Gig workers, and others who rely on PayPal, will be able to have payments direct deposited thanks to a partnership between PayPal and Fiserv.
PayPal is one of the most popular options for many gig workers and small business owners to be paid. The company has been expanding its offerings to compete more with traditional banks, even offering a debit card that provides cash back. The missing piece, however, has been the ability to receive direct deposit payments, such as paycheck.
PayPal and Fiserv are partnering to address that shortcoming, providing a way for businesses to send direct deposits to both PayPal and Venmo accounts, via Fiserv’s Carat commerce platform.
“Fiserv is helping organizations across the globe move money and information with the speed, flexibility, and convenience that today’s consumer is demanding,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customized message in Venmo’s social payments platform. This provides our clients with a unique opportunity to drive next generation customer experiences, with the simplicity of doing so at scale through a single API.”
“With more than 400 million active accounts on the PayPal and Venmo platforms, we are able to provide companies with a fast, easy, and cost effective way to send money in situations such as insurance payouts or other disbursements,” said Dan Leberman, Senior Vice President of Partnerships, PayPal. “This integration is the next step in our long standing partnership with Fiserv and will provide substantial value to enterprises that need to send money directly to customers.”
The announcement is good news for PayPal and Venmo users, and should help drive usage even more.
