MegaPay Clients Can Now Access Pay Before Payday

When polled in 2023, approximately 65% of Americans admitted to frequently living paycheck-to-paycheck. They are doing their best to keep things together in their financial life, but any unexpected delays in their regularly scheduled payments can lead to significant issues for someone who finds themselves in this position.

The good news is that with today's modern technological upgrades, it is possible to get your employees their payments faster than ever before. 

MegaPay now allows employees a new option to obtain some of their pay before their next paycheck. For either a small fee or for no cost at all (depending on the options selected), an employee can tap into a fraction of their pay they are earning during the current pay period.

The funds that your employee takes will be deducted from their upcoming paycheck without the employee having to do anything. In essence, the employee is simply borrowing funds from their future self. 

MegaPay Offers Flexible Solutions for Employees

Flexibility is the name of the game when it comes to financial transactions. We have all become comfortable with the notion of having constant access to the financial products that make our lives easier. 

Any employer can provide flexible and responsible options for their employees to tap into their wages when they need them the most. Accessing funds before they are scheduled to be regularly paid out can be the difference between keeping the bills paid or not. That is why many employees are excited about the possibility of accessing their funds when they need them the most. 

MegaPay can activate Earned Wage Access (EWA) payment right in your platform. Once this is done, employees have the option to tap into the funds they are currently earning in their current pay period. Let's look at an example of what this might look like: 

• Employee A needs $150 today to pay their utility bill and is expected to earn $1,000 on their next paycheck. Today is Tuesday and payday isn't until Friday. Instead of incurring a late fee on their utility bill, the employee opts to take $150 out of their next paycheck. They do so, pay the utility bill, and expect to receive $850 on their next paycheck (their $1,000 expected earnings minus the $150 that they withdrew). 

The employee gets to take care of their bills and can avoid late fees and other consequences of missed payments. 

The Benefits of Offering Earned Wages

Employees and employers both benefit from offering earned wages. We have already discussed an example of how an employee may benefit, but as their employer, you gain something in the process as well. For your current employees, it creates loyalty. It's always a feel-good to know your employer is looking for new benefits for you. For future employees, you can advertise that you offer Earned Wage Access when hiring. Potential employees and recruits will be delighted to learn that they can potentially take advantage of something like this. Understanding the percentage of Americans who live paycheck-to-paycheck, this is a benefit that would appeal to more people that you could imagine.

Provide Modern Paycheck Solutions

If you are interested in opting into Earned Wage Access for your employees, all you have to do is reach out to your MegaPay rep and ask! If we have your employee e-mails listed, they will automatically get an email to opt-in to this program. It's as easy as that!

For any questions, please contact MegaPay here!