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Disbursements Tracker™ NOVEMBER 2017 Disbursements Tracker™ Helping Fitness Professionals FLEX THEIR PAYMENT MUSCLES How Fitli is helping personal trainers get pumped about payments services powered by – Page 6 (Feature Story) #KillTheCheck: Only 4.4 percent of consumers consider the check to be a satisfactory payment method, according to the recent PYMNTS Disbursements Satisfaction Index – Page 12 (News and Trends) The top players in the disbursements ecosystem – Page 21 (Provider Directory) ™ Disbursements Tracker Table of Contents WHAT’S INSIDE The latest data from PYMNTS and Ingo Money shows low satisfaction for the paper check’s role in payments. To that end, several companies in various industries — including insurance, on-demand and lending platforms — are adopting 03 new push payment solutions to quickly exchange funds and reduce the paper check’s role in payments. FEATURE STORY John Cline, CEO and founder of fitness management solution Fitli, explains how the software helps fitness professionals get paid quickly for their services, manage their time and track their revenues — plus, the “chicken or the egg” dilemma of 06 creating a fitness-based marketplace. DEEP DIVE A data-rich look at how tax filers in the U.S. prefer to receive their annual returns, and how the direct deposit method of 10 payment delivery can open new doors to economic inclusion. NEWS AND TRENDS The latest headlines from around the space, including a look at new push payment solutions for gig workers, SMB loans 12 and insurance claims. DISBURSEMENTS FRAMEWORK AND ECOSYSTEM A breakdown of the types of disbursements used to exchange funds, the various entities that employ them and the 17 networks that support them. PROVIDER DIRECTORY The top companies in the space based on the services they provide, including networks, enabling platforms, point 21 solutions and more. ABOUT 63 Information on PYMNTS.com and Ingo Money. Acknowledgement The Disbursements Tracker™ was done in collaboration with Ingo Money and PYMNTS is grateful for the company's support and insight. PYMNTS.com retains full editorial control over the findings presented as well as the methodology and data analysis. © 2017 PYMNTS.com all rights reserved 2 What’s Inside Executive Insight Approximately $22 trillion in payments are still made by paper check in the U.S., s the saying goes, the customer (or consumer) but the payment method receives a consumer is always right. If that sentiment holds true, satisfaction score of just 4.4 out of 100, Aconsumer satisfaction with the paper check as according to the most recent a payment method is running thinner than, well, a paper Disbursement Satisfaction Index™. check. What does that say about its role in payments? The latest PYMNTS Disbursement Satisfaction Index, an Ingo Money collaboration, tells two tales about the role “It’s fairly obvious that paper checks are on their of the paper check in making payments. While $22 trillion way out. They’ve held on this long because of their in payments are made using paper checks each year, the ubiquity, but technology is fast making them obsolete. survey found that very few U.S. consumers (a mere 4.4 I prefer to think of that not as a sad farewell but as a percent) consider paper checks to be satisfactory. $22 trillion opportunity. Something will take the place of the paper check. This low level of satisfaction indicates many customers are ready to see companies #KillTheCheck by introducing ACH and direct deposit are popular for things like tax the faster, more efficient payment options both refunds and payroll, but even they are not fast enough consumers and businesses want to use. Faster payment for today’s instant economy and real-time consumers. delivery methods — including direct deposit and instant Push payments tick all the boxes — cost efficient, credit — are much more popular than paper checks as [high] consumer satisfaction, instant, flexible — and disbursement methods, according to the Index. In fact, the are fast rising to the top of the payments food past few weeks saw several companies across various chain.” industries roll out new, more efficient payment solutions to better serve clients and employees. Here’s a quick snapshot of recent news from around DREW EDWARDS, CEO of Ingo Money the disbursements landscape: In Singapore, a local insurance company recently signed up to #KillTheCheck in the travel insurance claims market. AIG Singapore has partnered with DBS Bank to launch an electronic payment service for travel insurance policyholders. AIG will use DBS’ application programming interface (API), IDEAL RAPID, to process insurance claims © 2017 PYMNTS.com all rights reserved 3 What’s Inside in real-time and enable funds to be deposited directly For a roundup of all the latest headlines in the into policyholders’ bank accounts once approved. The disbursements space, check out the Tracker’s News and company said the service will process 40,000 travel claims Trends section (p. 12). each year