Payactiv
Payactiv is a Certified B-Corp and Public Benefit Corporation that offers Earned Wage Access and a suite of financial wellness tools to over 2 million people, partnering with more than 1,500 companies.
Company Overview
Payactiv is a Certified B-Corp and Public Benefit Corporation, offering Earned Wage Access (EWA) to over 2 million people. With the capability to serve a diverse range of employees from more than 1,500 companies, Payactiv prioritizes financial wellness by allowing employees to access their earned wages before payday. The company has facilitated the movement of over $5 billion in wages, helping workers save over $400 million in predatory fees and penalties.
Earned Wage Access (EWA)
Payactiv's Earned Wage Access program enables employees to access their earned wages ahead of payday, providing financial flexibility. This service is compliant with local, state, and federal regulations and integrates seamlessly with existing payroll systems, ensuring no disruption to cash flow. EWA is a significant feature, contributing to the reduction of reliance on payday loans and overdrafts.
Financial Wellness Tools
Beyond Earned Wage Access, Payactiv offers a comprehensive suite of financial wellness tools. These include budgeting, savings, and debt management features accessible through their app. The platform also supports cashless tips, mileage disbursements, bill pay, goal-based savings, and financial learning resources. A Visa Prepaid Card is available for users to access wages early, make purchases, and withdraw cash.
Strategic Partnerships
Payactiv has collaborated with major Human Capital Management (HCM), payroll, and time and attendance providers like ADP, Paychex, and Kronos. The company has also partnered with notable organizations such as Walmart, Costco, and Whole Foods to extend financial wellness benefits to their employees. These partnerships reflect Payactiv's commitment to enhancing financial well-being across various industries.
Security and Customer Support
Ensuring the security of user data is paramount for Payactiv, which employs encryption and SOC2 compliance standards. The company provides 24/7 customer support services in English and Spanish, underlining its dedication to customer satisfaction and support. These measures help maintain high-security standards while offering comprehensive support to users.