Payactiv Expert Review, Pricing, Alternatives - 2022

3.6
(733)
Chris Hatler
HR tech researcher, writer and editor
November 21, 2022

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Payactiv Versus the Competition

Payactiv’s financial wellness solution allows employees to access up to 90% of their earned wages between paychecks, at no cost to the employer. The platform also supports 1:1 consultations with financial coaches, savings guidance, discounts, and expense tracking.

If you're ready to get a Payactiv demo, we suggest getting in touch for a look at the product and quote. Otherwise, read on!

Payactiv Alternatives

Enrich is used by companies for creating personalized financial wellness programs for their employees. With it, you can educate your employees on their benefits, increase productivity, impart financial literacy, and measure their efficacy.
What makes Spring great is that it's packed with many useful features: customized financial education, simple budgeting tool, goal setting and tracking, progress reports and insight, financial wellness coaching, among others.
Brightside is an all-encompassing financial care solution. It uses the best-in-class technology but has a human-centric core; there's a dedicated team of Financial Assistants that helps employees with anything ranging from retirement replanning to paying rents.
CommonBond focuses on helping employees and their family with student loan debts. It's simple and customizable – employees choose from various options for paying their student debts and can make use of education finance tools for decision making.
Unbiased, configurable, and holistic, LearnLux helps employees reach their financial goals. With LearnLux, employees get a financial advisor who guides them personally and helps them create a plan.
A comprehensive education assistance benefits platform, Tuition.io is equipped with student loan management tools, student loan repayment assistance, tuition assistance, and more.
Branch empowers employees and helps businesses streamline their payroll process. Companies can pay their employees and contractors instantly, and with their built-in EWA, sometimes even ahead of the time.
Designed to help your employees with their financial goals, Gradifi comes with many compelling features such as financial wellness learning modules, interactive tools and calculators, and Gradifi student loan refinancing marketplace.
Pros
  • Payactiv costs nothing to the employer and helps them boost employee engagement and reduce turnover by supporting the holistic financial improvement of their employees. 
  • Payactiv allows employees to withdraw their earned wages at any point during the month to pay for bills, medical expenses, and more. You don't have to wait for payday, pay overdraft and late fees, or borrow money. 
  • Payactiv's financial assistance program provides employees with an opportunity to consult with professional coaches and get advice on saving, budgeting skills, debt management, and more.
Cons
  • Employees will have to pay between $1 and $2.99 every time they withdraw money from their earned wages. 
  • Users have reported that they are extremely disappointed with Payactiv's customer support as representatives either do not respond on time or don't fix the issue quickly. 
  • Payactiv is slow to update employees' accounts with their earned wages, despite repeated requests from users.
  • Many employees have reported that they were unable to withdraw their earned wages despite their employer updating their hours in the system.

Payactiv Review

Payactiv, a Public Benefit Corporation and Certified B-Corp, is a holistic financial wellness platform that provides a suite of services such as earned wage access, savings and budgeting tools, bill payments, automatic savings, and more. 

The Payactiv app, linked to your attendance tracking system, turns your working hours into earned wages that you can access on-demand, at any point in time, without having to wait for payday. Rather than borrowing money or paying overdrafts and late fees, you can transfer your earned wages directly to your bank account or the Payactiv Visa Card for a fixed transaction fee that ranges between $1 and $2.99 depending on the mode of transfer. The Payactiv Visa Card also provides other benefits like getting access to your paychecks early by up to 2 days, autopay, an exclusive discount marketplace, discounts on gas, movie tickets, and more. 

Payactiv's SmartSpend syncs with your Payactiv app and Visa card to track expenses and provide guidance on spending and saving decisions. The SmartSave feature helps you set achievable financial goals each month, creates a saving plan for you, and provides discounts for day-to-day spending like gas and medicines so you achieve your goal at the end of the month. You can also consult 1:1 with a financial coach to discuss savings, budgeting skills, how to improve your credit score, debt management, and more.  

Payactiv Connect is an internal communication platform within the Payactiv app that employees can use to stay up-to-date with company news, reach out to coworkers, view their schedules, assign and swap shifts, and receive Payactiv news.

Who shouldn't buy Payactiv

Employees that do not wish to pay a transaction fee every time they withdraw their earned wages may not use Payactiv frequently.

Payactiv Customers

Over 1500 companies use Payactiv including Uber, Pizzahut, Subway, Alorica, Hilton Hotels & Resorts, and Signature Healthcare.

Payactiv: Holistic approach to financial wellness

Payactiv Stats

  • Payactiv has partnered with 1500+ businesses and served over 2 million users since its inception in 2012.
  • The platform has collectively provided employees with $5B+ in earned wage access.

Payactiv Key Features

  • Earned Wage Access: Employees can withdraw earned but unpaid wages on-demand and in real-time from the Payactiv app. 
  • Payactiv Connect: This is a free communication tool inside the Payactiv app that allows employees to chat with their coworkers, stay in the loop about company news, pick up shifts, and more. 
  • Payactiv Visa Card: With no overdraft, minimum, or monthly fees, employees can receive their earned wages, paychecks, and payments through this card. You also get added benefits like automated savings, exclusive discounts, free 1:1 sessions with financial coaches, and budgeting analysis. 

Some other noteworthy features of Payactiv include the option to receive tips directly into your bank account after a shift and a savings calculator.

Payactiv Key Integrations

Payactiv integrates with leading HCM, Payroll, and T&A providers, including ADP, Paychex, UKG, Workday, SAP, and Paycor.

Payactiv Pricing

Payactiv costs nothing to the employer. Employees can access their earned wages by ACH bank transfer, real-time transfer to a Payactiv Visa Card, or direct transfer to a bank account. Depending on the transfer mode, each transaction can cost the employee between $1 and $2.99.

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Free
$5 per person per month
$6.50 per person per month
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Payactiv Best For

Payactiv can be used by businesses of all sizes. It is especially beneficial for lower-income hourly workers who want to access their earned wages between paychecks

Motivosity Recognize
Motivosity Recognize
Motivosity Lead
Motivosity Listen
Free
$5 per person per month
$6.50 per person per month
$2 per person per month

Payactiv Implementation

Once an employer agrees to offer Payactiv to their employees, the service can go live within 48 hours. Their support team provides on-site implementation and training where required.

Payactiv Customer Success

Payactiv provides an FAQ section, webinars, and blogs with useful industry insights for self-serve. Their customer support team is available via live chat and call 24/7. 

About Payactiv

Payactiv, previously known as Earned Wage Access (EWA), is a Public Benefit Corporation and Certified B-Corp that aims to bring financial security to lower-income hourly workers by providing them with on-demand, real-time access to their earned wages. Since its inception in 2012, the company has worked with over 1500 organizations and served 2 million+ users to collectively withdraw over $5B in earned wages.

As a next step you can visit the Payactiv website or read our research on the Best Financial Wellness Software.

As a next step you can visit the Payactiv website or read our research on the Best Financial Wellness Software.

FAQs

Company HQ
San Jose, California, United States
Number of Employees
280+
Year Founded
2012
Amount Raised
Payactiv has raised $133.7M in funding over 6 rounds. Their latest was a Series C round in August 2020.
Listed in our research about Employee Financial Wellness Platforms
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