Why employers are reluctant to introduce "Earned Wage Access" & how FINFI is cracking it?
There are several challenges in convincing employers to implement earned wage access programs, including:
Cost: Employers may be hesitant to bear the cost of implementing and administering an earned wage access program, as well as any additional fees associated with the program. SO FINFI MADE IT ZERO COST FOR EMPLOYERS
Complexity: Employers may be concerned about the complexity of integrating an earned wage access program into their existing payroll and HR systems. SO FINFI CREATED A PORTAL THAT REQUIRES NO INTEGRATION
Liability: Employers may be hesitant to take on additional liability for potential errors or fraud associated with an earned wage access program. SO FINFI OFFERS ZERO LIABILITY TO THE EMPLOYERS
Compliance: Employers may be concerned about compliance with laws and regulations related to wage advance programs. SO FINFI PROVIDES A COMPLETELY COMPLIANT PROGRAM
Impact on Cash Flow: Employers may be concerned about the impact that earned wage access programs may have on their own cash flow, as they may have to advance wages to employees before they have received payment from their own customers. SO FINFI FUNDS PLUS GIVES THE EMPLOYER UPTO 5 DAYS AFTER PAYDAY FOR REPAYMENT
Impact on employee behavior: Employers may be concerned that employees will use earned wage access too much and gave nothing left on payday. SO FINFI FUNDS BETWEEN 25% to 50% OF EARNED WAGE. AVERAGE UTILIZATION IS JUST 18% OF MONTHLY NET PAY. PLUS IT HAS BE PAID IN FULL THROUGH DEDUCTION ON PAYDAY SO NO FEAR OF MISUSE. MOST EMPLOYEES USE IT FOR 2% TO 15% DISCOUNTS ON 50 LEADING RETAILERS
Trust: Employers may be concerned that employees may misuse or abuse the program, and may not trust employees to use the program responsibly. SO FINFI COUNSELS EMPLOYEES WHO BREACH THE 30% THRESHOLD PLUS OFFERS VERY ATTRACTIVE SAVING PLANS FOR FUTURE PURCHASES AND GOLD
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