Nerve Invites Any Company to ‘Offer Your Own Advances’; Automates Short Term Advances With Front Me®
AUSTIN, Texas, Dec. 08, 2022 (GLOBE NEWSWIRE) -- For creators in music, design, publishing, social media, and beyond, the wait to get paid is a major struggle in running their businesses — especially during a recession. Nerve, the banking app designed for creators, is giving its account holders the option to get paid up to 30 days early with its new Front Me® feature.
When they get paid by an enterprise that uses Nerve Payouts, creators already get paid a couple of days earlier than traditional bank accounts. Now, Front Me gives creators the ability to receive their payouts from select payout partners even earlier. The money will be available and ready to spend instantly in their Nerve account.
Prior to Front Me, advances were controlled by third-party companies, were for creators who earned large sums, required extensive application processes, and often took days to receive after approval. Conversely, Front Me short term advances are available automatically and are paid instantly to any Nerve account holder who receives more than $10 from a payout partner. A Front Me advance is not a loan, requires no application process or credit check, and involves no third parties.
Instead of paperwork and a long approval process, Nerve account holders simply tap to select the date they’d like to instantly receive their payout and approve the fee amount. Front Me features a much lower fee structure than other options previously available, such as check cashing services or expensive legacy payment apps.
“Our unique approach to short-term advances solves the ‘last-mile’ slog of getting payouts to creators, democratizes advances for even small dollar payouts, gives platforms an entirely new stream of creator-friendly revenue, and accomplishes all of this without third party lenders, paperwork, balance sheet risk, or delays in money movement caused by arcane technologies,” said CEO John Waupsh.
Launched by Ben Morrison and John Waupsh in 2021, Nerve has become an integral part of the creator economy — one in which 80% of creators do not have business banking accounts. Having worked as a music creator, it was a struggle that Waupsh understood well. After spending years immersed in consumer banking, he was inspired to come together with Nerve CTO Ben Morrison to form a banking solution for other creatives.
The Nerve app is packed with features to make money management a breeze for creators, shareable debit accounts for groups and bands, and a network of 55,000 free ATMs around the country.
Nerve’s mission is to help creators build sustainable businesses. By providing APIs for embedded banking and payment services to organizations that serve creators, Nerve lowers their cost to payout creators, and drives new sources of revenue for those platforms. Nerve also offers a branded app with a multitude of easy-to-use tools to help English and Spanish-speaking U.S.-based creators manage their finances, including business debit and savings accounts, free instant payments to other users, and fee-free access to 55,000 ATMs.
Nerve is a financial technology company and not a bank – banking services are provided by Piermont Bank, Member FDIC.
For more information, visit https://nerve.money.
Nerve API Website: https://www.nerve.money/enterprise
Nerve Website: https://www.nerve.money
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