PayActiv, Visa Collaboration Expands with Addition of New Clients, Including Integrity Staffing Solutions, Amid COVID-19
Recent data from PayActiv, a leading provider of employer-sponsored earned wage and tip access, has found that four out of every five PayActiv users prefer to access their funds in real-time,1 a capability enabled by Visa Direct, Visa’s real-time push payments platform, over all other ways of accessing wages through its solution.2 Earned Wage Access is a payroll innovation that helps hourly workers get access to wages they have already earned in between the two week pay cycle– a critical capability amidst the COVID-19 environment in ensuring people have the funds to buy the essentials they need to stay safe and healthy.
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PayActiv studied its user’s preferred disbursement options from November 2019 to June 2020 and learned that a Visa Direct real-time transaction onto an eligible debit or prepaid card was preferred for three reasons: i) timeliness and reliability; ii) availability of services 24/7 and 365 days a year; and iii) large vendor acceptance footprint.3
These results come one year after PayActiv and Visa announced a collaboration to make Visa Direct available for thousands of PayActiv customers, which include large franchises that offer PayActiv’s solution to their hourly workers. The collaboration allows PayActiv customers to offer real-time payment of earned wages to their hourly workers via an eligible Visa card.
“It is imperative that we support hourly workers on the frontlines and give them faster access to their wages to purchase life essentials, especially during this critical time,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa. “Visa is proud to partner with PayActiv to offer additional choice and flexibility to employers and employees when managing their financial well-being.”
“Through our partnership with Visa, we are scaling our technology to provide the last mile of liquidity to get funds to workers when they need it most and to provide employers with a powerful employee benefit to retain and motivate employees without impacting the company’s cash flow,” said Safwan Shah, CEO and Co-Founder of PayActiv. “As a Public Benefit Corporation and Certified B Corp, we aim to be a lifeline for workers, especially those on the front lines of the COVID-19 crisis.”
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