Employee happiness starts at payday and only gets better with Earned Wage Access

In the ever-evolving landscape of the workforce, the way employees access their earnings is taking center stage.

At Fingercheck, we recognize that having access to pay as needed, rather than just on payday, is a game-changer.

Let’s dive into Earned Wage Access (EWA) and discover how it solves retention and morale issues and an emerging valuable benefit for employers and employees.

Pay On-Demand for employees

The employee POV: pay transparency and flexibility

Recent data tells us that there is a significant shift in employee expectations. The “Getting Paid In America” survey by PayrollOrg in 2023 revealed that over one-third of Americans either want or already have access to their pay as they earn it.

In today’s workplace, building a solid connection between employers and employees boils down to some key things: knowing exactly how the payroll works, getting your hard-earned wages quickly and regularly and having the freedom to use self-service tools. It’s all about keeping that relationship strong!

Financial stress can take a toll on employees, negatively affecting work life and, subsequently, impacting the bottom line for businesses. 

Financial planning firm Savology’s research found that financially stressed employees can lead to:

• Increased absences
• Higher stress leaves
• Higher benefit claims
• Increased employee turnover
• Decreased morale
• Lower quality work

Payday loans versus EWA

Here’s a startling fact: payday loan borrowers request an average of $375 each time they apply, but the costs add up to much more. Most U.S. payday loan borrowers earn less than $30,000 annually, and that $375 loan costs about $520 when fees and interest are factored in (Financial Health Network).

Payday loans are not a sustainable solution for employees dealing with surprise expenses.

That’s where Fingercheck’s Pay On-Demand steps in as a fast and easy alternative. With Pay On-Demand, employees can access their already-earned wages, helping them steer clear of high-interest, short-term loans.

Pay On-Demand for Businesses

How Fingercheck’s Pay On-Demand works

Modern challenges require modern solutions, and EWA is here to stay. Fingercheck’s Pay On-Demand provides employees with easy access to their funds. Whether they use Fingercheck Payroll Debit Cards or have direct deposit, we can fund a request within minutes or make funds available by the next business day.

Deloitte Global’s 2022 suggestion to give workers more control and flexibility with their money aligns perfectly with Fingercheck’s Pay On-Demand.

Our EWA solution covers payments from our balance sheet, addressing the needs of the evolving workforce models, the rise of Millennials and Gen Z in the workforce, the growing public interest in EWA, and the demand for modern pay experiences.

“Pay On-Demand is our most requested feature – through our partnership with Fingercheck, our nurses have more control and greater financial flexibility. It’s about giving them the freedom to access their hard-earned wages whenever they need it.”

Case Study

ESHYFT + Fingercheck

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Helping employees by adding payday flexibility

Pay On-Demand is not just a benefit for employees; it’s a strategic move for employers. Forbes reports that access to earned wages helps employees pay bills on time, reduces financial stress, and even helps them avoid payday loans.

The best part? Fingercheck advances the funds to your employees without affecting your cash flow, and the fee is a minimal $2.99, far less than the costs associated with traditional payday loans.

In a world where the gig economy is on the rise and employees seek more control over their finances, Pay On-Demand becomes a powerful tool. It’s not just a shiny new workplace trend; it’s a shift towards equitable labor practices and compensation.

Ready to make a positive impact on your employees’ lives? Fingercheck’s Pay On-Demand is the answer. Beyond convenience, it empowers businesses to stay competitive, reduce financial stress, and enhance employee morale. It’s not just a solution; it’s a strategic investment in your workforce’s well-being.