E-learning marketplaces foster the gig and talent economy by offering unlimited learning and earning opportunities to both sides of their market: students and teachers.
As the adoption of the gig and talent economy becomes mainstream across industries, conventional professionals including lawyers, project managers, and financial advisors are brushing up their skills and opening up to the new income sources and opportunities that the talent economy brings.
In 2019, global investment in education technology (ed-tech) companies peaked at $18.66 billion. Factors such as the increased number of e-learning marketplaces and open universities drove this investment growth. As of 2020, the online education market is projected to reach $325 billion by 2025.
However, with more than 60% of world student population being affected by school closures due to the coronavirus pandemic, the e-learning sector may face exponential growth in the next few years. The industry must start now to prepare for worldwide adoption of their services by schools, teachers, and students in various disciplines.
Udemy, an online courses marketplace, shared in a recent report that enrollments at their academy have surged across the world in 2020 — 280% increase in Spain, 320% in Italy, and 200% in India. Even traditional schools and colleges have adopted online classes, virtual tutors, e-learning software, and video conferencing tools as operational necessities.
It is essential to streamline the entire user experience from onboarding students and teachers to satisfying their learning and earning needs. Establishing efficient payment methods for both sides of the market is one of the most critical gaps to fill to foster growth and inclusion in the global online learning sector.
Currently, payments issues in the e-learning space include:
Accessing new markets in underbanked regions
Popular e-learning platforms such as Udemy and SkillShare use PayPal and Payoneer as their primary payment methods. Unfortunately, these payment options are not accessible to teachers and students from most developing countries. International bank transfers, the second popular payment method in the gig economy, is also limited in emerging markets as the percentage of banked adults is low. By creating flexible and inclusive payment methods, e-learning platforms can bring online education to underserved regions, and access new markets and opportunities.
Slow payouts and delayed payments
Slow payout is a massive hindrance to many gig workers. Lack of transparency in charges and unstable foreign exchange rates are other related payment-receipt challenges. When creators and teachers create courses, market, teach, and see their sales begin to grow on their dashboards, it can be frustrating not to be able to receive their earnings as their end of the job is done.
Little to no perks or benefits
Online instructors may appreciate the flexibility and fulfilment their work brings, but work is work, and professionals require compensation to stay motivated to create more. Knowing that their expertise and audience bring substantial revenue to the e-learning marketplaces, tutors are on the lookout for more benefits such as faster payout, funds transfer and security, and interests or commissions gained per sales.
Distasteful user experience
Ask any experienced online teacher or gig economy worker, and the most common challenge when it comes to earning in a borderless economy is receiving payments seamlessly and on time. The user experience when it comes to navigating payments can leave a bitter taste if platforms cannot pay on time.
Making things better: How to attract and retain talent on e-learning marketplaces
To attract and retain excellent teaching talent, e-learning companies and marketplaces would have to implement more flexible payment options that adequately meet their teachers’ and students’ needs, regardless of their location.
Students should be able to pay for access to courses easily, and teachers should be able to receive their payout promptly and conveniently. E-learning marketplaces can become efficient in this regard by collaborating with companies that offer best-in-class payments and financial solutions and focus on co-innovation.
Partner with Nium
Nium helps e-learning companies simplify the process of paying overseas teaching talent and offers a centralised, simplified, single-source payment process to enlist new students quickly. E-learning companies can benefit from NiumPay which provides Nium Send cards to enable smaller transactions and payouts with fewer fees, a mobile app option for payouts to card, wallet, and bank account, and cash payout options in stores.
With such partnerships, e-learning marketplaces can now offer world-class, borderless payment options to their users, regardless of location. NiumPay provides the benefits below.
Create better customer experience by centralising to a single-source payment process.
E-learning platforms can create a better customer experience using Nium with the potential for detailed disbursement data analysis and incentives with other companies who receive NiumPay payments. The availability of local currencies on Send cards is an added benefit, as this enables inclusivity to students and teachers from developing economies.
Send out small payouts to cards and avoid high fees.
E-learning marketplaces can reduce cost and complexities using NiumPay. Send cards facilitate real-time payments which makes it possible to payout funds to instructors without excessive time lags. Tutors have the option to receive payouts via a mobile app to a card, bank account, wallet, or cash payout options in stores.
Offer a mobile app option for payments.
E-learning platforms can go one step further to expedite their payment options through mobile applications. This is incredibly valuable for online teachers and students who are always on the move, and removes the need to be in a specific place or location to send or receive payments for courses. This greatly reduces inconvenience and can make an e-learning platform the favourite amongst modern students and workers today.