Around the globe, businesses are increasingly choosing contract talent and overseas employees. The rise of the gig economy has provided more opportunities for workers and business owners alike. However, it also presents a unique challenge for the modern business: paying a global team while accounting for multiple currencies, tax codes, and banking systems.
i–payout, a Florida–based fintech, is rising to this challenge by creating custom, streamlined payment systems that meet each business’s unique needs. Unlike other leaders in the B2B payments sector, i–payout isn’t a one–size–fits–all solution. The company’s goal is to meet each of their customers where they are – utilizing a wide range of payout methods and handling their compliance details, regardless of where, when, or who they need to pay.
We sat down with i-payout’s president Eddie Gonzalez and other company leaders to learn more about how this fintech is revolutionizing global payouts, one business at a time.
Tell us about i–payout’s inception. What were your goals in founding this company?
We saw an opportunity, and we went after it. There was a need for multinational companies to provide cross–border payments. We saw business owners who needed to pay distributors, brokers, and agents around the world, and that became an opportunity for us.
Can you describe some of your most significant milestones so far?
Our most significant accomplishment has been creating a truly flexible solution that is focused on providing multichannel delivery options. When we got to the point that we were able to facilitate local payments in the currency of that country, with local banks that was a huge milestone.
Originally, we were told that we couldn’t facilitate local payments without a bank account or entity in that country. That’s why some of our competitors only offer simplified solutions, like pre-paid debit cards, for overseas payments. But we were able to work with local banks using Global ACH and other methods to offer more options that are compliant and preferred by local payees. That accomplishment has helped set us apart from the competition.
i-payout’s mission is to streamline payment processes, eliminate inefficiencies, and reduce risk. What innovative strategies do you follow to make this a reality?
At i–payout, the customer drives the solution. We emphasize customization in everything we do. As the needs of multinational companies get more complex, we find new, unique solutions to solve their problems. Other companies create cookie–cutter solutions that might work for some companies, but not for others. But at i–payout, the customer drives the technology we come up with an individualized plan to streamline processes and reduce risks for each customer we work with. If we don’t currently have a solution for them, we’ll create one.
The bottom line is that i-payout isn’t a one-size-fits-all solution.
What are some key challenges you’ve noticed in your industry, and how is i–payout addressing them?
Cybersecurity is one of the most significant challenges in the payments industry today. Our customers are increasingly concerned about fraud, which is why we emphasize due diligence in all our processes and provide comprehensive KYC (know your client) checks. With 17 years‘ experience in the payment industry, i–payout uses the latest and greatest tools to mitigate cybercrime.
Another rising challenge is automation. With other companies, you can’t connect with a human customer support agent when you need help. i–payout connects you with a live representative right away. We provide in–person communication in 22 different languages with each of our current and prospective clients that’s one of the ways we continue putting the customer first.
Then there’s also the issue of dishonesty. We’ve found that many companies advertise global payout solutions, when in reality they only offer pre–paid debit cards. Because. many customers don’t understand all the methods that should be available to them, other companies get away with over–simplified solutions. We make sure customers are fully aware of all their options so we can choose the best global payout method for them.
What sets i–payout apart from other companies in your industry? How do you maintain a competitive edge despite challenges?
Again, it all comes back to customization. i–payout understands it’s not just about the contractor getting paid. It’s not just about getting the money from point A to point payment processes have to be much more sophisticated than that.
Multinational companies can’t just “pay the person.” There are other things that need to be done for that person to get paid, whether visible or invisible. Our competitive edge is covering that whole process from end–to–end, from onboarding and KYC to the end delivery. And we keep that process completely transparent. Other companies don’t have full transparency or reporting. So, when the customer sends a payment, that’s it – they don’t have access to go back and see what happened to those funds, what the contractor requested, and how they were eventually paid. With i–payout, customers have access to an admin tool, which they can use to see the full transaction history.
The bottom line is that i–payout isn’t a one–size–fits–all solution. We have decades–long customers who have grown with us, and we have adapted our solutions for them.
Take us through the working culture at your company. How would you describe your structure?
We are a family–oriented company. We care about our employees and our customers like family, and we have a dedicated relationship manager for each customer. i–payout is a steadfast company that cares about its employees and customers alike. We have team members and customers who have been with us for well over 15 years.
What do you see changing in the future of your industry, and how do you expect i–payout to thrive in that future?
The growth of the gig economy is changing the way. people work and driving a need for compliant, truly global payment solutions. i–payout already has the tools to meet those needs. In other words, we’re already set up for the future of our industry as the gig economy continues to drive demand for custom, compliant payment solutions, i–payout will be there to meet every business’s needs.
