As part of its growing B2B focus and strategy, Netspend is launching the Netspend Earned Wage Access platform and mobile app, which will allow businesses to offer their employees on-demand access to accrued wages that the employees have earned before the current pay period’s payday.
Earned wage access solutions are critical in competitive, labor-seeking industries, such as restaurant, retail, entertainment, healthcare, hospitality, among others. The Netspend Earned Wage Access platform adds to Netspend’s B2B suite of financial wellness solutions to help pay hourly and salaried employees, and distribute tips digitally.
“Our growth and expansion in the B2B space has led to some incredible opportunities to scale and bring new solutions to market,” said Kelley Knutson, President of Netspend. “Through our technology and innovation, businesses can provide their employees access to better financial tools, quicker payment methods and more immediate control of their financial situation.”
Workers being paid by cash or check are more likely to allow financial stress to disrupt their work, while workers with more debt are twice as likely to miss work because of this stress. In fact, research shows that 65% of workers who are paid via cash or check are more likely to run out of funds prior to their next paycheck.
Financial wellness has become a critical issue for employees, and a major opportunity for businesses to stand out as they seek to retain and attract workers. With Netspend Earned Wage Access, employers can:
- Drive stronger recruitment and retention in a competitive hiring space. Research shows that employers who offer earned wage access to their employees see increased productivity, decreased turnover, and more job applications. And, 95% of employees are interested in working for an employer who provides earned wage access.
- Save time and money by evolving their payroll process. Seamlessly, bolstering their business and delivering better outcomes for employees including more control and quicker access to their money.
- Provide access to digital payment features and tools. Digital payments increased during the pandemic, and the ability to be paid faster digitally has become a key asset for employers and their teams. From tipping and reimbursements, to more efficient access to pay, employees will benefit from digital payments and money management tools on their own terms.
“Earned wage access is a critical part of the holistic employee benefits, recruiting and retention conversation,” said Andy Garner, SVP of business partnerships at Netspend. “Netspend brings a comprehensive suite of financial wellness solutions for employers, including Netspend Earned Wage Access, paycards, savings accounts, Spending Tracker, Payback Rewards, digital tipping solutions, and incentives and disbursements offerings. Our product suite provides a complete B2B toolbox for employer payment solutions.”