FinTech Rapyd has joined the list of FinTech companies looking to help businesses feeling the squeeze of the coronavirus.
The company will do so by waiving foreign exchange and processing fees on the first $100,000 in total processing volume for new businesses in the US, Brazil and Mexico that use the platform.
Moreover, Rapyd is also helping to support businesses by reducing costs, which will allow them to pass on the savings to their end beneficiaries who have been significantly impacted by the COVID-19 pandemic.
The Rapyd Social Responsibility initiative is available until June 30 for businesses onboarding the Rapyd platform and who will commit to passing on the fee savings to end-users during their first three months of processing payments.
Additionally, the scheme is set up to empower the gig economy, marketplaces, platform economies, and other businesses to digitise their payment infrastructures quickly in four ways. These are to allow businesses to go cashless quickly, to expand disburse payment methods that they can offer to their end-users, to help businesses become more resilient and adaptable to dramatically changing payment behaviours, and to enable payouts in over 100 countries and in more than 65 currencies.
“The impact of COVID-19 on the global economy has changed how independent contractors, workers, and consumers prefer to receive payments and the speed at which they need these funds at their disposal,” said Eric Rosenthal, vice president and managing director of the Americas for Rapyd. “Payment methods have shifted from cash to digital, and end beneficiaries are now resorting to quicker payments to be able to survive the pandemic effects.
“Rapyd wants to do our part in helping consumers and workers during this difficult time. One of the key characteristics of our platform is that it allows end-users to be paid in a multitude of local payment methods to their preference and for businesses to pay in real-time. We feel waiving the fees for these businesses that directly provide payouts to workers and consumers is a way to show our commitment to our customers and communities while providing them a level of financial support.”
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