What is Earned Wage Access? Can I Offer Early Wage Access Myself? How Do I Determine What I Need?
To many people, Earned Wage Access is a relatively new concept that comes with a lot of questions. At ZayZoon, we put together an Earned Wage Access Buying Guide to help you answer these hard questions.
In the past, traditional payroll providers were typically limited in how often they could send out checks due to cost and time. Back then, if an employer wanted to offer advances to their employees, it would come with added costs and take valuable time away from their team. On top of the cost and energy to process these advances, they would also come with tremendous risk.
Despite the risk and cost involved in offering pay advances, many employers still saw the value in them. With typical payroll issuing checks every two weeks or even longer, employees would sometimes find themselves in a financial predicament that could be aided by a pay advance.
For those living pay check to pay check or on tight budgets, late fees, financial penalties, or other unexpected costs can lead to a spiral of debt that may only get worse. This problem, which is extremely common in the United States, isn't always caused by a lack of cash (income), but more so, a lack of cash flow.
With proper cash flow, employees don't need to worry as much about late fees, overdraft fees, or any other unexpected expenses. Resulting in happier, more productive, and more loyal employees in your company.
The solution to this problem is ZayZoon's Wages On-Demand offering.
With Wages On-Demand, ZayZoon's Earned Wage Access offering, employees can quickly and easily access a portion of the money they have already earned before payday and for only a small per-transaction fee.
Wages On-Demand is a modern employee benefit utilizing technological advances to ensure quick and seamless transactions at zero cost to the employer.
Employers can quickly and easily sign-up for ZayZoon and its financial resources, including Wages On-Demand. Then, in less than an hour, the employer can onboard its employees and provide them with better financial support.
Considering ZayZoon's Wages On-Demand or another Earned Wage Access provider?
This Earned Wage Access Buyers Guide will help provide you with all the information you should need, as well as, some questions you may want to consider asking when looking for the proper benefits for you and your team.
Want to learn more?