Watch how the Payactiv financial wellness app for employees works to give timely access to earned wages as well as to budget and save
Has an employee ever asked for a cash advance? Are businesses equipped to handle such requests? Is there a financial app for this?
Financial companies don’t make products to help the “working poor” because it is not profitable for them. In fact, the financial crisis of 2008 defaced the worst of banking practices in which families were robbed of their homes and savings because of unsecured credit and sub-prime credit products.
What has changed since then? CFPB* is taking steps to protect consumers from debt traps of payday loans but what is the alternative? People living paycheck to paycheck often find themselves in a bind for small dollar needs to pay bills or handle an emergency. Where can they go for these needs?
Payactiv has innovated a solution which is offered to employees in partnership with employers to meet the short-term small-dollar needs of employees. It allows access of up to $500 of earned but unpaid wages for a $0 to $5 fee (depending on employer contribution and only when funds are accessed) instead of paying late and overdraft fees or taking out a predatory loan.
A growing set of additional services like bill pay, bank transfer savings, and discounts programs are also included at no cost. All this is delivered on an easy to use mobile financial app.
CASH ACCESS $0 to $5 flat fee. Check your earned balance, get up to $500. Not a credit solution, no hidden fees, no risk of adding debt
SAVINGS Use the savings tool to budget and allocate as you earn
EARN REWARDS & DISCOUNTS Get rewarded for excellence
BILL PAY & BANK TRANSFERS Unlimited online bill pay and bank transfers. No fees or cost
Partner with Payactiv to offer financial wellness benefits to your employees.
* The CFPB Approval Order relates only to Payactiv’s Payroll Deduction EWA Programs and not to all Payactiv products or services. The Approval Order is a public document, and may be reviewed here.
*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.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.