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Gopuff rolls out Instant Cash Out, an immediate payment option for drivers

After several tumultuous months that included two major rounds of layoffs, the instant delivery company needs gopuff adds a new payment option that it says will benefit its drivers.

Instant withdrawal is a way for drivers to immediately transfer their earnings to a bank account, the Callowhill-based company said on Thursday. The change affects US delivery partners, aka drivers, through a partnership with the fintech platform Bandaged, to offer drivers “with an eligible debit card” the ability to cash out their earnings and tips faster. Previously, the company paid drivers their earnings and tips on a weekly basis, a spokesperson said.

The idea for an instant withdrawal came from the drivers themselves, the spokesperson said. Gopuff’s tech team updated their payment systems to integrate with Stripe and had been working with the fintech platform since March. In May, the spokesperson said, the company made payments about two to three days faster than its previous weekly cadence.

“Now more than ever, delivery partners are looking for convenience and speed when accessing their revenue,” said Daniel Folkman, SVP of Business at Gopuff, in a statement. “We’re proud to partner with Stripe to offer US delivery partners a new instant withdrawal option, allowing them to access and redeem their earnings in minutes instead of days. We will continue to listen to feedback from delivery partners and invest in their delivery experience with Gopuff. »

Other changes for delivery partners in recent months include increased hiring of Gopuff’s driver assistance teams and new cash back options at places like gas stations, restaurants and grocery stores, the company said. In addition to the partnership with Stripe, Gopuff is also working with Visa and Huntand accepts payments from customers via PayPal, Pay Apple, Google Pay, Venmo or credit card.

Gopuff makes the announcement weeks after laying off 10% of its U.S. workforce, following in the footsteps of other venture capital-backed companies in SoftBank’s portfolio and many other technology companies across the country. It also comes after the company’s last billion-plus investment in May, which the company has not announced publicly.