In a new offering with DoorDash and Stripe, Visa continues to offer flexibility and choice for independent contractors to access funds earned in real-time
TORONTO, March 23, 2022 /CNW/ – Today, Visa announced a new offering with DoorDash, a leading last-mile logistics platform, to help enable faster payouts to eligible Dashers across Canada. The new feature, called DoorDash Fast Pay, is facilitated by Stripe’s Instant Payouts product, made available through Stripe’s financial institution partner and powered by Visa Direct, Visa’s real-time1 push payments platform.
The number of Canadians participating in short-term contract work has steadily increased, with 1 in 10 Canadian adults identifying as an independent contractor2. Increasingly, independent contractors want fast and efficient access to their wages. In fact, in Visa’s survey of gig workers, 89% said they’re likely to sign up for real-time payments, and 66% said they would select gig companies who offer real-time payments instead of others, showing how fast, on-demand payments can be a powerful tool for gig companies3.
“Increasingly, independent contractors want to be paid on their own terms,” says Jim Filice, VP and Head of New Payments, Visa Canada. “Getting access to earned wages in real-time is an expectation for many workers, and companies like DoorDash are helping to meet that demand by leveraging Visa’s network and implementing solutions like Fast Pay.”
Canadians rely on logistics platforms like DoorDash for flexible, low-barrier-to-entry work and earn when, where and how they want. To help ensure that Dashers are able to access their earnings quickly and effectively, DoorDash is using Instant Payouts with Stripe Connect to handle the U.S. and Canada payments experience, from helping Dashers accept customer payments to directing funds to a Dasher’s debit cards or bank account. Stripe Connect helps businesses easily create a platform to facilitate purchases and payments between third-party buyers and sellers.
“We’re proud to be the payments infrastructure helping Dashers access earnings faster for millions of meals being delivered across North America,” said Jeanne DeWitt Grosser, Head of Americas Revenue and Growth at Stripe. “Instant Pay was built for platforms that want to ensure earners and merchants can quickly access funds when they want. Stripe’s expansion with Visa and DoorDash in Canada is the latest milestone in making that happen.”
“We are proud to work with Stripe and Visa to provide Dashers with more flexible earning opportunities,” said Shilpa Arora, General Manager at DoorDash Canada. “This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work and additional income.”
Now with this new integration with Visa Direct, Dashers who are Visa Debit cardholders will be able to access their earnings in real-time, rather than waiting until the end of the week. Fast Pay has been available to Dashers in the US since 2018.
The impact of the current COVID-19 pandemic on Canadians’ finances can make it especially challenging to manage payments during this time. That’s why Visa works with Stripe, whose Instant Payouts feature is integrated with Visa Direct to help businesses like DoorDash support Dashers in accessing their earnings in real-time, and other business payment disbursements.
For more information about how Visa Direct can help your business, visit Visa.com/VisaDirect.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.ca.
About Stripe
Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Headquartered in San Francisco and Dublin, the company aims to increase the GDP of the internet.
About DoorDash
DoorDash is a technology company that connects consumers with their favorite local and national businesses across the United States, Canada, Australia, Japan, and Germany. Founded in 2013, DoorDash enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy. By building the last-mile logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.
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1
Actual fund availability varies by receiving financial institution, receiving account type, region, and whether transaction is domestic or cross-border.
2
Leger/Payments Canada 2020 Consumer and Business Payments Behaviour Tracker Survey
3
This research was commissioned by Visa and conducted online by Directions Research, Inc. from Dec 5, 2019 to Jan 6, 2020. The 2326 respondents were on-demand workers, from the US, Canada, the UK, Ireland, France, Spain, Poland, Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia.
SOURCE Visa Canada
