Getting paid early

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Paying to be paid

Could the best way to keep your employees be to pay them early? That's the promise of on-demand pay, ie, earned wage access (EWA) services that pay employees for the time that they work ahead of the regular pay period. It's increasingly being offered by fintech companies such as ADP, DailyPay, Payactiv and Wagestream, with plenty of emerging startupsbeing funded to bring new business models to the market.

Perhaps unsurprisingly, given the cost of living crisis, it's catching on. While fintechs have primarily focused on major companies – Amazon, Walmart and Uber offer the service – experts say it's likely that small businesses will be the next wave to give the trend a try. But there's no such thing as free money – and, in a still-regulating industry, companies need to do their research before jumping on board.

Saying yay to early pay

So far, it appears to be a benefit that employees use: The Clearing House, a banking association and payments company, found that instant payroll transactions across its network spiked by 300% over the past year – growing from more than 1.52 million in the third quarter of 2021 to more than 6.08 million in the same period in 2022.

 

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