Providing your employees with a digital wallet not only empowers them but also enhances your payroll services. Unlike traditional methods like direct deposit, digital wallets offer the advantage of greater security for both employers and employees. Checks can get lost in the mail, and ACH transactions can take time to process. With digital wallets, you can streamline your payroll processes, ensuring efficiency and security while meeting your employees' evolving financial needs.

While EWA is a valuable component, a digital wallet should encompass a more comprehensive suite of features to support various financial needs and transactions beyond just early access to earnings.

myFlexWallet does not but other solutions might. It all depends on who you are working with. Ideally, you should find a provider that works with your existing technology and processes. Check out this article by SHRM for more insight.

No! The data shows that empowering employees with choice improves their financial situation. In fact, 90% of myFlexPay users report that their financial well-being has improved. 70% report an improved ability to plan and 55% can save for this first time. Users saw an 86% reduction in payday loans and a 53% reduction in credit card usage. Imagine the impact of bringing these benefits to your workforce!

As an employer, you need to attract, retain, and engage with your most important asset—your people. Employees are 5.4x more likely to feel loyal to employers that provide financial well-being solutions. 66% of employees would even consider switching jobs for a company that values their financial well-being. Our clients are seeing a 27% improvement in time to recruit and a 16% reduction in staff turnover.

There are also significant, measurable gains possible for you. myFlexPay users have reported saving over $28.9M in absenteeism costs and $16.3M in churn-related costs.

They still benefit from added choice and additional features. 33% of all myFlexPay users don't access their pay-on-demand but instead use the app to budget and learn. And, among the weekly pay group specifically, adoption averages 54%. Additionally, 86% ended up working extra shifts and 35% of weekly paid workers stream wages weekly.