payment solutions?

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The on-demand economy gives rise to on-demand pay. What does that mean? 

Uber, Lyft, Doordash — odds are you’ve either used these services or, at the very least, heard of them. Sometimes called the sharing economy, “gig” economy or on-demand economy, the new marketplace for requesting and paying for services has furthered our expectations for instant gratification.

As a byproduct, the gig economy is also changing the way workers get paid for those services. As services are expected to be on-demand, pay is too.The ”Payroll on demand” term was coined as businesses sought flexible payment options to meet employee demand for quicker access to their earnings, blending financial technology with workforce needs.

With modern technology, employees shouldn’t have to wait weeks to get paid. What are on-demand payment solutions and why are they becoming indispensable?

A Brief History of Payroll

While the development of payroll dates back centuries, the process of actually getting paid in the early days was less than ideal.

Depending on who

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