Ontop Wallets and Cards Monetize Payroll

Ontop’s wallet and card are not a side feature, they change where the profit comes from. Deel mainly charges the company for software and EOR seats, while Ontop also monetizes what happens after the contractor is paid, when funds sit in a USD wallet, get converted, or get spent on a Visa card. That lets Ontop price contractor payroll more aggressively while still keeping healthy unit economics.

• In practice, Ontop gives a contractor a place to receive dollars, hold them, convert them, and spend them without first pushing money out to a local bank. Ontop estimates point to interchange of 1 to 2%, FX spreads of 2 to 4%, and float yield on prefunded balances as meaningful extra revenue streams beyond payroll fees.
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• Deel’s core monetization has centered on seat pricing, around $50 per contractor and $500 for EOR in earlier pricing, with FX described as roughly neutral to margins. Deel has added worker facing products like Deel Card and Deel Wallet, but its historical model was still built around employer paid software and compliance fees first.
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• This matters most in contractor payroll, where the strategic prize is owning the payee relationship, not just the employer workflow. The platform that becomes the contractor’s default wallet can pull in repeat inflows from multiple clients, reduce payout friction, and open the door to higher margin products like faster access to earnings, lending, and insurance.
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The market is moving toward payroll platforms that look more like neobanks on the worker side. If Ontop keeps turning contractor payouts into an active wallet and card relationship, it can keep underpricing software only rivals on the front end while expanding revenue per contractor on the back end.