DUBLIN – (COMMERCIAL THREAD)–The “Access to wages earned on demand: comparison of American suppliers” report was added to ResearchAndMarkets.com offer.
A new industry within the financial wellness market is giving employees access to salaries they have already earned but have yet to receive as part of the traditional employer’s pay cycle. Workers can request to receive part of their wages before payday so they can pay their bills on time and avoid expensive financing options like overdrafts, credit cards and payday loans. By providing the ability to be paid more frequently, employers can both attract new employees and retain existing employees, saving the expense of recruiting, onboarding and training new workers.
This latest research report, On-Demand Earned Wage Access: US Vendor Comparison, examines market service providers provided under Employer Benefits as well as solutions that work as a direct-to-consumer model.
This is a rapidly growing part of the payments industry that has the potential to change the way workers think about being paid, commented Sarah Grotta, director of the Debit and Debit Products Advisory Service. alternative payment and author of the report. The solutions examined in this report aim to help low-wage workers who often face income insecurity and financial hardship. However, as the industry matures, higher income individuals may also benefit from being paid based on need rather than a calendar date.
Highlights of the report include:
- Current market drivers for access to wages earned on demand
- How the Earned Payroll Access and Earned Payday Advance products work
- Sizing of the current market for this service
- Current regulatory considerations
- Reviews from seven vendors, each including a business overview and product review
- Advice to buyers and suppliers of these services
Main topics covered:
1. Summary
2. Presentation
3. Market overview
- What is driving the growth of the market?
- Advantages
4. Size the market for access to earned wages
5. Rules
6. Summary of features and functions
7. Reviews of individual suppliers: access to earned wages
- Plugged
- DailyPay
- SalaryFlex
- Instant financial
- PayActiv
8. Comparison of company attributes and earned income access product
9. Key Considerations for Employers and Suppliers Recommended
10. Reviews of Individual Suppliers: Salary Advance
11. Conclusion
- Advice to buyers
- Tips for Payroll Service Providers
12. References
- Related research
- End Notes
Companies mentioned
- Acrisure
- Blue over there
- Plugged
- DailyPay
- Dave
- Delaget
- To win
- Evolve Banking and Trust
- SalaryFlex
- Instant financial
- Cronos
- MasterCard
- PayActiv
- The Clearing House (TCH)
- Visa
For more information on this report, visit https://www.researchandmarkets.com/r/vut2xh
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