PrimePay Unveils New Payroll-Connected On-Demand Pay

Rhea-AI Summary

PrimePay has launched a new Payroll-Connected On-Demand Pay service, partnering with Clair, to facilitate earned wage access without incurring costs for employers or employees. This service is aimed at addressing employment challenges as nearly 60% of workers prefer jobs offering on-demand pay. In its first 45 days, adoption rates exceeded 10% among clients like EverView. Key features include seamless integration, employee self-service access, and no associated fees. This offering supports businesses in attracting and retaining talent amidst a worker shortage.

Positive

• Launch of Payroll-Connected On-Demand Pay could enhance employee satisfaction and retention.
• No fees for employers or employees, making it an attractive option for businesses.
• Adoption rate of over 10% in 45 days indicates strong market interest.

Negative

• None.

Providing employees with easy access to earned wages at no cost to them or their employer.

WEST CHESTER, Pa., March 23, 2023 /PRNewswire/ -- PrimePay, LLC., a national human capital management (HCM) technology leader, today announced the launch of its Payroll-Connected On-Demand Pay in partnership with Clair, an embedded financial wellness solution that helps employees cover expenses in the moment. Clair is connected to PrimePay's payroll and HR technology, streamlining earned wage advance loans without disrupting working capital or payroll administration.

According to SCORE, a Small Business Administration resource partner, employment challenges have overtaken financing and acquiring customers as the number one challenge keeping business owners up at night. In a recent study by Ernst & Young*, nearly 60% of employees would view a prospective employer more favorably if on-demand pay was part of a new job offer. Flexible on-demand pay is a fast-growing job perk that employers can offer prospective and current employees at no cost.

"Whether it's medical bills, car repairs, or an extra credit card payment, our employees now have access to their money when they need it, if they need it," said Chief Performance Officer Patrick O'Hara at EverView, a PrimePay client.

In the first 45 days of EverView's usage of the offering, the adoption rate exceeded 10%.

Key Features Include:

• Payroll-Connected - Fully Integrated On-Demand Pay
• No disruption to payroll administration
• No cost to employers
• No cost or service fees to employees
• Easy-to-use employee self-service mobile app

"The worker shortage has hit small businesses hard, forcing employers to find new ways to attract and retain talent," said Scott Johnson, Chief Executive Officer of PrimePay. "Our new On-Demand Pay offering, powered by Clair and originated by Pathward, N.A., streamlines earned wage access for employers and gives workers the flexibility of accessing a portion of their earned wages to cover costs before payday."

Additional Resources

• Case Study: EverView
• Webpage: www.PrimePay.com/OnDemandPay

*Ernst & Young (2020, September). Payday pressure: looking to flexible salary solutions. https://www.ey.com/en_gl/financial-services-technical-resources/payday-pressure-looking-to-flexible-salary-solutions

To receive earned wage advance loans employees must have a Clair Spending account. Clair Spending is a demand deposit account established by, and the Clair Debit Card is issued by, Pathward®, N.A., Member FDIC. Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated. Clair Savings Account is established by Pathward, N.A., Member FDIC. Earned wage advance loans provided by Pathward, N.A.

While earned wage advance loans are free, certain other fees may apply depending on how users use their account.

About PrimePay
PrimePay^®, founded in 1986, is a payroll service and human capital management (HCM) provider, offering solutions that empower businesses to focus on what matters most. We deliver highly configurable HR and payroll solutions designed to create efficiencies and to maximize compliance for our clients across our nationwide presence. To learn more, visit primepay.com.

PrimePay is backed by Aquiline Capital Partners, a private investment firm based in New York and London with $8.7 billion in assets under management that invests in businesses globally across financial services and technology.

About Clair
Clair is a New York-based mission-driven financial technology company that is breaking the paycheck-to-paycheck cycle by offering free On-Demand Pay to America's workforce. Clair embeds seamlessly into human capital management and workforce management platforms and enhances the overall employee experience. For more information, visit getclair.com.

About Pathward^® 
Pathward^®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com. 

Media Contacts
Andrew Chironna
Prosek Partners for PrimePay
achironna@prosek.com
(646) 818-9047

View original content:https://www.prnewswire.com/news-releases/primepay-unveils-new-payroll-connected-on-demand-pay-301779181.html

SOURCE PrimePay

FAQ

What is PrimePay's new service launched on March 23, 2023?

PrimePay launched a Payroll-Connected On-Demand Pay service that allows employees to access their earned wages without fees.

How does PrimePay's On-Demand Pay service benefit employees?

The service enables employees to access their wages as needed, helping them manage expenses without waiting for payday.

What percentage of employees prefer jobs with on-demand pay according to a study?

According to a study, nearly 60% of employees view prospective employers more favorably if on-demand pay is offered.

Which company partnered with PrimePay for the On-Demand Pay service?

PrimePay partnered with Clair for the Payroll-Connected On-Demand Pay service.

What was the adoption rate of EverView's usage of this new pay service?

EverView's adoption rate of the On-Demand Pay service exceeded 10% within the first 45 days.

Is there any cost associated with PrimePay's On-Demand Pay for employers?

No, there is no cost for employers to provide the On-Demand Pay service.