KOHO is making everyday a pay day for individuals all over the country. Furthering their commitment to equip all Canadians with control over their finances, the Toronto based Fintech has launched Instant Pay with select partners and users. Breaking the mold of the current payroll infrastructure, Instant Pay allows employees to access a portion of their paycheque on a daily basis. The aim for this new feature is to help revolutionize how Canadians access their wages allowing them to budget for their everyday needs. This is particularly important for the over 50% of the nation who live paycheque to paycheque, and the many Canadians who resort to predatory payday loans just to cover their necessary expenses like bills and groceries. The added flexibility for unexpected expenses is also a benefit for Instant Pay users who can opt-in and have immediate access to their money to use as needed. No catch, no gimmicks, just financial freedom, simplified.
“From its inception, KOHO was about making quality financial services more accessible and transparent for Canadians,” says KOHO CEO and Founder Daniel Eberhard. “The deeper we look into the current offerings of personal finances, the more apparent it is that they’re simply not sufficient. Instant Pay is a simple way to financially empower your employees without causing disruption to your current payroll process. Everyone wins.”
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With the release of Instant Pay, KOHO is making a bold change to payroll infrastructures creating a movement towards fairer and more equitable wealth management practices. Instant Pay is free for employers to implement and does not disrupt current payroll processes while allowing employees to access up to 50% of their daily earned wages at the end of every work day. On-demand wage access is a new concept for much of Canada, with the power to revolutionize the way Canadian companies manage payroll, empowering employees to have greater control and flexibility over their personal finances. With a mitigated need to turn to loan providers who prey on financially vulnerable Canadians, Instant Pay will have a positive impact on wealth management and creation, allowing Canadians to keep more of their hard earned money as opposed to paying off cycles of high interest-debt.
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The implementation of KOHO’s Instant Pay offers a competitive edge to employers who may also experience
- Increased retention
- Reduce absenteeism
- Have a higher eNPS among employees.
KOHO has already partnered with Ameego to provide Instant Pay nationwide. With this partnership approximately 75,000 employees across companies like Tim Horton’s, Boston Pizza and Moxie’s Grill & Bar, will be able to access on-demand pay.
