Instant Cash Out is a way for drivers to immediately transfer their earnings to a bank account, the Callowhill-headquartered company said Thursday. The change comes to US delivery partners, aka drivers, through a partnership with fintech platform Stripe, to offer drivers “with an eligible debit card” the option to cash out their earnings and tips quicker. Previously, the company paid drivers their earnings and tips on a weekly basis, a spokesperson said.
The idea for instant cash out came from the drivers themselves, the spokesperson said. Gopuff’s tech team updated its pay systems to be able to integrate with Stripe, and had been working with the fintech platform since March. In May, the spokesperson said, the company rolled out payments by about two to three days faster than its former weekly cadence.
“Now more than ever, delivery partners are looking for convenience and speed when accessing their earnings,” said Daniel Folkman, SVP of business at Gopuff, in a statement. “We’re proud to partner with Stripe to offer U.S. delivery partners a new Instant Cash Out option, which enables them to access and use their earnings within minutes, rather than days. We will continue to listen to delivery partner feedback and invest into their experience delivering with Gopuff.”
Other changes for delivery partners in recent months include increased hiring for Gopuff’s driver support teams and a new cash back options at places like gas stations, restaurants and grocery stores, the company said. In addition to the partnership with Stripe, Gopuff also works with Visa and Chase, and accepts customer payments via PayPal, Apple Pay, Google Pay, Venmo or credit card.
Gopuff makes the announcement a few weeks after it laid off 10% of its US workforce, following in the footsteps of other venture-backed companies in SoftBank’s portfolio and many other tech companies across the country. It also comes after the company’s most recent $1 billion-plus investment back in May, which the company did not announce publicly.