Immediate, a financial wellness and earned wage access (EWA) leader, announced a partnership providing users with added benefits when accessing on-demand pay through Prizeout, a premier reward payout platform.
Partnering with Prizeout enables Immediate users a revolutionary way to withdraw money by giving them added value on gift cards for everyday essentials like groceries, prescriptions, fast food, and more. Employees accessing their on-demand pay through Immediate will soon have the option to transfer wages onto a gift card of higher value than the requested payout amount.
“Teaming up with Immediate means we’ll be able to give people not just more purchasing power, but more purchasing power when they need it most: in the shortfall between paychecks,” said David Metz, CEO of Prizeout. “With a shared vision of making financial wellness more equitable, we’re thrilled to give employees more tools to establish long-term financial success and stability.”
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Prizeout will be integrated seamlessly into the ImmediatePay app, allowing users to select from a variety of curated gift cards with bonus offers through a digital marketplace. Normally withdrawing earned wages within the Immediate app costs the user a transaction fee similar to an ATM, but by utilizing Prizeout, Immediate users can add their funds onto a selected gift card with no transaction fee and as a bonus, tacks on extra cash, creating even more value for Immediate users.
“Earned wage access revolutionizes the way we think about our paychecks by enabling employees to receive their pay when they need it most, and I expect EWA to become a standard practice in the next few years,” said Matt Pierce, Founder and CEO of Immediate. “As an innovative technology startup, aligning with other companies like Prizeout allows us to continue focusing on improving the financial well-being of employees.”
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With plans to launch in November, employees utilizing Immediate will have a chance to access promotions in advance of Black Friday and Cyber Monday. According to the National Retail Foundation, the average U.S. consumer spent $997.79 in 2020 and $1,047.83 in 2019—well over the recommended less than 1% of annual salary. Immediate and Prizeout are joining together in the hopes of lessening budgeting stress and improving financial literacy and well-being for workers.
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