It happens to the best of us. In the course of living our busy lives, we miss the occasional due date for a bill, and our pockets and credit rating take a hit. For many, the solution is simple: take advantage of bill-pay services offered by banks, businesses, and service providers to make last-minute payments from the comfort of our couches. Done! No more late fees or costly dings to our credit scores.
Unfortunately, some people don’t have access to such time- and money-saving conveniences.
To use bill-pay features, you have to have a bank account, and many people simply don’t. In 2017, nearly 7 percent of households in the US were “unbanked,” or without bank accounts. That same year, another 6.5 percent of households were “underbanked,” or with checking or savings accounts but without affordable banking and other financial services.
Collectively, that means that roughly 22.5 million adults in the US can’t use bill-pay features to help protect their financial well-being. Being without full banking services can send workers’ finances into a downward spiral and damage their financial health.
That’s why PayActiv created an in-app bill-pay feature.
Using it, PayActiv users can easily and quickly pay bills directly to companies from wages they’ve already earned. This can save workers from having to hustle to brick-and-mortar sites to pay bills and avoid costly late fees and credit-score hits.
To learn more about PayActiv and how it benefits both workers and employers, visit https://www.payactiv.com/employers/.
 2017 FDIC National Survey of Unbanked and Underbanked Households, Federal Deposit Insurance Corporation, October 2018, https://economicinclusion.gov/downloads/2017_FDIC_Unbanked_Underbanked_HH_Survey_ExecSumm.pdf.
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