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Payday Advances

Give your employees the option of accessing their paycheck in advance to cover emergency expenses. This is a payroll-integrated service that's different from a payday loan, because employees don't actually take on debt.

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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. 

 

The ultimate Employee Benefit. At no cost to employers.

No Debt - Payday Advances - Complete Payroll

Debt-Free Paycheck Advances

Our system is fully self-service and integrated with payroll. Employees can request immediate transfers of accrued hours/wages for a small fee, protecting them from bank overdraft fees and predatory lenders.

Easy to Use - Payday Advances - Complete Payroll

Easy to Use

Employees choose how much money they'd like to access and click submit — that’s it. No need to worry about remembering to pay anyone back — money is automatically debited from their account on your next payday.

Increase Productivity - Payday Advances - Complete Payroll

Increase Productivity, Reduce Turnover

Over 70% of American employees live paycheck to paycheck. Employees are stressing when they should be working. Provide your employees with a benefit they will use and appreciate.

38% of employees say financial stress is a distraction for them at work.

You Can Help Reduce Your Employees' Stress

Employers are increasingly recognizing that stress is amongst the biggest challenges to workplace wellbeing, and are looking for ways to assist their employees in reducing this stress. Individuals consistently report, year after year, that their greatest stress is financial.

Employees Have Limited Options

Many Americans do not have access to credit cards or other bank loans or have maximized their available credit facilities. This lack of access to classic sources of credit means individuals are pushed to seek alternative financial services when in need of immediate access to funds.

This Leads to a Debt Cycle

The debt cycle begins when an individual takes out a payday loan for a high fee. On average, a payday loan borrower takes out eight loans in a year for a total of $3,000 in loans, and they will pay $520 in interest. Payday loans are not a short-term fix for most borrowers. The result is just the opposite, with the user often ending up more financially insecure at the end.

Solving the Problem with Payday Advances

Payroll scheduling is unlikely to change and expenses are not going to become more intermittent. The disconnect between these two is not lessening.

But what if an employee could access their wages if they needed them before payday? Today, almost everything is available on-demand. This is a service that 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 (online tools and apps) 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.

Testimonials

Hear what employers and employees alike are saying about our payday advance service.

The company I work for only does payroll once a month... I am finding this hard, as I have always been paid bi-weekly in the past.

Amber, Employee

I 100% recommend this service to my colleagues. Customer service has been amazing!  

Monet, Employee

This is an amazing service. When I thought I'd miss a (bill) payment because of miscalculation, they were right there to help me out.

Robert, Employee

We’ve received such amazing positive feedback about this product – the ultimate employee benefit.

Sam Vassa, Payment EvolutionCEO

Waiting a month, or even two weeks to be paid can be quite hard for some employees. In our organization, I was always willing to help employees out if needed, but with this service, I can now be completely hands-off and know my employees are treated fairly.

Chris Massie, AboutStaffingCOO

Frequently Asked Questions

Make sure you fully understand our payday advances service.

So, isn't this just a payday loan?

No. This service does not charge interest and does not place debt on you. You’ve worked those hours and earned that money. We simply provide you access to your money.

What is the interest rate?

There is no interest charged. This service is not a loan and instead charges a flat fee of $5, for employees to access $200 at a time.

What about repayment?

Payouts are automatically repaid through payroll direct deposit on your next payday

How long does it take to receive money?

Funds are transferred instantly, 24 hours a day, 365 days a year.

How long does it take to sign up and access funds?

You can go from sign-up to having funds in your bank account in less than 1 minute.

How do employees sign up?

Employees are notified of the service through email, employer marketing materials or in their payroll self-service portal. All that is needed for sign-up is for an employee to upload a picture of a government issued ID and debit card information or bank account information for funds transfer.

 

Give Your Employees the Ultimate Benefit

Complete the form to enroll in our Payday Advance service, to give your employees the option to transfer accrued balances from their paycheck days in advance at no cost to you, the employer.

Not a payday loan.

Your employees incur no debt when receiving their accrued wages in advance.

No employer cost.

Only the employee pays a small fee whenever they request wages in advance.

Integrated with payroll.

Our system integrates with your payroll and timekeeping systems to only allow employees to withdraw funds from accrued hours worked and/or wages earned.

Increases productivity. 

Over 70% of American employees live paycheck to paycheck. Employees are stressing when they should be working.

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