PayActiv Users Choose to Access Hourly Wages in Real-Time with Visa Direct Over ACH
SAN JOSE, Calif., Aug. 18, 2020 /PRNewswire/ — Recent data from PayActiv, Inc. (“PayActiv”), a leading provider of employer-sponsored earned wage and tip access, has found that four out of every five PayActiv users prefer to access their funds in real-time,1 a capability enabled by Visa Direct, Visa’s real-time push payments platform, over all other ways of accessing wages through its solution.2 Earned Wage Access is a payroll innovation that helps hourly workers get access to wages they have already earned in between the two week pay cycle– a critical capability amidst the COVID-19 environment in ensuring people have the funds to buy the essentials they need to stay safe and healthy.
PayActiv studied its user’s preferred disbursement options from November 2019 to June 2020 and learned that a Visa Direct real-time transaction onto an eligible debit or prepaid card was preferred for three reasons: i) timeliness and reliability; ii) availability of services 24/7 and 365 days a year; and iii) large vendor acceptance footprint.3
These results come one year after PayActiv and Visa announced a collaboration to make Visa Direct available for thousands of PayActiv customers, which include large franchises that offer PayActiv’s solution to their hourly workers. The collaboration allows PayActiv customers to offer real-time payment of earned wages to their hourly workers via an eligible Visa card.
“It is imperative that we support hourly workers on the frontlines and give them faster access to their wages to purchase life essentials, especially during this critical time,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa. “Visa is proud to partner with PayActiv to offer additional choice and flexibility to employers and employees when managing their financial well-being.”
“Through our partnership with Visa, we are scaling our technology to provide the last mile of liquidity to get funds to workers when they need it most and to provide employers with a powerful employee benefit to retain and motivate employees without impacting the company’s cash flow,” said Safwan Shah, CEO and Co-Founder of PayActiv. “As a Public Benefit Corporation and Certified B Corp, we aim to be a lifeline for workers, especially those on the front lines of the COVID-19 crisis.”
Over the past several months, PayActiv has signed a significant number of new customers who will also have access to Visa Direct’s real-time capabilities, across healthcare, retail, food services, and business processing services, including Integrity Staffing Solutions, one of the largest staffing firms in the U.S., specializing in temporary and direct-hire employment opportunities.
“Many of our associates are recruited for essential jobs, and we’re proud to do our part in alleviating their financial burdens and helping them avoid overdraft fees or payday loans. This not only gives our associates peace of mind, but helps us recruit and retain top talent,” said Todd Bavol, President and CEO of Integrity Staffing Solutions.
In addition to supporting banked workers, PayActiv supports the unbanked by enabling access to wages through cash pickup, purchases on Amazon, or Uber rides directly through the app.
PayActiv’s mission is to bring security, dignity and savings to low-income workers through an award-winning holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages. Businesses that partner with PayActiv see significant cost reductions through increased recruitment, engagement and retention. Employees love PayActiv because it eliminates the expensive between-paychecks tolls of payday loans, bank overdrafts and late fees. PayActiv also offers a suite of financial services that include savings and budgeting tools, bill payment and financial health measurement. PayActiv has won best in class awards in both FinTech & HRTech and is the provider of Earned Wage Access to Walmart.
In June 2019, PayActiv released a short film titled It’s About Time. The documentary looks at pay timing and its correlation with epidemic financial stress being experienced by millions of working Americans. For more information, visit www.payactiv.com.
About Integrity Staffing Solutions
Since its launch in 1997, Integrity Staffing Solutions has been committed to generating opportunities for its associates to exceed their own expectations by supplying the skills that advance future fulfillment. The company specializes in temporary and direct-hire employment and customized staffing models that facilitate the growth of careers, communities, and companies. Integrity Staffing is the proud recipient of the prestigious Best of Staffing® Award for providing outstanding customer service levels. Less than 2% of all staffing companies in North America earn ClearlyRated’s Best of Staffing® title, which is based on customer ratings of 9 or 10 for exceptional service. In addition, Integrity Staffing was also recently named to Forbes’ list of Best Temporary Staffing Firms in the U.S. A true engine of opportunity, Integrity is based on the philosophy that its clients succeed only when its associates do. For additional information about Integrity Staffing, please visit: IntegrityStaffing.com or follow us on LinkedIn.
1 Actual fund availability depends on receiving financial institution and region.
2 Based on PayActiv usage data from a representative sample of more than 16,000 users from November 2019 through June 2020.
3 Based on PayActiv usage data from a representative sample of 50,000 users from November 2019 through June 2020.