Payactiv’s Bill Pay App: Don’t Bank on Memory

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.[1] 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.[2]

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/.  

[1] “2017 FDIC National Survey of Unbanked and Underbanked Households,” Federal Deposit Insurance Corporation, October 22, 2018, https://www.fdic.gov/householdsurvey/.

[2] 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.