5 ways Earned Wage Access can solve your payroll challenges

Getting payroll right is no easy task.

Regardless of the size and scale of your business, things like late payments, pay discrepancies, and delayed access to funds can cause undue stress for employees and management alike. So how can you effectively manage your workers’ wages without creating a domino effect of payday problems?

One powerful solution to consider is Earned Wage Access (EWA). Aptly named, this option allows your team to access their earned wages at any time, eliminating employee hurdles and streamlining processes for managers. 

In this article, we break down our top reasons for integrating earned wage access (or as we like to call it Pay On-Demand) into your payroll system.

1. Cash flow management

For employees living paycheck to paycheck, managing cash flow can be difficult. With EWA, employees have immediate access to a portion of their earned wages, eliminating that traditional payday waiting game. This can help avoid financial strain and reduce the chance of relying on short-term loans and credit cards—all of which can have a profound psychological effect on their workplace wellbeing.

2. Late payments

One of the biggest challenges in payroll management is making sure that your employees are paid on time. With EWA/Pay On-Demand, employees can access their money when they need it, reducing the pressure of a payday deadline. EWA can also take the strain off of payroll managers who may have missed a deadline or submitted a late payment. This isn’t to say EWA removes the need to submit accurate, on-time payroll, but it can help alleviate managerial pressure in the event of a mistake or unforeseen setback. 

3. Payroll mistakes

Errors in payroll can lead to frustrated employees, high turnover, and even potential legal issues. EWA can reduce payroll mistakes by allowing employees to access their wages while discrepancies* are resolved. If something goes wrong with the pay calculation, employees can still access a portion of their earned funds without waiting for a fix. 

*Or automate your payroll and skip the human error with Fingercheck. We handle everything from multi-state payroll to tax compliance, so managers can run seamless payroll and offer Pay On-Demand with peace of mind. 

4. Administrative burden

Teams often require payroll runs with varying schedules, benefits, and tax deductions. Earned wage access can reduce the complexity of payday processing and free up time for payroll teams to focus on other important tasks. For Fingercheck customers, Pay On-Demand integrates into your payroll system, so offering EWA is as easy as flipping a switch. This no-cost solution means less paperwork, fewer calculations, and more time to focus on other essential administrative tasks. 

5. Employee satisfaction

Ultimately, happy employees are productive employees. Offering Pay On-Demand as an added benefit shows that you’re committed to prioritizing the larger team’s financial well-being. Removing the stress of waiting for payday creates a more engaged, satisfied workforce, improves retention, and can even help recruit top talent to join your team.
Ready to offer your employees earned wage access? By adopting Pay On-Demand, you create a more supportive, productive workplace for your employees, while benefiting your bottom line. Plus, with features like PayCards and Next Day Pay, you can offer your team even more financial freedom.

If you’re ready to enhance your payroll offerings and give your employees the flexibility they deserve, talk to the Fingercheck team today.