Chances are you have given an employee an advance on their pay and if you haven’t, it may just be a matter of time. Employee advances are something that 13 percent of employers give quite regularly to help support the ever-growing paycheck to paycheck problem 78% of Americans experience.
So, What is an Employee Cash Advance?
An employee cash advance or a payroll advance is something you as an employer can provide to employees to help them smooth out their cash flow. Typically, an employee would request a cash advance from your payroll department with the intention of having the advance repaid on the next paycheck. Unfortunately, this doesn’t always go as planned.
That’s Why We Made ZayZoon, To Help the Employer and the Employee
Reconciliation of advances and trying to track down employee payments and notifying your payroll department of deductions isn’t something you should have to worry about. Unfortunately, many employers choose to take on this burden and in some cases, end up out of pocket for employee advances. That’s right, while you are working hard to reconcile payments and keep track of which employee owes you what, chances are you have overextended someone and the risk of them quitting and leaving you with the bill is very real.
ZayZoon is The FinTech solution that stands to reverse the debt problem millions of Americans face on a daily basis.
How ZayZoon Can Help with Employee Advances
As part of the rising Financial Technology industry, ZayZoon was created to put predatory lending – and excessive spending – to a stop. This includes payday loans, overdraft fees, and wallet-burning credit cards. Through partnerships with payroll and employers, we give employees access to their earned wages before payday. The difference between our system and the traditional loan systems out there is this:
Firstly, we aren’t a loan service and there is not a debt trap with us.
Secondly, we’ve made our process as seamless as possible.
Our clients can come into ZayZoon and withdraw their money as they earn it. 24 hours a day, 7 days a week, 365 days a year. Money to your bank account in seconds. We give our clients the opportunity to receive their hard-earned money on their preferred schedule – without the worry of late bill payment fees. We call it Earned Wage Access. As we mentioned earlier – we’re a FinTech firm with a dedication to razing the debt crisis individuals have to fight on a daily basis.
Are you ready to change the way you think of payday?
To learn more how ZayZoon can help, click here.