Earlier this month, Payactiv became one of the first registered earned wage access (EWA) providers in Missouri. Payactiv is proud to partner with hundreds of employers in the state to enable their employees to access their wages on demand. Through the new registration, Payactiv is compliant with all relevant laws and regulations in Missouri.
Payactiv applauds policymakers in Missouri for leading the way in creating important consumer protections for Missouri consumers, while also providing regulatory clarity for the EWA industry to continue to innovate and grow. The EWA registration system encodes into law many of the best practices that exist in the industry today, including ensuring EWA will always be non-recourse and that there will never be any interest, late fees, penalties, underwriting, or credit impacts. It also confirms that EWA is also not a credit nor a lending product, and the creation of a new registration system for EWA providers recognizes the new and innovative nature of the product.
Payactiv looks forward to continuing to innovate and expand its services for Missouri employers and supporting the financial wellness of workers across the state.
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