We love a good win-win. But a win-win-win? That’s even better. An Employer Payments Platform not only enhances your offering by providing added value, but it can solve operational problems for your customers and ultimately, improve the lives of their employees. Here are some ways our EPP provides benefits at the partner, employer, and employee level.
Benefits for technology partners
An EPP provides an easily embeddable solution that can help you offer more to business customers while creating revenue boosting opportunities for your own company. Here are three key benefits of an EPP to technology partners.
Delivers faster pay + a more holistic payments technology solution
We’ve mentioned that earned wage access (EWA) has become table stakes to offer employees—you may have noticed that it’s already a part of many competitor offerings. More and more workers expect ways of getting paid outside of the traditional two-week pay cycle. Luckily, an Employer Payments Platform comes with EWA, but also offers so much more. It’s a holistic offering that includes things like:
- Earned wage access
- Automated digital disbursements (think: automatically paying people their tips or mileage reimbursements immediately after each shift.)
- Early direct deposit
- Savings education, and more
You don’t need to create a la carte offerings to provide your business customers. Enjoy the all-in-one suite of tools—all highly customizable—that an EPP has to offer.
Provides an instant value-add for your customers—without the hassle
Anticipating the needs of your business customers is part and parcel of your job. You want to offer them the most innovative solutions to help them solve their challenges. We’ve mentioned that a faster, more reliable way to move money is growing in demand, so naturally you want to provide this for your customers, too. But creating your own-demand solution is a huge undertaking.
With an easily embeddable EPP, you can deliver the tools your business customers need without having to build something yourself. You’ll retain more customers and attract new ones with a platform that integrates seamlessly into your own, enhancing your offering without requiring extra lift on your part.
Benefits for employers
For your business customers, the benefits of an EPP go even further. It offers them a faster, easier way to pay their employees. It saves them time and money on outdated payment processes. It eliminates cash flow problems. And it allows them to empower their workers with free financial services that have the potential to change their lives. Here are the three main benefits of an EPP to employers.
Eliminates time-consuming admin tasks
With an EPP, business owners no longer have to manage paycards themselves (manually onboarding employees, dealing with paycard replacements or fielding other payroll questions) or spend time and money on issuing paper checks. They also don’t have to make trips to the bank to get cash out or worry about cash flow in a now near-cashless society. And there’s no need for manual data entry for disbursements, either, as tip payouts and other disbursements can be automated for after each shift. This self-service touch is just one of the many ways an EPP saves time and money.
Provides a cost-effective way to move money faster
Tips, gratuities, expenses, mileage can be paid to employees instantly (even on day one). It not only saves business owners or HR administrators time from having to deal with outdated payment processes, but it also saves those companies the cost of capital since they don’t have to front the money.
Helps them attract and retain talent
Built-in financial services like EWA or digital reimbursements are table stakes now. Your customers are likely noticing that some of their competitors are already offering these things. With an EPP, businesses get the edge they need to compete in the marketplace in order to attract new employees and retain their current ones.
Studies show that financially stable employees are more engaged and productive at work. Less financial stress has an immediate impact on productivity, absenteeism, and job satisfaction.
Benefits to working Americans
Both the partner and employer benefits end up ultimately serving the employee in a huge way. Most hourly workers are underserved by traditional financial services. An EPP gives them fee-free, transparent banking services that empower them with faster pay, digital payouts, and financial education. All of these things work together to increase their short-term financial stability so they’re better equipped to reach other financial goals down the line.
Read Next: Getting Started with EPP