The Crowd Payment Revolution
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Presentation about optimizing the way crowdsourcing businesses deliver payments to global freelancers.
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The Crowd Payment Revolution
- 1. the CROWD PAYMENT REVOLUTION Learn more at transpay.global #transpayatCSW15
- 2. CROWDSOURCING O v e r v i e w
- 3. Freelance Marketplace A USER Experienced Developer from Bangladesh Freelance Marketplace B Wire Transfers Global Payout Platform
- 4. COMMON CROWD PAYMENT METHODS COMMON PAYMENT METHODS eWallets Bank Wire Transfers International Prepaid Card Crypto Currencies
- 5. BANK WIRE TRANSFERS Receiver’s Bank Source: Glenbook Payment System Payment System Sender’s Bank Bangladesh New York SENDER Correspondent Bank A Correspondent Bank B Local Clearing Bank Local Clearing Bank NationalBorder
- 6. BANK WIRE TRANSFERS 1.3% 12.4% 4.8% 3.3% 2.9% 0.0% 4.0% 8.0% 12.0% 16.0% Correspondent Fee Bank Transfer Beneficiary Deduction FX Spread Total Cost
- 7. EWALLETS 1.0% 8.4% 0.8% 0.6% 2.0% 4.0% 0.0% 4.0% 8.0% 12.0% Loading Fee Correspondent Fee Transfer Fee Beneficiary Deduction FX Spread Total Cost
- 8. INTERNATIONAL PREPAID CARD 2.0% 9.9% 0.4% 1.9% 2.1% 3.5% 0.0% 4.0% 8.0% 12.0% Activation Fee Monthly Fee Loading Fee Withdrawal from ATM FX Spread Total Cost
- 10. GLOBAL TRENDS T e c h n o l o g i e s & M a r k e t s
- 11. Source: Elance RISE OF EMERGING MARKETS Top 15 Freelancer Countries
- 12. 2014 GLOBAL PAYOUT VOLUMES C r o s s - B o r d e r P a y o u t s b y R e g i o n Source: Transpay 2014
- 14. EMERGING PAYMENT SOLUTIONS Global Payment Gateway GLOBAL PAYMENT GATEWAY Bangladesh New York SENDER Proprietary System Direct-to-Bank + Ease-of-Use Speed Convenient
- 15. PAYING SMART – WHAT TO LOOK FOR Licensed & Regulated No Landing Fees Self-Owned Direct-to-Bank Network No Beneficiary Deduction Provide Live FX Capabilities Global Reach API Integrations Using Single- Point Connections KYC/KYP FTP/Batch File Uploads Strict Compliance Policies
- 16. PAYING SMART – WHAT TO ASK 1. What compliance programs are used? 2. What are the most convenient payment options for receivers? 3. Is the payment platform licensed & regulated in my sender’s local jurisdiction? 4. How long will it take before payments are received? 5. What support is provided?
- 17. THANK YOU! Learn more at transpay.global
Editor's Notes
- What does all freelancerd want? Fast payments, quick, easy Trust platforms, why they’re important (ie: elance, freelancers.com uber) What you get out of a trusted platform While the sharing economy is growing opportunities exponentially, support systems for the new innovative and nimble worker lag behind. Number one on that list is – payments systems.
- • Imagine: you’re a developer in Bangladesh. Working through Crowdsourcing Platform A, fees cost you 10% of your paycheck – not an uncommon scenario today. • Meanwhile, if Crowdsourcing Platform B offers a payments system that cuts those fees by 60%? I’m no dummy. I’m migrating to the platform where I can keep more of what I earn.
- E-Wallet Pros: Does not lock beneficiary into one payout method, Handles pay-ins and payouts Cons: Costly Beneficiaries would still have to “cash out” Prepaid Cards: Pros: Visa or Mastercard, Good for unbanked beneficiaries Cons: High Fees, High FX charges, Beneficiary needs a bank or ATM to cash out, wait time for International beneficiaries
- Many people don’t know how swift wires really work, so I want to show you through this illustration. Let’s say this person A is sending money to person B in Argentina. Argentina trying to pay someone Bangladesh. What most people think What actually happens: correspondent banks, fees, beneficiary deductions along each step, both the buyer and seller hit with various fees in addition to high exchange rates charged by the bank.
- Now lets take that transaction apart and look at top registered elancers by country, 11 out of the 15 are emerging markets More expensive to pay emerging markets , less reach
- I can’t speak for all other companies but let me tell you a little about what my company Transpay does. We are… Last year this was our global volume
- Changing behaviors driven by the awareness of new technology has elevated expectations and altered consumer relationships with financial institutions and retailers. As a result, consumers’ choices for the type services they select and utilize challenge the effectiveness of the traditional consumer payments
- Demand is growing, alternatives are in need Trying to save money and time The Solution: Global Payment Gateways direct-to-bank +, speed, ease-of-use, convenient
- Paying crowdsourced workers in an expeditious, cost-effective manner is not only crucial in the sharing economy … Payments have become a competitive advantage that can put you leaps and bounds ahead of your peers.