Why every on-demand company needs Odin™

by

David Chin

Co-Founder & CEO at Thor

Every so often, a product is launched that revolutionizes current business processes to such a degree that every company in a particular market adopts it. Odin™ will have that effect on the Gig Economy and the on-demand companies that populate it.

No other solution on the market has the comprehensive suite of services that Odin provides. There are some platforms that allow for fast payments or employee management, but none that were designed specifically with the modern 1099 economy in mind.

If your company relies on independent contractors to keep business running, you want that relationship to function on a high level at all points of contact. From onboarding new contractors and paying them with a click of a button all the way to year-end tax reporting, Odin provides essential tools for every step of your relationship. If a piece of software can only handle one of these needed activities, it likely creates as much work for your team as it saves. This is because each step requires tedious data pulling, entry, and re-entry to transfer information from one platform on to the other. Odin will alleviate that process, eliminating vendor redundancy and ensuring that your entire relationship with your contractor is managed in just one place.

But the innovations in Odin don’t stop there.

Many modern companies, especially in the on-demand economy, have app-based services that confirm that a customer has been taken care of and a job is complete. But, if your payments tool can’t integrate with your app, you still need an employee to manually input the information required to get that contractor paid.

Odin can integrate directly with your app, receive the proper API call, and get your contractor paid as soon as a customer says they’ve finished the job. If your company doesn’t use a mobile app, allow your contractors to invoice through a third-party spreadsheet and automatically connect that information directly into Odin. In today’s tech-driven world, integrations like these are necessary ways to improve efficiency, but contractor management platforms have not kept up — until now.

With Odin, the entire payment process can be automated to the degree your company desires. Do you prefer to be hands off, or keep an eye on every business-to-contractor transaction? Either way, Odin is the right tool.

What about dealing with the challenges presented by the figurative wall between contractors and companies that compliance laws require?

As a business, you can’t, for example, require that a contractor wear a uniform. But, you can reward them financially for doing so. The problem comes when they don’t get to see that bonus for two weeks (or longer, depending on your payment processor). There’s no connection between the behavior desired and the reward for that behavior. With Thor’s Odin-enabled Lightning Pay™ instant payments, you can reward those contractors instantly for preferred behavior, incentivizing them at the point-of-activity for doing things the right way.

What about scheduling? If you want to remain compliant with employment regulations, companies cannot demand that contractors show up at a certain place or time. That’s why intelligent scheduling interfaces are essential. With integrations enabled through Odin, you can allow contractors to voluntarily sign up for shifts that must be handled at a specific hour or location.

These are just a few of the ways we are working to ensure that our all-in-one platform is best in class. By designing the platform specifically with on-demand companies in mind, we are uniquely positioned to handle the extensive complexities that arise from working with independent contractors.

The Gig Economy revolution is happening — make sure your company is prepared to ride the wave.

1099 Workforce Optimization

The easiest way to onboard, incentivize, and pay your 1099 contracting workforce

Learn more about Odin →
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