Michael Torres
CPA, Former IRS Revenue Agent
Payment Processing
In This Article
Definition
System handling the transfer of funds from customer payment to worker earnings, involving multiple parties.
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FAQs
Why does payment take time?
Payments route through multiple systems (banks, processors) which takes 1-3 business days.
Similar Terms
Instant Pay
Feature allowing gig workers to cash out earnings immediately for a small fee rather than waiting for weekly payout.
Weekly Payout
Standard free payment schedule for most gig platforms, typically depositing earnings weekly.
Instant Pay Fee
Fee charged by platforms for immediate access to earnings, typically $0.50-$2.00 per transfer.
Booking Fee
Fixed fee added to each transaction, separate from percentage-based commissions.
How We Research & Review
Our team includes CPAs, former gig workers, and financial experts who personally test platforms and verify earnings claims. We follow strict editorial guidelines to ensure accuracy and objectivity.
Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.