Real-time payments are revolutionizing the way businesses manage transactions. With Orum’s Deliver API, companies can streamline their operations, offer seamless payouts to customers, and improve cash flow management. This doesn’t just boost efficiency, it boosts brands ahead of their competitors by offering an enhanced customer experience through instant payments.
For businesses across various verticals, real-time payouts are no longer a luxury—they’re a necessity.
Below, we explain how Orum’s API, Deliver, is changing the payouts game and how real-time payment solutions can transform your business, enhance customer retention, and help you stay competitive.
A Brief History of Real-Time Payments
When The Clearing House launched the RTP (real-time payment) network in 2017, it marked a major shift in the digital payment solutions landscape. For the first time, 24/7/365 payments became a reality, making instant payments possible across a wide range of financial institutions.
Why RTP adoption was slow
Initially, these payments were limited to a small number of banks, forcing major players in industries like the gig economy to develop their own real-time payments solutions. Companies like Uber and DoorDash began using branded debit cards to offer workers instant access to earnings after completing shifts. However, this was not an ideal solution for every business, as it required significant resources to build and maintain.
The need for inclusive access to Real-Time Payments
Today, over 70% of gig workers prefer to receive wages on the same day they work, with around 94% associating faster pay with greater financial peace of mind. But inclusive access to real-time payouts isn’t just about gig workers—it’s a necessity for any business that wants to maintain a competitive edge.
However, workarounds like these branded cards aren’t a feasible path for all companies, as many businesses don’t have the time or resources to build their own payment processing platforms. On top of that– proprietary payment systems can limit how and where customers manage their money. This is where a universal solution like Deliver can make all the difference.
A smart, unified solution for real-time payouts
Orum offers a simple, API-based solution for businesses looking to leverage real-time payment rails without the complexity of direct banking integration. By integrating Deliver, companies can instantly settle payments anytime—whether it’s nights, weekends, or holidays.
This automated payment system eliminates the need for batch processing and gives finance teams greater visibility into individual transactions, making reconciliation much easier.
Deliver’s Advantages
Not only does Deliver speed up the payment settlement process, but it also provides enhanced risk management and smart routing. Businesses can enjoy the benefits of a fully secure payment infrastructure without having to worry about bank cutoffs or delays.
Top Business Use Cases for Real-Time Payments
There are numerous ways businesses can leverage real-time payments. Here are four key use cases where fast transactions and instant payouts can make a significant difference for businesses.
1. Real-time investment liquidity
Moving money in real time will give consumers the confidence they need to take a leap and invest for the first time. For investment firms, providing real-time liquidity can give customers the confidence to make bold financial moves, knowing that they can access their funds instantly when needed.
Traditionally, withdrawals from brokerage accounts can take 5 to 7 days. However, by shifting from ACH to RTP rails, companies can reduce this timeframe, allowing customers to access funds faster than ever before.
2. Gig Economy payouts after every shift
With platforms like Uber, Lyft, and DoorDash playing a vital role in the gig economy, workers expect to get paid right after completing their shifts. In a recent poll, more than half (58%) of gig workers reported that earnings from platforms like these were essential to fulfilling their basic needs.
Studies show that over 70% of gig workers would prefer to work for a platform offering instant payouts; Businesses offering real-time payments would not only increase worker satisfaction but would also help them attract top talent.
3. Speedy supplier payments for marketplace sellers
In e-commerce, marketplace sellers often face delays in receiving payments, which can slow down their ability to replenish stock. Often, supplier terms require payment to initiate the next inventory shipment, and suppliers will wait for these funds to settle before shipping goods.
Some sellers have turned to alternative financing options to help bridge this cash flow gap, but they’re often forced to pay additional fees or predatory interest rates.
By using real-time payment systems, businesses can pay suppliers instantly, allowing them to ship inventory faster and keep up with demand. This improved cash flow management can also eliminate their need for expensive, alternative short-term loans.
4. Instant Insurance Payouts
By their very nature, insurance claims arise around unexpected incidents that affect consumers’ most vital resources—like cars, homes, healthcare, and employment—and cause a significant financial strain for anyone involved.
When an unexpected event like this occurs, customers need access to insurance funds quickly.
By offering real-time payouts, insurers can provide immediate financial relief, enhancing the customer experience and building trust. In fact, 80-87% of policyholders say they value same-day payments during the claim process, and over half are willing to switch providers for this feature.
The Future of Real-Time Payments with Orum
As more businesses integrate real-time payment solutions like Deliver, the potential applications and customer satisfaction rates will continue to grow. Instant transactions will become the norm across industries, from fintech to insurance and even retail.
These are just a few of the ways that real-time money movement can solve common business problems; The convenience, speed, and transparency of real-time payments provide a true advantage in today’s competitive landscape.
Are you ready to see what real-time money movement can do for your business? Get in touch today to see how Orum’s Deliver API can give your business the tools it needs to thrive with seamless payment solutions.