The concept of Earned Wage Access (EWA) is having a moment, as many companies get clear about their employees’ need—and right—to access their wages as they earn them, without waiting for payday. Several providers promise to help you deliver the core benefit—on-demand access to wages—but PayActiv is the leader in timely EWA for a reason: PayActiv goes above and beyond this promise by offering a uniquely comprehensive set of benefits. Here are five ways PayActiv is the leader in timely EWA.
PayActiv was built with everyday people in mind. Safwan Shah, PayActiv founder and CEO, created PayActiv as a solution to a country-wide problem. Individuals earned their pay every day, but it stayed stuck in the system for up to two weeks. He saw that employers could extend their employees a simple courtesy and kindness by saying, “You have already earned this money. It is yours.”
Financial Wellness Is Top of Mind
PayActiv wants workers to have EWA, or “on-demand pay,” but they also want much more. PayActiv wants users to become financially well, to achieve financial freedom. “Access means freedom—freedom to achieve financial self-expression,” Shah says. PayActiv helps users improve their financial health through budgeting, saving, and tracking tools within the app.
“Economic theory tells us that an economy benefits when money moves faster,” Shah says. From Instant Pay to partnerships with Amazon and Uber, PayActiv is continually developing new features and benefits to meet the ever-changing needs of users at a rapid pace. PayActiv has been immensely proactive with their response to the COVID-19 crisis, offering users and employers solutions to support financial wellness in uncertain economic times.
Low-Cost and No-Cost Options
The PayActiv benefit comes at no cost to employers and no or very low costs to users, depending on the option they choose. The user payment is not subscription-based. There is no “tipping” feature. With ACCESS Freedom, users who have the PayActiv payroll card can get EWA at no charge. With ACCESS Choice, EWA is only $1 per day of use, with a $3 cap if paid weekly and $5 cap if paid biweekly. Both programs allow instant cash access at any Walmart for just $1.99. There are never any hidden surprises.
A Comprehensive Benefit
PayActiv is a holistic financial wellness benefit that gives workers more than timely access to earned wages. With the one-stop PayActiv app, users can also access cash, pay bills, obtain prescription discounts, secure transportation, and prepare for the future. It also comes with tools and coaching options to help users create a budget, develop a bill-pay schedule, and work toward personal financial goals.
“If they need it, and they have earned it, they should be able to access it,” Shah says. It is this founding principle that makes PayActiv stand apart from the competition, helping users to improve their financial wellness and reduce financial stress.
In fact, a study found that only one in five (21%) employees would describe...
*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.