Daily Pay Benefits In The News

Recent new stories about daily pay benefits.

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News from April/May 2019

Industry News from April AND May - A two-for-one

Fell a little behind on my updates, so here's a combo. 

 

On-demand pay services present cases to payroll professionals

By Michael Baer

Bloomberg Tax article on daily pay benefits.Originally appeared on Bloomberg Tax on May 20, 2019

We live in an "instant everything" society, which now includes access to payroll funds. During the American Payroll Association's annual conference in Long Beach, Calif., three payment-on-demand industry representatives discussed how on-demand pay could benefit employers, including the ability to recruit and retain talented employees.

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What will it take to hit the instant payments tipping point?

By PYMNTS

PYMNTS article on daily pay benefitsOriginally appeared on PYMNTS.com on May 21, 2019

In this podcast, Drew Edwards, CEO of Ingo Money, talks about how instant payments are becoming the new normal. As more companies offer instant pay new challenges arise. Listen to Edwards discuss solutions to these challenges and three critical areas the instant payment landscape needs improvement.

Read the full story

 

 

5 essential expert perspectives about the future of work in 2019

By Puja Lalwani

HR Technologist article on daily pay benefits.Originally appeared on HR Technologist on April 5, 2019

The future of work has already arrived, and it's on-demand. And, with so many changes to the workforce taking place every day, companies are having a difficult time keeping up. To avoid this problem, take a look at the top five work trends to track in 2019 to ensure your business is evolving and adapting as these disruptive changes accelerate.

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New York Wage Delivery App DailyPay Opening Minneapolis Office, Will Hire 100 People

By Amanda Ostuni

Twin Cities Business article on daily pay benefits.Originally appeared on Twin Cities Business on May 9, 2019

An app that allows employees to control when they get paid will soon deliver jobs to Minnesota. DailyPay, a New York-based financial services-based app, has chosen Minneapolis for its second office. The Minneapolis branch will employ 100 new hires in payment services and customer support teams.

Read the full story

 

 

How PayActiv app lets workers access their wages early

By Alexis Carey

News.com.au article on daily pay benefits.Originally appeared on News.com.Au on May 10, 2019

The PayActiv app launched in Australia recently after first launching in 2012 in Silicon Valley in the US. It is free for businesses to set up but costs a flat fee of $5 per transaction for employees.

Read the full story

 

 

How a Silicon Valley startup is trying to rebrand payday loans

By Gaby Del Valle

Vox article on daily pay benefits from May 2019.Originally appeared on Vox on May 22, 2019

Earnin knows how much (an employee) makes and how often she works; it figures out the latter by tracking her location to see when she is or isn’t at work, though Earnin doesn’t share this location data with third parties. The app bills itself as a way for people to “get paid the minute you leave work with no loans, fees, or hidden costs.” Haq sees it as a payday loan, albeit a “more ethical one.”

Read the full story

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News From March 2019

Here is a round-up of last month's top news stories.

March saw, arguably, the first piece of truly negative news for our industry. The NY Post's article on Earnin has brought increased scrutiny on the practice of providing daily pay benefits.

 

Cash-advance app Earnin gets subpoenaed by NY regulator: source

By Kevin Dugan

Originally appeared in the NY Post on March 28, 2019

earnin-phoneEarnin, a Silicon Valley-based cash-advance app, has been subpoenaed in New York over concerns that its business practices are violating lending laws in the state. Specifically, the app’s “tips” feature is under fire as some say it may actually be a high-interest payday lending feature, which has been banned in New York, along with 14 other states.  

Read the full story

 

 

 

4 Ways to Enhance Your Employee Experience With Tech

By Rhett Power

Originally appeared on Inc.com on March 6th, 2019

inc millennialsEmployee experience is one of the hottest buzzwords in human resources right now. It’s being used as a term to define someone’s overall workplace satisfaction. And, technology is quickly becoming the key driver to an exceptional employee experience. What four ways can your organization improve your tech to improve your employee’s perception about you?

Spoiler alert: one solution is to improve the financial wellness of your employees through state-of-the-art technology solutions.

Read the full story

 

Can Your Employer Cure Your Money Woes?

By Liz Weston

Originally appeared on NASDAQ.com on March 14, 2019

credit-cards04While insurance and retirement accounts have been incorporated into many employee benefit packages across the U.S. for years, programs to help other aspects of financial wellbeing, including alleviating debt, haven’t been mainstream. However, as more research reveals the true impact financial stress has on employees, and on an employer’s bottom line, the dynamic is changing. Discover how some organizations are putting a special spotlight on their employee’s complete financial well-being.

