5 Benefits of Pay Access for Employees (and Their Employers)
In a workplace environment, there are certain benefits that are more beneficial to employees than their employer. These include snacks in the break room, tuition assistance, and pet insurance. Then there are benefits that may be more beneficial to the employer, such as 401(k) plans that allow you to pay the employee more without more income being taxed.
But what about a perk that can benefit both employers and their employees? Pay access is one such benefit. Let’s discuss some of the benefits of pay access and how it helps both parties.
- Eliminating Fees
For starters, pay access solutions like Spentra have no fees to employers or employees for the payroll card. If used as advised, employees will not incur fees for using their Spentra card. From "In-Network ATM's" for cash access to POS debit and credit purchases, there are no fees. Unique circumstances like out-of-network ATM usage, paper statements, and card replacements will come with a fee. But there are no fees charged by Spentra for the employer to set up pay access and the employee doesn’t have to pay anything aside from minimal wage access fees if they don’t want to.
- Easy to Adopt
One of the beauties of pay access is that it’s not complicated. Everything is automated and integration with existing payroll systems is handled entirely by the pay access company. The card itself is easy to use as well—if you can use a credit card or a phone app, you can understand how to use pay access.
Pay access is handled automatically and digitally, meaning there are no inconvenient things to deal with, like paper checks or manual deposit requests. Employees simply decide whether they want to opt-in and the pay access company handles the rest. This results in convenience for both the employer and employee, as well as savings in costs and overhead.
- Improved Morale
Financial wellness leads to improved morale and pay access is a great way to improve the financial wellness of employees. With access to up to 50 percent of net wages earned before payday, employees can handle unexpected expenses better and have financial flexibility. This helps employers by giving them a benefit that can attract new talent and retain current stellar employees.
- Peace of Mind
Finally, pay access gives both employers and employees the benefit of peace of mind thanks to a robust security network supporting it. Deposits are FDIC insured, pay access itself is compliant with the Bank Secrecy Act and bank-level security protects sensitive personal information. There’s peace of mind for everyone involved. If you’re interested in learning more about getting pay access at your company, contact the team at Spentra today and we’ll be in touch shortly.