Gopuff, Stripe, Others Team on Instant Cash Out

Delivery company Gopuff has teamed up with financial infrastructure platform Stripe and partners such as real-time money movement network Visa Direct to give US delivery partners the ability to collect the balance their income instantly whenever they want with just a few clicks.

The new features make Gopuff one of the first instant commerce companies to offer an instant payment option to its drivers, according to a company press release Wednesday (August 3).

“Now more than ever, delivery partners are looking for convenience and speed when accessing their revenue,” said Daniel Folkman, senior vice president of business at Gopuff. “We’re proud to partner with Stripe to offer US delivery partners a new Instant Cashout option, allowing them to access and redeem their earnings in minutes, rather than days.

“We will continue to listen to feedback from delivery partners and invest in their delivery experience with Gopuff.”

Instant Cash Out is one of many investments Gopuff has made to improve the experience with its delivery partners, depending on the release.

“Platforms like Gopuff make it easier for consumers to get to what they need and for delivery partners to get paid quickly,” said James Dyett, strategic account manager at Stripe. “We’re proud to enable faster access to revenue as Gopuff builds on its success with Stripe’s financial infrastructure, especially in a time when every dollar counts.”

Last month, Bloomberg reported that Gopuff would cut 10% of its global workforce, or about 1,500 employees, and also planned to close dozens of warehouses. The cuts will hit both corporate and warehouse jobs, according to a note from Gopuff.

Related: Delivery company Gopuff cuts 1,500 people and closes warehouses

The report said Gopuff plans to close 76 warehouses, the equivalent of 12% of its network across the United States, helping it consolidate its footprint in various cities. This shows how Gopuff is reversing, as he had previously grown at “dizzying speed”.

The July job cuts marked the second time in the past four months that the company has cut positions; Gopuff also cut 3% of jobs in March when he canceled plans to go public. The company was valued at $15 billion in July 2021 and generated nearly $2 billion in revenue last year.

How consumers pay online with stored credentials
Convenience drives some consumers to store their payment credentials with merchants, while security concerns give other customers pause. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and reveal how merchants can overcome holdouts.

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