An estimated 90M workers in the US are living paycheck to paycheck and even a tiny financial shock can cause late fees, bank penalties and the need for very expensive payday advances. Clearly, waiting for payday is expensive. It is very very expensive AND it hurts businesses as well as its workers.
The industry needs a fin-tech solution that is not just a band-aid but a debt-free fix to deal with financial shocks when they occur, along with a long term strategy to build savings.
Every week over $100 Billion is earned but remains unpaid because of inefficiencies of the current systems. Due to technological limitations, businesses pay employees either weekly, bi-weekly or monthly. Between paychecks, while waiting for pay, employees are incurring devastating costs and stress.
PayActiv has invented a fin-tech solution that eliminates the cost and stress, giving employees access to a portion of their earned wages, at the time when they need it the most.
Get the whitepaper:
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
** Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payctiv App.
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