The program will assist businesses in the U.S., Mexico, and Brazil who need to disburse digital payments in real-time as independent contractors and workers adapt to the new COVID-19 economy
MOUNTAIN VIEW, CA, May 14, 2020 — Rapyd, a global Fintech as a Service company, announced today that it will be waiving foreign exchange and processing fees on the first US$100,000 in total processing volume for new businesses in the U.S., Brazil, and Mexico that use the platform. Rapyd is helping to support businesses by reducing costs, which will allow them to pass on the savings to their end beneficiaries who have been significantly impacted by the COVID-19 pandemic.
The Rapyd Social Responsibility initiative is available until June 30th for businesses onboarding the Rapyd platform and who will commit to passing on the fee savings to end-users during their first three months of processing payments. Rapyd hopes the program will provide enough relief for struggling end beneficiaries including independent professionals, consumers receiving loans, health insurance reimbursements, among other use cases.
In addition to helping consumers, the program enables gig economy, marketplaces, platform economies, and other businesses to digitize their payment infrastructures quickly – a critical strategy that is emerging as the COVID-19 pandemic evolves by:
- Allowing businesses to go cashless quickly
- Expanding disburse payment methods that they can offer to their end-users
- Helping businesses become more resilient and adaptable to dramatically changing payment behaviors
- Enabling payouts in over 100+ countries and in 65+ currencies
“The impact of COVID-19 on the global economy has changed how independent contractors, workers, and consumers prefer to receive payments and the speed at which they need these funds at their disposal. Payment methods have shifted from cash to digital, and end beneficiaries are now resorting to quicker payments to be able to survive the pandemic effects,” said Eric Rosenthal, Vice President and Managing Director of the Americas for Rapyd. “Rapyd wants to do our part in helping consumers and workers during this difficult time. One of the key characteristics of our platform is that it allows end-users to be paid in a multitude of local payment methods to their preference and for businesses to pay in real-time. We feel waiving the fees for these businesses that directly provide payouts to workers and consumers is a way to show our commitment to our customers and communities while providing them a level of financial support.”
The program provides quicker payment disbursements and cost reduction for businesses partnering with Rapyd, an incentive the company expects consumers and end beneficiaries impacted by COVID-19 will also realize from the businesses savings on foreign exchange and processing fees.
The COVID-19 pandemic has made digital diversification of payment methods more critical than ever before. As operating margins shrink, real-time payments allow companies to pay independent contractors, reduce capital costs, and improve cash flows faster. For contractors operating month-to-month, the speed at which payments can be received will have a material impact on their day-to-day livelihoods.
Rapyd has recently announced the expansion of its disburse platform with significant global reach including more payout coverage in the United States, Brazil, and Mexico and into 26 countries across Asia including Singapore, India, Taiwan, and Japan.
Key capabilities of the newly expanded disburse platform include:
- Push to card in the U.S.
- Additional local preferred ways for end-users to receive payments via bank transfers, cash, and push to card
- 100+ countries incorporated into Rapyd’s global payout network
For more information about Rapyd’s Social Responsibility program, click here.
Rapyd does for fintech what the cloud did for IT. They built the world’s largest local payments network to power frictionless global commerce. Innovative ecommerce companies, technology firms, and marketplaces use their Fintech-as-a-Service platforms: Collect, Disburse, Wallet and Issuing to seamlessly integrate payment capabilities into their applications. The Rapyd Global Payments Network covers 900+ locally preferred payment methods, including bank transfers, eWallets and cash in more than 100 countries. Now businesses can open new markets, create new fintech applications, and reach four billion consumers worldwide without thinking about infrastructure or regulations. Investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. For more information, visit www.rapyd.net.