In this guide, we walk through what earned wage access is, how it works, and why partnering with the right provider can give your business a competitive edge.
In an increasingly competitive job market, professionals have more career opportunities than ever before. As a result, employers face the dual challenge of not only attracting top talent but also ensuring their long-term retention. When increasing wages is not a feasible option, a robust and compelling benefits package becomes an essential tool for maintaining a competitive edge.
One of the most powerful modern benefits you can offer is earned wage access (EWA). This tool enables employees to receive a portion of their earned wages on-demand, giving them greater financial control without impacting your company’s cash flow.
Earned wage access seamlessly integrates with Payroll and Time & Attendance systems. Each time an employee logs a shift, those details are shared with the EWA platform, which then updates the employee’s Available Balance for withdrawal. Only a portion of their earnings will be made available in order to account for taxes and deductions on their packcheck. Employees can use the EWA platform to transfer money to their bank account prior to payday, and whatever is left over will be distributed as part of their usual paycheck.
Hourly and shift workers often put in long hours and hold multiple jobs to make ends meet, and still, more than 60% of Americans live paycheck to paycheck. Consequently, their financial stress leads to burnout and weakened productivity on the job because they’re more focused on how they’ll cover a surprise bill or buy the week’s groceries.
Providing an employee benefit that offers financial control and stability, like earned wage access, becomes essential so that workers can be more present and engaged while on the clock. It reduces the stress that often comes with waiting for payday because they’ll have the ability to access their earned pay when they need it. This simple benefit shows your team that you understand their needs, which naturally builds trust and boosts loyalty.
Selecting the right earned wage access provider is critical to success. A careful evaluation ensures a seamless and effective experience for both your organization and your employees.
We recommend focusing on these four key areas for comparison:
1. Strong security and privacy standards
2. Seamless platform integrations and setup
3. Frictionless employee experience
4. Fee structure transparency
Our platform is fully encrypted to comply with all U.S. security guidelines, including adherence to PCI (Payment Card Industry) security standards. Keeper is also SOC 2-compliant to show our commitment to safeguarding sensitive information.
We have a number of existing Payroll and Time & Attendance integrations, in addition to the capability to build new integrations on-demand. This ensures your team doesn't need to make any changes to current systems or workflows. Our onboarding is simple and low-lift, and most partners are able to go live in under 2 weeks.
Our goal at Keeper is to make life easier for your employees. We have a user-friendly mobile app (which can also be white-labeled) and a helpful customer support team. We also provide all of our partners with marketing support in order to drive registrations and engagement, ensuring employees understand, trust, and utilize this powerful benefit.
There are no direct or indirect costs to employers to offer Keeper as a benefit. Employees don’t pay subscription costs, interest, or maintenance fees. When they’re ready to withdraw their wages, they can choose an instant transfer for a small service fee or a gift card with bonus value to top brands.
Interested in a demo? Contact us to learn more about this valuable employee benefit and see how Keeper can help you attract and retain the best workers.