and eliminate the need for policyholders to wait for an insurance check to arrive in the mail. For fitness pros, a push payment tool to add professional management muscle Another recent solution aims to give gig workers employed There are nearly 300,000 personal trainers employed in by rideshare and property rental services faster access the U.S., all pushing clients to meet fitness and exercise to their funds. First Data’s new Disburse-to-Debit solution goals and live healthier lives. In recent years, new software enables businesses that hire gig workers to push solutions have become available to help these fitness payments directly to those workers’ debit cards. Beyond professionals manage schedules, track revenue and gig economy workers, though, the service can also be accept payments without relying on paper checks. For used to disburse insurance claims, rebates, refunds, the November Tracker’s feature story (p. 6), John Cline, commissions and other payments. founder and CEO of fitness management softwareFitli , talks with PYMNTS about helping them address common Even small- to medium-sized businesses (SMBs) can cash flow issues and the “chicken or the egg” problem of receive loans via debit card instead of paper checks. A creating a fitness marketplace. recent partnership between Ingo Money, Visa and OnDeck will allow SMBs seeking loans through OnDeck’s platform November Tracker updates to collect funds with their debit cards in real-time. A recent Each month, the Tracker highlights leading disbursements study found 70 percent of SMB owners have a debit card, space players in the provider directory. For the November providing them with faster access to such funds. Tracker, we’ve compiled more than 70 providers offering services related to payment networks, payment methods, In addition to loans, tax returns are another form of settlements, enabling platforms, point solutions and payment businesses and individuals want quickly use segments. The latest Tracker also features nine disbursed to their accounts. The IRS reports eight out of new providers: equensWorldline, Inpay, InstaRem, Jiffy, 10 tax filers receive a refund each year. When it comes to Marqeta, Mogo, RateSetter, TransferMate Global Payments receiving that refund, direct deposit, not paper check, is and Tuyyo. the clear winner. This month’s data Deep Dive (p. 10) looks at the role of direct deposits in tax returns and how the method of tax return delivery can help boost economic inclusion. © 2017 PYMNTS.com all rights reserved 4 Five Fast Facts 8.4 Number of active prepaid payroll cards expected to be in use in the U.S. by 2022, up from 5.9 million in 2017. MILLION of mobile banking customers have used a mobile device to deposit a 45% check within the past year. 42 Number of Same Day ACH credit transactions reported between September 2016 and July 2017. MILLION of survey respondents believe paper 33% checks will die in the next five years. Expected increase in spending on business travel in 2019 and 7% 2020, up from a projected 6.1 percent in 2018. © 2017 PYMNTS.com all rights reserved 5 HELPING FITNESS PROFESSIONALS FLEX THEIR PAYMENT MUSCLES © 2017 PYMNTS.com All Rights Reserved 6 Feature Story Texting back and forth is pretty common with the trainers and customers I talked to. “ It’s kind of laborious process to eventually get your schedule set or change it.” personal trainer’s job is to push his or her clients to gym management solutions are helping them focus more reach their fitness goals. For clients, this can mean on getting their clients to their fitness goals. Cline also A a lot sweat, push-ups, pull-ups, cardio and perhaps discussed the “chicken or the egg” situation involved in a reminder of the age-old — yet, aging well — fitness creating a marketplace solution for the fitness industry. philosophy: No pain, no gain. Searching for a painless way to find a personal But, for some personal trainers, there sometimes exists trainer pain without gain: specifically, the pain of not getting paid Cline spent several years working for PayPal in Silicon promptly and efficiently for services rendered. The delay Valley prior to launching Fitli. It was during this time that in payment can be like one of those muscle tweaks that he had difficulty of his own finding a personal trainer, can turn into something more nagging and chronic if left largely because of his own hectic schedule. It was hard untreated. to find a central location that would allow him to both compare reviews of personal trainers and book their In recent years, however, several fitness-oriented services services, so, in the end, Cline wound up finding walking into have emerged, offering personal trainers, gym managers a fitness studio and making an appointment in-person. and other fitness professionals a platform to not only get paid more efficiently, but also aid with scheduling services, When designing the Fitli platform, Cline aimed to provide data insights and client relationship management.
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