Offering Payday Advances to Your Employees
Household income has grown over the past decade, but it has failed to keep up with the increased cost of living in the same period. Yet in spite of taking home a smaller real wage, 92% of respondents said financial stability and predictable income was more important than “moving up the income ladder."
Set your company apart by allowing your employees to access their money when they need it.
Complete Payroll's Payday Advance solution gives your employees a liquidity option that they didn’t have before, provides a safety net from predatory lending and bank overdraft fees in times of cash shortfalls, and is a big step towards income normalization. This breaks the disconnect between daily expenses and bi-weekly payday, and we do this at zero cost to employers
NOT a Payday Loan
When an employee wishes to take a payday advance, our service verifies their hours worked, their wage and other distributions to determine that individual’s expected take-home pay. This gives the employee the ability to access a portion of the amount that has been accrued in wages, meaning they cannot overextend themselves in the system and will not go into debt through their use of our service.
In fact, on-demand access to their wages can help employees avoid the pitfalls of predatory lending debt cycles and incurring NSF/overdraft fees.
On-Demand Wage Payments
In a time where it seems that everything is available on demand, Complete Payroll believes that access to one’s accrued wages should be as well. Our Payday Advance service fills the gap between a complex settlement system and an employee’s more immediate needs. Changes to the ways most people shop and go about their daily lives are prompting employees to expect similar innovation in their benefit experiences. Technology has reached the level where the benefit of real-time wage settlement can be delivered in a cost-effective way.
No Cost to Employers
Employees pay a small fee to receive a transfer of their accrued wages in advance. There is no cost to employers to make this service available to their employees.
Compared to payday loan fees of $520 in interest, access to $3,000 would cost the employee only $75, with no additional fees, and can be used to avoid average NSF/overdraft fees of $225. This results in direct savings for these employees and more cash in their pockets.