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The Year of The Daily Pay Benefit

By Jason Lee

Originally appeared on Media Planet's Future of Business and Tech on March 22, 2019

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Research shows roughly 78 percent of Americans are living paycheck to paycheck. When employees are stressed, it impacts a business's bottom line — touching everything from customer satisfaction to a business’s growth potential. Financial stress is also the #1 cause for workplace turnover. To address the issues that come with financial stress, many companies are investing in financial wellness initiatives designed to get employees out of their heads and back to work.

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ZayZoon nabs $15 mln to advance employee financial wellness

By Kirk Falconer

Originally appeared on PE Hub Network on March 12, 2019

Zayzoon-2ZayZoon, a Calgary-based provider of employee financial payroll solutions, has secured $15 million in financing. The round was backed by a group of investors, including Prairie Merchant Corp and Bluesky Equities Ltd. Launched in 2014 by CEO Darcy Tuer and President Tate Hackert, ZayZoon partners with payroll businesses and employers to give employees a financial wellness platform, including access to early wages on-demand.

Read the full story

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News from February 2019

Here is a round-up of last month’s top news stories.

Stay up-to-date with the latest in employee benefits news across the U.S. workforce to improve your recruiting strategies, retention rates, and overall employee experience.

 

5 Payday Loan Alternatives That Are Way Less Painful

By Doug Whiteman  

Moneywise ArticleOriginally appeared on MoneyWise on February 8, 2019

When you’re short on money, acquiring a payday loan is tempting. However, accepting a payday loan is a slippery slope. With annual interest rates on payday loans amounting to roughly 400%, it’s easy to bite off more than you can chew, and wind up in a vicious cycle of debt as a result.

Luckily, alternative options are available.

Among the four other options listed in the following article, working with employers to access earned by unpaid wages, without waiting on a typical payday is a viable option.

Read the full story



How Businesses Can Support Their Caregiving Employees

By Danielle Kost

ForbesOriginally appeared on Forbes on February 7, 2019

Because of the tight labor market, competition for top talent in the modern U.S. workforce is fierce. For this reason, hiring and retention strategies are more important than ever for businesses. That means organizations must think differently about the types of benefits they offer.

As it is now, almost three-quarters of employees are providing care to a child, parent or friend. By zeroing in on employees who are caregivers, and finding unique benefits to satisfy their needs, organizations may have a unique advantage in the marketplace.

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Love the one you’re with: how hotels can use technology to keep their best staff

By Margaret Ady

hospitalitynetOriginally appeared on Hospitality Net on January 28, 2019

The hospitality sector has one of the highest turnover rates of all industries in the U.S. High turnover, especially in a customer-facing industry, puts your quality of service, workplace morale, and productivity outputs in jeopardy. What can hoteliers do to keep their employees happy?

Experts recommend taking a step back and focusing on staff first.

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When It’s Hard to Make Ends Meet, Can Smart Apps Help?

By Tina Rosenberg

nytimesOriginally appeared in The NY Times on February 4, 2019

The recent government shutdown painted a picture of just how tight an average American’s budget is. The shutdown also showed how access to funds and control over payments could help the typical American during sticky situations.

A variety of applications are slowly starting to transform fiscal responsibility, and starting to give the average American more control over their financing.

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More Americans than ever are struggling to pay their car loans as overall debt rises in US

By Kris Kinkade

usatodayOriginally appeared in USA Today on February 15, 2019

Understanding the state of American finances can help employers make strategic decisions about benefits and compensation.

As it is today, Americans have accumulated 21%  more debt than the $12.7 trillion owed in 2008 during the height of the Great Recession. Worse still, roughly 7 million Americans say they are behind on their auto loan payments by 90 days or more.

And, for most Americans, having a vehicle is essential to get them to and from work. What does this mean for the economy?

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Built In NYC’s 50 Startups to Watch in 2019

By Liz Warren

builtinnycOriginally appeared on BuiltInNYC on February 5, 2019

With plenty of competition and talent in New York, tech companies in the city must cut through the noise by exceeding business standards. Online publication, Built In, analyzed tech startups in New York who have done just that - cut through the noise with their exemplary products and compiled a list of the most standout organizations.

To qualify for their analysis, companies must be five years old or less and have attracted key investors because of their well-crafted products and ingenuity.

The following article details Built In’s top 50 picks, one of which includes a major player in the daily payment benefit space.

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