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The Link between Social Networks and Faster Payments

June 27, 2017

 

 

 

The push for faster payments has reached a fever pitch and almost all payment processors have some sort of solution. While each have identified target verticals, few have taken full advantage of a common denominator, social networks.

 

Of course, each of these companies have a Facebook page, tweet commentaries and post photos on Instagram. But they fail to appreciate the psychological similarities of a reading a social post and receiving an instant payment. Or that the ease of information sharing has forever changed customer’s expectation for payments.

 

Instant Payments and Social Media Make Customers Happy

 

When people post, like, share or comment they are creating the expectation of a response. When that response is quick, then there is a chemical release in their brain that provides a rush of happiness. However, when that response is delayed then there is a rise in anxiety. The longer the expectation is not met the more dissatisfied they become.

 

Well the same process occurs when a gig worker, insurance claimant or reward recipient is waiting on their payment. They have completed the required tasks for payment and have