PayActiv in the News
Jul 21, 2017
Solving “more month than money” puzzle
PayActiv representatives help set up savings accounts, demonstrating how saving just a few minutes’ worth of wages over time becomes a way to pay debts or family expenses. They also guide users to credit counselors for one-on-one advice.
May 18, 2017
Customer Experience Guru Don Peppers joins PayActiv in a National Effort to Improve Lives of Employees by Reducing Financial Stress
PayActiv, an award-winning fintech company with a unique "between paycheck" financial wellness benefit for employers' hourly workers, today announced that Don Peppers, one of the world's leading customer experience authorities, has agreed to join it in a national campaign to help employers reduce or eliminate some of the financial stresses that so frequently distract hourly employees, many of whom are in day-to-day contact with customers.
Dec 1, 2016
Nazareth Home and Sacred Heart Home showcase workplace innovation
"I was thrilled to see this program (PayActiv) and delighted to bring it to the staff. Right now, about one-third of our staff are using the program. It consists of an app that can draw from your account, or it can be used at a special ATM that is accessible to everyone on campus."
StartupSense
Dec 1, 2016
Startup Sense Podcast
"PayActiv helps low income employees, people making $25 and less. We let employees access their earned but unpaid wages when they get into financial emergencies, helping them avoid payday loans, and a variety of other fees and penalties."
Nov 14, 2016
Help in Advance
"Many workers are reluctant to ask for an advance," says Ulislam. "So by the time they request one, they may be in real trouble. They need the money yesterday, not in four or five days."
September 19, 2016
PayActiv's Financial Wellness Solution Awarded HRE's Top Products of 2016
PayActiv’s groundbreaking solutions promote financial wellness to assist the 90 million U.S. workers living paycheck-to-paycheck. With the PayActiv service, employers are presented an opportunity to invest in their most valuable asset – their employees.
July 6, 2016
How to access your hard-earned money before payday
“This is neither a loan nor an advance. It’s already earned. It’s just a technology solution. We change the frequency or velocity of money,” said Safwan Shah, founder and CEO of PayActiv.
Listen to this NPR Marketplace story
July 4, 2016
New Payday Options for Making Ends Meet
“When you have people living on the edge, very small things can cause a rapid acceleration into very bad conditions,” he [Michael Fox, CEO Goodwill Silicon Valley] said. “If you’re just $60 or $90 short, and can’t make a rent payment or buy medicine, it spirals. One little thing creates a huge disaster.”
Goodwill is using technology from PayActiv, a start-up in San Jose, Calif., that uses employers’ wage and hours information to estimate their employees’ earnings. For a fee of $5 per transaction — of which Goodwill pays half as a courtesy to its workers — PayActiv advances the cash. On payday, it recoups the money directly from the employer.
PayActiv’s founder, Safwan Shah, talks with a missionary zeal about the potential impact. “The biggest bank in this country is the bank of the employer, and two to three weeks of salary for most people is stuck there,” he said. “This is a corporate responsibility issue.”
Bloomberg
May 25, 2016
With Payday Lending Under Fire, These Services Turn Your Employer Into an ATM
New financial technology lets employees draw on a portion of their salary as they earn it.
"Is waiting to get paid something that can create forced savings, or does it cause problems for low-income people? We’ve done studies to prove that what we are doing is actually helping people save more.”
May 21, 2016
Two New Employee Benefits Aimed at Millennials
...What I found intriguing is that PayActiv would increase the velocity of money in our economy. In Shah’s model, the world’s largest bank resides within corporations, where money that has been earned but not paid out is stored; he estimates that over $100 billion per week is frozen in the U.S. alone. PayActiv can transfer that to the hands of employees who need it most. Without the early payout, an employee could bounce a check and have to pay an overdraft fee. That just sends him or her further down the rabbit hole of debt.
May 23, 2016
Fintech's Leftward Turn?
Silicon Valley's PayActiv promises to be an alternative to "short term, short dollar, predatory lending products" used by 90 million underserved and working poor in the United States.
