Visa and PayActiv are now providing quicker pay for those who need it most
Publish Date: 03/09/19
Employees can use a smartphone app to download their money onto a Visa debit or preloaded card, or even a traditional credit card. That also helps workers who do not have access to a traditional checking account.
Fintechs Step Into Payday Alternatives Where Banks Fear to Tread
Publish Date: 12/18/18
“Our ability and agility to seamlessly integrate into businesses pre-existing systems allows for an execution” that banks are unable to accomplish, Ijaz Anwar, PayActiv’s co-founder and chief operating officer. PayActiv has also partnered with community banks and credit unions to offer wage advances to financial institution’s employees.
Walmart And Others Offer Workers Payday Loan Alternative
Publish Date: 08/16/18
Think about that for a minute. According to the Federal Reserve, 40 percent of Americans don't have $400 in savings to fix their water heater or some other emergency. But Shah says they're spending around $2,000 a year on fees and interest to get emergency short-term cash. He thought this was a problem that needed fixing.
Need a loan? Forget the corner payday lender — your boss has you covered
Publish Date: 08/05/18
Last week, PayActiv announced its service will now be available to more than 600,000 employers that work with payroll giant ADP. Shah said his deals with ADP and Employee Loan Solutions’ tie-up with Brightside show there’s growing acceptance among employers that the best way to help financially stressed employees is not to lecture them about budgeting or savings but to offer them services that solve immediate problems. “If somebody is hungry, do you give them a diet book or a meal?” he said. “At some point, you have to do something real.”
A Better Alternative to Payday Loans
Publish Date: 05/13/18
More than 50 million Americans in low-income working families struggle to manage everyday cash flow. “… Walmart, one of the largest employers of low-wage workers, recently made PayActiv available to its employees. From December to March, 80,000 Walmart employees received more than $30 million through PayActiv." - Todd Baker and Snigdha Kumar.
New Payday Options for Making Ends Meet
Publish Date: 07/04/16
Goodwill is using technology from PayActiv, a start-up in San Jose, Calif., that uses employers’ wage and hours information to estimate their employees’ earnings. For a fee of $5 per transaction — of which Goodwill pays half as a courtesy to its workers — PayActiv advances the cash. On payday, it recoups the money directly from the employer. PayActiv’s founder, Safwan Shah, talks with a missionary zeal about the potential impact. “The biggest bank in this country is the bank of the employer, and two to three weeks of salary for most people is stuck there,” he said. “This is a corporate responsibility issue.”