There is zero cost to employers to provide the PayActiv benefit.
PayActiv allows employees to access up to 50 percent of wages they’ve earned but not yet been paid. Employees who have a PayActiv Visa and use direct deposit are charged zero dollars and zero cents for this access.
For employers as well, the cost to provide this benefit is zero.
There is no cost to the employer whatsoever for any transaction, and the integration with your payroll provider is also free. In fact, you don’t change your payroll function at all.
How is this even possible?
PayActiv is the original provider of Earned Wage Access. When we designed the product, we knew not only that it would have to be as cheap as possible to convince employers to offer it, but that integration would have to be seamless.
What could be cheaper than zero?
And what could be more seamless than invisible?
PayActiv does all the work. We know that CFOs, HR personnel, IT staff, and payroll managers are overwhelmed with work, logistics, and compliance. For the PayActiv Earned Wage Access benefit to work, nobody could object to it. We figured out how to do everything so you wouldn’t have to do anything.
PayActiv is now integrated with over one thousand businesses. They have recognized the wisdom of offering a valuable benefit to employees at no cost or effort to their respective businesses.
PayActiv also saves you, the employer, money.
Remember the last time you had something difficult going on in your life? Remember how you couldn’t get your mind off of it, even at work? It slowed you down? You didn’t get as much done? Your productivity decreased a bit?
Your employees carry financial worries to work every single day, and there is a quantifiable cost associated with their loss of productivity.
The annual Employee Financial Wellness Survey by PricewaterhouseCoopers reported that 47 percent of employees said finances have been a distraction at work. Of those, 49 percent spend three hours or more at work each week thinking about or dealing with personal finance issues.
That means roughly one out of every four of your employees is burning productive time worrying about their finances, for at least three hours, each and every week. Multiply all that time by the average wage paid, then multiply again by forty-six work weeks in each year, and multiply that by the number of workers you have.
The monetary value of that lost productivity is costing you, the employer, a lot.
That loss can be drastically reduced simply by offering PayActiv as an employee benefit. It costs you nothing and could save you a fortune.
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