Velo Payments – Solving the Service Gap between the new economy and its payment providers

The Silicon Review

The gig economy is a term that describes the growing trend of people working freelance or short-term contract jobs instead of full-time jobs. You can call it Side Hustle or Moonlighting. This type of work has become more prevalent in recent years due to the rise of online platforms connecting businesses with freelancers, such as ridesharing app Uber, home-sharing platform Airbnb, and Online Work platforms like Fiverr. The global gig economy is having a significant impact on the payments landscape. Traditional payment methods are challenged by new technologies, like UPI and Blockchain, better suited for gig workers. One of the most significant ways the gig economy changes payments is by making traditional payment methods, such as paper checks and bank account wire transfers, less prevalent. This is because gig workers are often paid through online platforms that offer their own built-in payment solutions. For businesses, the main benefit of using online gig economies is cost savings. Businesses can save money on salaries, employee benefits, and office space by hiring freelance workers instead of full-time employment on demand. Additionally, companies can avoid paying taxes and other government fees associated with hiring full-time employees.

Velo Payments is one such SaaS-based platform that automates business payments for the customers. Through a single interface, businesses collect pay-ins from customers and make payouts to suppliers and independent workforces using their state-of-the art payments platform. Velo captures the payment preferences of buyers, vendors, and contract workers, and then automatically executes the best payment method based on cost, speed, and predictability over many domestic and international payment options. The Velo platform removes the Payor burden and complexity to collect, store and maintain Payee payment preferences and account details. Once onboarded, payments are made to a Payee, not a bank account. Any change to payment instructions are managed by the Payee. Payors pay their Payees, not accounts.

Velo Platform: Modernizing Payments for the World’s Businesses

Velo provides the most comprehensive payout solution to exceed the needs of the marketplace today and future proof payments for years to come. With an easy to use, mobile-first design, coupled with an additional layer of transparency and data, Velo provides a solution that can save users valuable time and resources. The Velo Platform uses the latest technology to save Payors time and resources. The platform cuts manual processes and costs by reducing errors and exceptions with beneficiary directed payments. In addition, it provides all-party access to unified real-time payment information, increasing self-help capabilities while reducing customer service needs. The Velo Platform allows Payees the freedom to choose where their payment goes, to what currency to split their payment, and to onboard themselves. With an intuitive UI, Payees can onboard themselves and self-help throughout the payment lifecycle. The company provides the tools and information needed to quickly and easily service your customers. Users of the platform have access to track all payment information and can easily sort information to service additional questions that customers have – reducing the paid resources needed to provide excellent customer service. It has Transaction Monitoring built-in to monitor customer transactions, including assessing historical/current customer information and payments to provide a complete picture of customer activity.

Velo's Robust Payment Platform for SMEs

As a business entrepreneur, time should be devoted to strengthening your business. Time should not be devoted to dealing with bank issues, phone calls, tracking payments, or managing errors. Velo's platform helps you get back on track with an easy way to pay your vendors and 1099 workforce. Free up your valuable time and resources to do what you do best – run your business. Allow payees to dynamically control where and how to receive their payments – to any account or currency – eliminating errors and increasing options. With tracking and reconciliation between payors and payees, achieve real-time information and communication visibility. Achieve peace of mind with Velo’s fully containerized microservices architecture. With end to end SOC 2 level security, pay to a single person or pay to thousands. Velo meets or exceeds PSD2, GDPR, CCPA, OFAC requirements as well as all current domestic and International standards. Free up time and eliminate errors by having payees on-board themselves to the user-friendly Velo Platform.

Bank-Grade Microservices-Based Platform

Velo is the first bank-grade microservices-based platform that utilizes real-time, two-way communication to improve the data relied upon to direct payments. Focused on the information directing the payment rather than the payment itself, Velo has removed historical frictions: Velo supports any transaction, payment type, currency, or jurisdiction. Although built to fix the problems of low value, high volume, irregular payments, Velo is the platform all corporates and payment providers can use to improve any payments. Easing adoption, Velo offers a simple SaaS model, and is agnostic to both front-end (API and UI) and delivery (hosted or installed in public or private cloud or data center).

The Visionary Leader Upfront

John Partridge is the Co-Founder, Chairman, and Chief Executive Officer of Velo Payments. He is providing the strategic direction for the company and enabling an environment that allows people to do their best work. Mr. Partridge aims to create a business payments solution that addresses their needs in a rapidly changing.