iiPay, a leading provider of cloud-based global payroll software solutions, announced the release of the innovative ContractorPay, a new solution designed to support the rapidly growing gig economy. This new offering will empower multi-national corporations to effortlessly manage payments to their contractors across the globe, alleviating the administrative burden and delivering additional benefits to their organization. By optimizing contractor payment processes, iiPay empowers corporations to improve operational efficiency while facilitating a seamless payment experience for everyone involved.
According to a recent report by McKinsey, the gig economy is projected to reach a staggering 540 million workers by the end of 2023, representing approximately 15% of the global workforce. This exponential growth across the contractor market as an entirety has prompted corporations across various industries, including manufacturing, healthcare, and technology, to recognize the immense potential of the flexible workforce.
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“iiPay ContractorPay will provide businesses with the flexibility and agility needed to pay their contractor workforce, while benefitting from a seamless end-to-end payment journey,” said Curtis Holmes, CEO of iiPay. “Given iiPay’s extensive experience in global payroll complexity and compliance, ContractorPay is a natural extension to enable our existing clients to benefit from this solution while opening doors for new customers to have an integrated payroll and payments solution regardless of whether their valuable talent is an employee or contractor.”
With ContractorPay, customers around the globe can enjoy a range of benefits including:
- Streamlined payment processes that reduce administrative burden and improve efficiency.
- Flexibility to pay contractors in multiple currencies and countries on-time.
- Enhanced reporting visibility and real-time insights through an intuitive analytics dashboard to track payments and make data-driven decisions, allowing for better management and monitoring of contractor spend.
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iiPay harnesses the power of its innovative cloud-based technology software platform, designed for payroll and payments, to empower organizations across diverse industries and sizes. Embracing the transformative potential of the gig economy and the Contractor market enables iiPay to unlock a multitude of advantages including comprehensive analytics, robust reporting capabilities, and seamless integration with financial and HCM systems.
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