Between 62% to 70% of US employees are living paycheck to paycheck [source]. Employees in this position are forced to search for ways to mitigate their cash flow issues. They often have no choice but to engage a high-interest lender - and enter a debt cycle that is difficult to leave.
ZayZoon’s 2022 Annual Employee Financial Wellness survey told us:
It's clear that hourly earners are disproportionately affected by sky-high fees and interest charges.
Some employees take a different approach by reaching out to their employer about a cash advance. Industry data tells us that 13% to 18% of businesses offer cash advances to employees. For simplicity’s sake, let’s assume 15% do.
That 15% of employers offering advances are risking the following:
What about the 85% of employers not offering advances?
What does the ideal scenario look like?
ZayZoon takes on the financial and operational risk of allowing employees access to part of their pay in advance of payday. We call it Earned Wage Access, and you can learn everything you need to about it right here. We provide employees a self-service tool to have control over their own cash flow through ZayZoon’s Wages On-Demand app.
A staggering 89% of employees who access ZayZoon report that having on-demand access to their earned pay reduces their financial stress.
Imagine the attitude of your hourly workforce energized by being freed from predatory debt, working towards a position to save, invest, and build their net worth.
It’s been said that you can’t fill from an empty cup. We believe that if you educate and enable your people to soar, you will attract and retain the best - and they will do their best work for you.
If you are among the 1,000,000+ businesses who use one of ZayZoon’s payroll and HR software partners, you can have ZayZoon up and running in 30 minutes, at no risk and at no cost to you.
Ask us how employees can access Wages On-Demand with $0 transaction fees with the all-new ZayZoon Prepaid Visa Debit card.
You don’t pay, they don’t pay, everybody wins. That’s the way we think it should be.
To learn more, click the link below: