Payactiv Expert Review, Pricing, Alternatives - 2023
Contributing Experts
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.
- 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.
- 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.
What's Inside
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.
Employees that do not wish to pay a transaction fee every time they withdraw their earned wages may not use Payactiv frequently.
Over 1500 companies use Payactiv including Uber, Pizzahut, Subway, Alorica, Hilton Hotels & Resorts, and Signature Healthcare.
- 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 integrates with leading HCM, Payroll, and T&A providers, including ADP, Paychex, UKG, Workday, SAP, and Paycor.
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.
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
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 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.
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.
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