PrimePay, LLC., a national human capital management (HCM) technology leader, today announced the launch of its Payroll-Connected On-Demand Pay in partnership with Clair, an embedded financial wellness solution that helps employees cover expenses in the moment. Clair is connected to PrimePay’s payroll and HR technology, streamlining earned wage advance loans without disrupting working capital or payroll administration.
According to SCORE, a Small Business Administration resource partner, employment challenges have overtaken financing and acquiring customers as the number one challenge keeping business owners up at night. In a recent study by Ernst & Young*, nearly 60% of employees would view a prospective employer more favorably if on-demand pay was part of a new job offer. Flexible on-demand pay is a fast-growing job perk that employers can offer prospective and current employees at no cost.
“Whether it’s medical bills, car repairs, or an extra credit card payment, our employees now have access to their money when they need it, if they need it,” said Chief Performance Officer Patrick O’Hara at EverView, a PrimePay client.
In the first 45 days of EverView’s usage of the offering, the adoption rate exceeded 10%.
Key Features Include:
- Payroll-Connected – Fully Integrated On-Demand Pay
- No disruption to payroll administration
- No cost to employers
- No cost or service fees to employees
- Easy-to-use employee self-service mobile app
“The worker shortage has hit small businesses hard, forcing employers to find new ways to attract and retain talent,” said Scott Johnson, Chief Executive Officer of PrimePay. “Our new On-Demand Pay offering, powered by Clair and originated by Pathward, N.A., streamlines earned wage access for employers and gives workers the flexibility of accessing a portion of their earned wages to cover costs before payday.”
Additional Resources
- Case Study: EverView
- Webpage: www.PrimePay.com/OnDemandPay
*Ernst & Young (2020, September). Payday pressure: looking to flexible salary solutions. https://www.ey.com/en_gl/financial-services-technical-resources/payday-pressure-looking-to-flexible-salary-solutions
To receive earned wage advance loans employees must have a Clair Spending account. Clair Spending is a demand deposit account established by, and the Clair Debit Card is issued by, Pathward®, N.A., Member FDIC. Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated. Clair Savings Account is established by Pathward, N.A., Member FDIC. Earned wage advance loans provided by Pathward, N.A.
While earned wage advance loans are free, certain other fees may apply depending on how users use their account.
Discover the full potential of your Hrtech strategy with our comprehensive Hrtech News and Hrtech Interviews.
Want to Contribute? CLICK HERE To Submit Your Guest Post and Join Our Community of Writers!!!
