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Membership Does Have Privileges

By Insights Team on September 12, 2018

PayActiv Financial Wellness Services

Financial wellness is not a one-time event. It takes years of focus and education, along with the right accounts, tools, and services, to end financial fragility and turn a paycheck-to-paycheck lifestyle in habitual savings.

While workers in a wide range of industries and roles tap into PayActiv to get timely access to their earned wages without the penalties of overdrafts and payday lenders, they get access to a lot more than just that. PayActiv members have access to tools and services including bill payment, bank transfers, budgeting, and automatic savings. Follow along to learn more about the many benefits that come along with PayActiv membership.

Early access to earned wages

The central feature at PayActiv is a tool that allows workers to access funds already earned but not yet paid. Instead of going to predatory payday lenders, PayActiv gives workers access to earned wages for a low $5 membership fee that includes all the following financial services. This is the only fee PayActiv users ever pay. There is no cost for employers or any additional fees for employees.

Through a seamless payroll integration, PayActiv handles funds transfers and ensures an easy experience for workers from the convenience of their smartphones.

Easy bill payments

Some long-time online banking customers may take online bill pay for granted, but the concept may be new for the tens of millions of Americans who are unbanked or underbanked. With PayActiv, workers get access to a free mobile bill pay even if they don’t have a bank account.

Automatic bill pay can help avoid expensive overdraft charges and late fees. For families that habitually pay these types of fees, the savings could reach hundreds or thousands of dollars per year.

Transfer funds with no fees

Employees choose where they want to send their funds. From a browser on a computer or the PayActiv app on a mobile phone, employees can send funds to any US bank account whether it is their primary bank account or another they choose.

If they don’t have a bank account or prefer prepaid cards, employees can load to a prepaid, debit, or PayActiv Visa card. This flexibility is important when addressing the needs of families or individuals without a bank account or a poor FICO score.

Goal-based budgeting

Most public schools don’t teach anything about money, so unless parents teach their kids about budgeting, it is easy to grow up with very little personal finance knowledge. And while a lot of people won’t pick up a book on budgeting, they might focus on it a bit more with a budget on their phone.

The PayActiv app features a budgeting tool that helps employees track where their money goes and put better planning in place around financial needs, wants, and goals. A budget is central to anyone’s finances regardless of income. As a PayActiv member, budgeting tool comes free of charge.

Saving at source

PayActiv provides a savings tool that allows every user to successfully start a savings fund. If you ask most people why they are unable to save, it is usually because despite their intentions, at the end of the month they don’t have money left to save.  What makes PayActiv unique is the approach to saving at the source.  For instance, using PayActiv if you set a goal to save a certain amount then that amount is no longer available to draw as earned wage access and it is deducted from your paycheck and deposited directly to your account a day before payroll. With this approach, only if you go over your budget or have an emergency would you use your savings.

Automatic savings are common features in online banking, but if you live outside of the banking system and rely on cash, putting money in a savings account might feel foreign. PayActiv includes a savings tool that help save automatically with or without a bank account.

A whole lot more

PayActiv doesn’t stop there. Membership, which you only pay for in periods when you use the service, includes opportunities to connect with a financial counselor and get discounts on prescription medications.

When an employee downloads the PayActiv app, they are taking a step toward a holistic financial improvement. For employers, PayActiv is free and improves employee engagement, a key metric in reducing expensive employee turnover. That’s a win-win scenario designed to help everyone improve their finances.

Learn more about partnering with PayActiv to bring these great features to your employees at no cost to your business.

Holistic Financial Wellness

Learn how PayActiv measurably reduces employee financial stress and employee turnover.

It's more than a paycheck.
It's peace of mind.

It's more than a paycheck. It's peace of mind.

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