Earned wage access pays your employees ahead of payday
Inflation is driving up costs everywhere. More consumers in all income brackets, including those who make more than $250,000 annually, live paycheck to paycheck. PYMNTS’ research found that 61% of U.S. consumers lived paycheck to paycheck in April 2022, up 9% from 52% in April 2021.
For decades, most employees have been paid the same way: They work, and then two weeks or a month later, they receive payment. But with inflation on the rise and the desperate need for wage accessibility and financial equity, business owners can’t afford to turn a blind eye to doing their part in strengthening the financial wellness of their employees.
Providing earned wage access is one way that business owners can help. Earned wage access is the ability for employees to have access to a portion of their already earned wages outside of the traditional pay cycle.
Small business owners can make a difference
Whether called pay on-demand, same-day pay, earned wage access (EWA), or wages on demand, it is one of the fastest-growing employee wellness programs on the market today. Rightly so, because Pay On-Demand isn’t just for the employees, it also helps business owners attract and retain their people, and there’s no cash flow outlay from you as the employer. Fingercheck will advance the money from our balance sheet to help you help your employees.
You’ve probably seen the signs in restaurants or businesses that read, “The world is short-staffed. Please be kind to those who showed up.” While worker wages continue to climb, shortages are not outpacing inflation.
As a small business owner, how can you stay strong and stay open on Main Street while battling against the market? Pay On-Demand gives you a competitive edge for attracting and retaining employees. Think about not just advertising your job opening but also getting to advertise, “Work today. Get paid today.”
Offer a modern, meaningful solution
Fingercheck’s Pay On-Demand feature is a financial wellness benefit that gives employees early access to their unpaid wages. Our Pay On-Demand feature is integrated with the Fingercheck General Ledger to your accounting system — so we do the work of reconciling the debit and credit. No math is involved on your end! And, our Pay On-Demand feature has been available since 2018. We know it works.
Pay On-Demand offers a near real-time option
Did you know you can deliver paychecks to your employees through a reloadable debit Pay Card that is convenient and easy to use? With Fingercheck Pay Cards, your employee can get the money instantly, within 10 minutes of you approving the request — 7 days a week, 24 hours a day. There’s no waiting for the bank to open.
If the employee chooses to use a bank account, they can access the funds on the morning of the next business day (following your approval).
Best practice for Pay On-Demand
Industry best practice is for an employee to access up to 50% of net earnings over a pay period and up to $200 per day (these numbers can shift based on the size of the company offering the
benefit). With our integrated General Ledger (GL) in your accounting system, we reconcile the debit and credit so you don’t have to do any math transactions.
Our fees are also simple and transparent. Fingercheck funds the payroll transfer amount and sends it to the employee’s bank account or Pay Card. Employees can then use it to pay bills, build savings, invest money, buy goods and services, and more.
Ready to see how Fingercheck can help you?
The most pressing everyday issue for many Americans is managing cash flow — they usually have the resources to pay their regular monthly bills but can’t handle financial shocks or unexpected timing issues because they lack the savings buffer that the more affluent may take for granted.
With Fingercheck’s Pay On-Demand solution, you can help your employees:
- Stay motivated and focused, with reduced personal financial stress
- Access accrued wages through an intuitive mobile app
- Be prepared for emergency expenses
- Save money by avoiding predatory lending practices
Contact us today to learn how we can help you and your employees, 1-800-610-9501.
We simplify hourly employee management for small business owners so they can thrive. Our easy-to-use customizable apps help free owners from the stress and time-consuming burden of payroll, scheduling, time tracking, benefits and hiring. We fuel our customers’ independent drive by providing unparalleled support and carefully listening to their individual needs. We are an independent American small business that is made up of individuals with a common goal: When small business wins, we all win.