May 23, 2016
The Best of the Bunch from FinovateSpring
PayActive disrupts the destructive cycle of payday loans by giving workers access to wages they have already earned but have not yet been paid. The firm also offers a simple mechanism for savings and very comprehensive end-to-end tech.
May 13, 2016
PayActiv Awarded Best of Show at FinovateSpring 2016
San Jose, Calif. – May 13, 2016 – PayActiv, a provider of turnkey, employer-sponsored financial wellness solutions, was among the six companies selected as Best of Show, out of 72 companies demoing at FinovateSpring 2016.
May 12, 2016
How PayActiv’s Safwan Shah Looks to Eliminate the Vicious Debt Spiral
"I can find 10 solutions to borrow $1,000, $10,000, $5,000 but I can’t find a single good solution in our entire financial eco-system for someone who needs a $100 or $200." PayActiv, winner of 2016 Finovate Spring's Best of Show, essentially integrates with your company's payroll system, allowing employees to withdraw money they have already earned to pay a looming bill, avoid a late fee, etc.
May 12, 2016
Innovation Comes to Employee Benefits via PayActiv, Student Loan Genius
The dissonance between what you have earned and when it is delivered is painful for employees, and built on an antiquated system — the slow and expensive paycheck. PayActiv users can get the money in their accounts in realtime.
ABA Bank Marketing
May 12, 2016
Next Up: Next Bank Silicon Valley
May 10, 2016
PayActiv to Demo “Save in Units of Time” Financial Wellness Solution at FinovateSpring 2016
SAN JOSE, Calif.--PayActiv will demo its turnkey, employer-sponsored financial wellness solution that reduces the time lag between earning income and allocating it to daily necessities. Offered directly to businesses or through financial institutions to their business banking customers, PayActiv empowers working people with debt-free access to up to $500 of earned – but as of yet, unpaid – income instantly, promoting financial resiliency.
May 3, 2016
Financial Health Is the Next Wellness Frontier
Traditional financial wellness programs that focus mostly on education or retirement planning did nothing to help workers in dire straits, according to hospital Chief Financial Officer Kendall Johnson. So the hospital turned to a unique solution [PayActiv]: allowing employees to take out small advances on their paychecks.
April 4, 2016
Even among Credit Union Employees, Debt Spiral Threatens Financial Wellness
While credit unions, by their very charter, are committed to serving the financial needs of their member communities, a hard reality is that often, the community that is perhaps most important to the health of the credit union itself – its employees – is struggling with achieving financial wellness.
March 23, 2016
Improving Pay Day Timing
Who among us would have imagined that in 2016, virtually every aspect of our personal and business lives is “on-demand” and in “real-time?” Today, we access what we want, customized to our needs, now. To wait is passé, costly even. Instead, aligning time to our needs brings efficiency, transparency and savings.
February 17, 2016
PayActiv Secures $9.2 Million in Financing to Innovate Financial Wellness Efforts That Reduce Financial Stress and Increase Productivity in the Workplace
SAN JOSE, Calif.--Following a successful 2015, PayActiv announced that it has secured $9.2 million in financing from investors since the company was seeded by an early stage fund affiliated with SoftBank Capital. The funding will help to grow PayActiv’s suite of turnkey, employment-based financial wellness offerings.
November 26, 2015
11 Insights from HR Tech 2015
Because the value of the knowledge worker, the value of our understanding of what drives human productivity, all of that is increasing with better studies and data. All of that knowledge is coming into software and technology.
November, 2015
Mobile on-demand access to earned wages
PayActiv’s disruptive business model and industry-leading HR technology are the foundation for a powerful financial wellness program that makes a measurable difference in society.
November 12, 2015
New Budgeting Apps Aim to Disrupt Payday Lending
At a time when the industry is moving toward faster payments, a handful of entrepreneurs are looking to narrow the gap between an honest day's work and an honest day's pay.
September 9, 2015
PayActiv, Employee Aid as an Employee Benefit
They [PayActiv] are addressing a problem that for years, decades really, many of us have assumed there are no solutions for. We have accepted them as “the way things work” and never really thought about what could be different. This is an innovative solution to a problem that we have all just accepted.
May 2015