PayActiv’s access to earned wages and bill pay services are the perfect solution for working people who struggle to meet payment deadlines of services like phone bills, utility bills, or credit card bills.
The general perception is that if you are paying late fees on your bills then you must be either careless and need reminders so you don’t miss the payment deadline, or that you are spending more than you can afford. When in fact millions of working people pay a late payment penalty on phone bills and utility bills because they are waiting for payday, for them it’s an issue of timing.
Nearly 1 in 4 US adults admit they are unable to pay all of their bills on time. With 50% millennials living paycheck to paycheck paying bills on time is major struggle for them, 25% of millennials say they get help from their parents just to pay their phone bills. If they can’t borrow from family then their options are to pay late fees or an overdraft fees, ranging from $25 to $40, to buy time until their next paycheck.
PayActiv is a new financial wellness service that employers can give to their employees. It saves money for employees and helps businesses in recruitment and retention.