With earned wage access, everyday can be payday. It's a benefit employers can offer employees that reduces financial stress related to cash flow shortfall between pay checks.
With less financial stress on employees, employers see:
- Improved retention,
- Increased productivity
- More engaged workforce
How businesses pay their employees in 2021 shouldn’t be the same as how they paid them in 1991, and yet, it is. Now there’s a new, much better payroll trend companies are using to fund their staff: Offering employees earned wage access.
Who is ZayZoon?
ZayZoon allows employees to instantly access their earned wages on demand. It is a voluntary benefit and there is no cost to the employer outside of a small, one-time setup fee. ZayZoon was founded to end predatory lending – payday loans, overdraft fees, etc.
How it works:
- Integration
No work required by you! Already integrated with AAP.
- Funding
ZayZoon funds all early wage requests. There is no risk or liability to the employer. Funds are automatically recovered on the next pay run.
- Support
ZayZoon handles all employee support. There is no additional overhead for the employer to manage the program.
- Pricing
The service is employee paid, or employers can choose to help subsidize the benefit.
Why should a business offer ZayZoon to their employees?
Wage-on-demand offerings are becoming more and more popular. It could be a huge timesaver for someone commonly dealing with employee advance requests. Employers are continually looking for no-cost options for their benefits programs and ZayZoon fits in perfectly, while giving employees a great advantage if/when they need it.
How does the integration work?
- Employees create a ZayZoon login using their isolved username/password. (Going forward, they can access the ZayZoon SSO link from within isolved.)
- If a client is using isolved Time, ZayZoon will look at the current hours worked.
- Employees may request up to $200 of earned wages for a flat fee of $5 or less.
- Once an employee has accessed an advance, ZayZoon adds a deduction entry into the employee record for the outstanding amount to be deducted on the employee’s next paycheck.
- Once payroll has been processed, ZayZoon creates a repayment for the deducted amount to reset the employee’s outstanding balance.
What’s new at ZayZoon?
- Retail Gift Cards - ZayZoon now offers a “Boost” feature. Boost allows employees to allocate their earned wages toward instantly issued gift cards at a large array of retailers such as Target, CVS, etc. Boost gift cards are automatically increased by amounts set by retailers. As an example, an employee may choose to allocate $100 toward a CVS gift card, and CVS would give them $110 instead - more than covering the fee of accessing their early wages!
- Zayzoon offers a free financial education platform called ZayU to promote financial wellness to all employees, whether actually taking advances or not.
ZayZoon allows employees to instantly access their earned wages on-demand. It's a voluntary benefit that reduces financial stress related to cash flow shortfall between pay checks. Improve retention, increase productivity and benefit from a more engaged workforce.
To learn how you can you can incorporate ZayZoon into payroll
click on the link below: