Want to keep your employees happy? Offer earned wage access

By Emily Burch Harris
September 18, 2023

Did you know that payday loan borrowers request an average of $375 each time they apply? But the loan costs add up to much more. 

Here are two more scary facts: 

  • The majority of U.S. payday loan borrowers earn less than $30,000 annually
  • According to the Financial Health Network, that $375 loan costs borrowers about $520 when you add in fees and interest

Payday loans are not a good way to help employees deal with surprise expenses. At Fingercheck, we have an easy and fast solution – Pay On-Demand. With Pay On-Demand, employees have access to their already-earned wages. And that can help them avoid high-interest, short-term loans.

Pay On-Demand provides employees with earned wage access (EWA). Remote work and the gig economy have shown us that the traditional pay cycle doesn’t work for everybody. 

The problem is that employers’ payment systems are slow to catch up — even though companies know workers want on-demand pay, they’re not equipped to provide a solution. 

That’s where Fingercheck can help. Pay On-Demand allows employees to control their paydays and offers an added benefit to their employees. And it’s available with our Small Business Starter, 360 and 360 Plus plans. 

Not using Fingercheck yet? No problem! You can hop on board the Fingercheck train anytime. Reach out to us today, and let’s chat about how we can make life smoother for your employees — and yourself.

How Pay On-Demand works for small businesses

Modern solutions for modern employees

EWA is here to stay, and we’re all about it. We’ve been an advocate since 2018 when we first launched Pay On-Demand. And in that time, we’ve adapted to meet our customers’ – and their employees’ – needs. 

We can fund a request in minutes once your administrator approves it if your employees use Fingercheck Payroll Debit Cards. The funds will be available by the next business day if they have direct deposit. 🚀

In 2022, Deloitte Global suggested employers give workers more control and flexibility regarding their money. That’s not a surprise. Employees’ needs play a significant role in the evolution of workplace standards. And when businesses don’t adapt, employees leave. 

Change happens fast, but not all payroll providers can keep up.  Fingercheck can. We offer what’s called EWA vendor-funded. That means Fingercheck covers the payment from our balance sheet. The Everest Group’s 2022 EWA report finds that modern solutions are needed to address:

  • An increase in new workforce models – think gig economy and freelancers.
  • By 2023, Millennials and Gen Z will comprise 65% of the workforce.
  • The growing public interest in EWA.
  • A demand for modern pay experiences that promote economic flexibility.

Get started today!

It’s no secret that the gig economy’s expansion from 2010–2020 dramatically outstripped job growth. As more companies invest in technology to drive value creation, it makes sense that their employees would wonder why the benefits haven’t trickled down.

The message is clear: The old payroll model isn’t cutting it. And if your payroll technology is outdated, you may be unable to pivot fast enough.

Events like the Great Resignation should serve as a cautionary tale. When companies can’t keep up, workers quit. If you aren’t giving your employees what they need, they will find someone else who will. 

Help your employees leave money worries behind

Pay On-Demand offers employers a way to help their employees. Not only will you be a hero to your employees, but you’ll also help reduce the financial worry that they might bring to work.

Forbes reports that:

  • 78% of employees say access to their earned wages helps them pay their bills on time and avoid late or overdraft fees.
  • 74% say access to their earned wages has helped reduce their financial stress.
  • 70% say access to their earned wages has helped them avoid taking out a payday loan.

But the best part about our Pay On-Demand solution is how it benefits employers. Fingercheck advances the funds to your employees so that it won’t affect your cash flow. Then, when the regular payday arrives, we reconcile the ledger, so you don’t have to worry about that, either. And instead of a crazy interest rate, the fee is $2.99. 

Pay On-Demand is the best alternative to loans and can help boost employee engagement and morale. Unlike payday advances and other commercial options, this solution doesn’t involve risky lending or crazy interest rates. 

It makes it possible for people to choose their payday. And that comes in handy when life throws unexpected expenses — like a car repair or veterinary emergency — their way. 

Make a difference for your employees with Fingercheck Pay On-Demand

EWA isn’t a shiny new workplace trend. It manifests a long-overdue shift toward more equitable labor practices and compensation. 

Pay On-Demand goes beyond making it more convenient for workers to access their wages. Fingercheck helps keep businesses competitive in a challenging labor market by empowering employers to offer EWA with zero overhead. 

Best of all, it’s easy to get started with Pay On-Demand. It’s fully integrated into our Small Business Starter, 360 and 360 Plus packages. Want to upgrade or set up your new account? Sign up today.

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