After having worked on a deal to by Venmo, the mobile payment startup headquartered in New York, Braintree is now on its way to launch a product to help startups dealing with collaborative consumption helping them to get their contractors and users paid in an easier way. This is now possible for this startup which now includes clients like Airnb and Uber.
The startup now shares a relationship with Venmo, and other big companies. This has provided it with a better and quicker way of getting its independent contractors paid. Working with various users, taskrabbits and drivers that come up to over a thousand, companies find it hard to get them paid with checks which further complicates their process of accounting. The process of getting checks mailed by them and then cashed by the people can go up to over more than a week.
“Sending out checks is painful,” said Braintree CEO Bill Ready. “All you need now is the phone number. These companies have many, many providers behind the scenes and paying these people is a severe painpoint.”, as reported by Techcrunch.com.
The process is however now made easy with the introduction of this now product from Braintree called Venmo Payouts. The product includes an API which businesses can use in order to get their workforce paid. A Venmo user possessing a Venmo account, phone number or email can now get paid by businesses through any bank.
Workers once paid, can get themselves notified and then cash out either through Venmo or from their bank accounts. The service costs an amount of $0.25 for each payout and this includes no other fees. It was during its beta period that over a thousand transactions were given away by the company for free.
Venmo had in fact been tapped by by the startup a couple of other times in the past and for different products.