MSBs & The Gig Economy

The gig economy is now commonplace, and that means temporary employees, freelancers, and independent contractors are looking for ways to integrate their payments, and partnering with MSBs is a great way to accomplish that integration.

Because MSBs are so diverse in how and what types of payment solutions they offer, there are many reasons your MSB should start marketing itself to the gig economy.

Payment Security with MSBs

Payment preferences – personal to industry-wide – are constantly evolving. As U.S. government entities are working now to create qualitative regulations surrounding cryptocurrency, many people still believe MSBs and other non-bank payment options are less secure somehow.

But your gig economy workers are looking for secure payment options that are also reliable. Your MSB can provide that, especially when you partner with ReliaFund and use our secure and compliant payment platform.

MSBs were the focus of a decade-long regulatory journey spearheaded by the Financial Crimes Enforcement Network (FinCEN). This effort focused on enforcing anti-money laundering initiatives and laws, as well as updating registration guidelines and so much more for MSBs.

Flexibility and reliability are two of the most important things your gig economy clients will be looking for – their income isn’t steady or predictable, and they need payment tools that can handle everything from seasonal upswings to viral social media attention and the pivots that come with offering new and alternative products and services.

The gig economy is unpredictable. The reliability of your MSB and its payment options is of the utmost importance to those working in these roles and companies.

MSBs Can Offer the Gig Economy Stability

Though tons of freelancers and gig workers use apps like PayPal and Etsy to make payment processing easy, each one of these services has its own set of fees that have been frustrating their users more and more frequently.

Many commission-based artists, and creators of crafts, textiles, and more are fighting back against Etsy’s policies. In April of 2022, thousands of them voiced their dissatisfaction with the craft and handmade goods platform by going on strike and refusing to sell their wares for a week to protest the most recent fee hike (you can read more about the strike here).

By tailoring your MSB to fill the gaps left by larger payment providers that leave much to be desired by the gig, freelance, and independent contractor communities, you can offer these smaller shops and vendors a stable solution for their payment needs. This stability is even more important for your users and prospects right now, as many industries are in the midst of supply chain shortages and increasing the price of materials across all industries.

Gig Economy Businesses Are Looking for Faster Payments

There is a long history of freelance and independent contractor firms being frustrated with the sluggish speed at which they often get paid. Because gig work is not steady, traditional payment systems don’t work as well for these businesses, many of which are operating with small staffs and are often considered SMBs or microbusinesses.

With ReliaFund’s check processing, your MSB can guarantee faster payment processing for these businesses that need it the most.

Your MSB is perfectly positioned to fill the gaps that traditional payroll and other payment systems are not filling. Speedy service, especially in the payments realm, is a must-have when it comes to operating businesses in the modern landscape.

Freelancers & Contractors Can use Your MSB to Grow Their Business

The gig economy is appealing because of the flexibility, but growth is the cornerstone of any successful professional operation. For freelancers and independent contractors looking to make a go in the gig economy, it’s important to know when to reach out for help, and how to find the right help.

Freelancers who are making more than $4,000 a month can almost universally benefit from having a reliable payment processor. The professional support your MSB can offer will help them focus less on tracking payments and more on creating lucrative business opportunities and establishing helpful industry connections.

The gig economy is often plagued with payment issues, and many of these small firms don’t have the staff numbers to continuously request payments for unpaid invoices or constantly confirm that check payments have cleared.

This is where your MSB’s services and ReliaFund’s check and payment processing tools can give them a leg up in the gig economy grind.

Reliable Check Processing for Your MSB

ReliaFund is the perfect partner for your MSB. Our payment systems offer easy check processing, as well as organizational tools and other payment methods – all in one platform. You can create perfect solutions for gig workers while also taking advantage of lower transaction fees compared to credit cards, and higher efficiency than waiting for checks to arrive in the mail.

Because freelance and gig work continues to grow, you have a huge opportunity to grow your MSB business right along with it. Make your MSB the preferred payment provider for the gig economy with ReliaFund’s payment solutions.