Payday: Helping gig and contract workers get paid

There's more to running an ATM operation than just customers and hardware. When it comes to your staff, providing as streamlined a process for their paychecks as you do managing your operation, fleet or company is essential. ATM Marketplace interviewed Craig J. Lewis, founder and CEO of Gig Wage, a fintech payroll platform built for this new gig economy.

Q: Why was Gig Wage created?

Craig J. Lewis, founder, CEO Gig Wage

A: I noticed there was no banking solution specifically for independent contractors or under-banked consumers. I found that traditional banking solutions resulted in gig workers losing up to 20% of their income so I founded Gig Wage to fill that gap and provide an efficient way for employers to pay 1099 workers and for 1099 workers to get paid.

Q: How does your company help the gig economy?

A: Gig Wage is a seamless fintech platform that allows gig workers/contract workers to efficiently and reliably get paid for their work.

Q: How does your company help and service the underbanked and the unbanked?

A: The company offers immediate payment and wrap-around banking services for gig workers, a portion of the traditionally underserved workforce by banks.

Q: How does this technology simplify payroll for 1099 employees?

A. Our technology shapes the modern financial infrastructure for the future of work by tackling the complex challenge of handling contractor payroll, payments, and compliance. This unique insight is the primary driver of our competitive advantage.

Q: What do you offer that the traditional payroll system doesn't?

A: In addition to being the first company to build a comprehensive technology product that considers how money moves through the entire gig ecosystem, not just how it gets to workers, our solution benefits both sides of a transaction. It enables employers to instantly pay 1099 workers with more control, flexibility, and scale and gives independent contractors a convenient and efficient way to receive payments.

Q: How does the money flow work from company to employee?

A: With our 1099 bankroll platform, employers can send automatic, instantaneous payments directly to their contractors' bank accounts. The platform also allows employers to track payment status in real-time and keeps W-9 information up-to-date to avoid IRS penalties.

Q: You work with Green Dot. What is their role within your company?

A: Leveraging Green Dot's Banking as a Service platform, we can design and deploy its customized banking and money movement solutions for our growing customer base. Powered by Green Dot, we plan to introduce a new debit card with no monthly fee, free online bill pay and free cash withdrawals at more than 19,000 ATM locations; free cash pick-up at over 7,000 retail locations nationwide; and other products and tools designed for gig/contract workers and their employers.

Q: Your company has enjoyed a 30% month over month growth. Why do you think that is?

A: The gig economy and on-demand tech have been prevalent, with 65-75 million people working as independent contractors, but with the pandemic, more and more people have been furloughed and laid off from their jobs. Contractual work has been increasingly growing, especially with the demand for grocery and food deliveries, so people don't have to leave their homes.

Q: What has been your greatest success?

A: Without question, raising $13M to date and assembling our incredible team.

Q: How does your company handle customer experience/service?

A: We take the time to understand what our businesses and contractors need from a banking platform. Our customer success team is always working hard to make sure we can answer any needs our customers or their contractors have. We know how important it is to get paid on time, and we are here to make sure that happens.