What is Earned Wage Access, and Why is It Important?
A 2022 CNBC survey found that 70% of Americans report feeling stressed about their finances. This personal financial stress can impact productivity at work as well as general morale, so earned wage access (EWA) has emerged to help to address this.
EWA is a financial wellness concept that allows employees to access a portion of their earned wages before their scheduled payday. This empowers workers to address financial emergencies, cover unexpected expenses, and manage their cash flow more effectively. EWA solutions provide employees with greater flexibility and control over their finances, reducing reliance on high-interest payday loans and helping to alleviate financial stress.
Read more to learn how Tapcheck has emerged as a valued Paylocity partner through a seamless integration.
Importance of Integrating into existing systems
Deciding to add EWA to your benefits package is an important first step, but the second step of integration is equally crucial. Businesses should review their options with their payroll providers to understand which EWA solutions will integrate easiest. Ensuring a smooth integration with the payroll provider means increased payroll accuracy, less administration effort to oversee the program, and overall employee satisfaction.
Ultimately, the EWA benefit is for the employees to use when they need it most. It’s imperative that employees feel comfortable relying upon the EWA provider for access to their wages, as well as a contact to a support team should they encounter any issues.
EWA integration with systems like Paylocity is the crucial second step for businesses considering this benefit. A seamless integration can make EWA a turnkey, high-impact benefit with minimal overhead.
Emergence of Tapcheck as a provider of choice
Tapcheck has emerged as a premier provider of Earned Wage Access benefits, now offering a seamless integration with Paylocity and a suite of financial wellness benefits. Tapcheck not only offers a no-cost integration for businesses, but also best-in-class customer support for employers and employees alike. In addition to their EWA offering, their financial wellness learning library includes modules to help employees learn budgeting, investing, and tax prep tips. Tapcheck’s user-friendly interface, coupled with its commitment to financial education and support, makes it an EWA provider of choice for organizations seeking to enhance their employee benefits portfolio and promote financial wellness in the workplace.
