Instant-Pay Banking for the Self-Employed

Categories: economy
Tags: work, finance

What? The recent launch of Clearbanc (a Canadian start-up that is providing banking services to self-employed workers such as Uber drivers), addresses a longstanding issue with self-employment; the time it takes to get paid. Clearbanc clients can sign-up and pay a flat rate fee to have Clearbanc deposit their earnings to a Visa debit card each time they are paid (e.g. per ride, for Uber). At launch, key clients are mostly Uber drivers, but Clearbanc intends to extend its services to other self-employed workers, and plans to increase the types of services available to address other self-employment issues (budgeting, tax requirements and income fluctuations). 

So what? Services like Clearbanc could further pave the way for more Canadians to pick-up self-employment “gigs” in the digital economy, by ameliorating some of the administrative challenges associated with self-employment. This could potentially help legitimise gig work and move it into the mainstream, with governments benefiting from gig tax revenue but also having to meet new demands for supports from gig economy workers.

Source: Betakit - Clearbanc promises entrepreneurs modern banking

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