Access to cash is one of the biggest challenges for small businesses and gig workers. Cash flow problems are a common reason why businesses fail, and 82% of small businesses report difficulty accessing cash. It’s just as important to gig workers, with 90% of them saying they would use instant payouts if their platform offered it.1
That’s why we built Instant Payouts, which allows Stripe users and connected accounts to pay out their available balance instantly at any time for a small fee. Marketplaces and platforms like Lyft, Instacart, and Lugg use Instant Payouts to establish new revenue streams while attracting and retaining small businesses and gig workers.
Today we’re rolling out improvements that enable platforms and marketplaces to start, run, and manage an Instant Payouts program with no-code build options, payouts directly to bank accounts, and streamlined monetization.
With these improvements, it’s even simpler for businesses to build the loyalty of existing users and acquire new ones.
No-code and embedded user interfaces
With new no-code and embedded user interfaces, platforms and marketplaces can activate Instant Payouts by toggling a setting in the Dashboard, or by adding a few lines of code they can embed Instant Payouts directly into their product. Previously, Connect users needed to custom build a user interface using Stripe APIs to create an Instant Payouts experience for their connected accounts. Our no-code and embedded user interfaces are available for select users by request—if you’re interested in learning more, please reach out.
More Instant Payouts options in the US
Only 20% of US small businesses and gig workers using Stripe have a debit card on file, which was previously required for Instant Payouts. That restriction limited usage and potential monetization for platforms. Now, small businesses and gig workers with an eligible bank account on file in the US will be able to pay out funds instantly to their bank account. We’re rolling this feature out now, and it’ll be available to all US Instant Payouts users later this summer. To request access and learn more about the more than 1,000 banks we pay out to, visit the docs.
Streamlined monetization and easy reconciliation
With these improvements, platforms can now more easily create a new revenue stream. Rather than building monetization tools via Stripe APIs, Connect platforms can now set pricing for Instant Payouts usage directly from the Dashboard. When connected accounts pay themselves out instantly, we will automatically collect the additional fee from those users and deposit it into the platform’s balance.
We’ve also improved reporting in the Dashboard, enabling platforms to see the fees they’ve collected through Instant Payouts and making reconciliation seamless.
Get started faster with improved Stripe documentation
For users interested in integrating Instant Payouts now, we’ve updated our docs to make the work clearer. For platforms ready to get started and build their own UX with Stripe APIs, the time to a live Instant Payouts program will be faster than before. We’ve also provided recommendations and best practices for managing an Instant Payouts program.
When it’s time to cut paychecks and complete payroll, the difference between hours or days makes a big difference in their cash flow needs. Instant Payouts is one of those things the old model couldn’t do. Stripe’s modern way of real-time everything makes it possible. It’s so intuitive for a user to receive their money that way.
If you’re interested in offering your users more flexibility and control over their earnings with Instant Payouts, check out our docs.