In light of the coronavirus (COVID-19) crisis, Paychex Inc.and PayActiv have announced they will offer Paychex clients a cash incentive for businesses looking to provide workers with immediate access to their earned wages, while also waiving employee transaction fees. Paychex is a national provider of HR, payroll, benefits, and insurance solutions that pays 1 in 12 American private sector worker. PayActiv is a provider of employer-sponsored earned wage and tip access.
“The economic impact of COVID-19 on millions of employees’ livelihoods and financial well-being has been significant,” said Martin Mucci, Paychex president and CEO. “At the same time, many employers are facing cashflow challenges while balancing the needs of their workers. We’re pleased to stand with PayActiv to offer a solution that gives employees immediate access to earned wages during a time when they may be facing unexpected expenses and fluctuating incomes, as well as providing employers an added benefit to offer to their employees when they need it most.”
Through an existing partnership with PayActiv, the Paychex Pay-on-Demand solution gives employees access to an amount equal to their net pay via PayActiv’s mobile application. Amid the COVID-19 pandemic, PayActiv is offering $250 to Paychex customers who enroll in the Pay-on-Demand service, payable when the first employee leverages the solution. In addition, PayActiv is waiving employee transaction fees.
“Providing employees immediate access to earned wages is the fundamental mission of PayActiv,” said Safwan Shah, PayActiv co-founder and CEO. “The American worker is under a great deal of financial stress and the impact of COVID-19 has exacerbated these concerns. We are proud to partner with Paychex to extend our industry-leading technology to millions of families served by Paychex and provide a financial incentive to Paychex clients and their employees during this challenging time.”
For more information on how Paychex is supporting businesses 24/7 amid the COVID-19 crisis, click here For additional details about Paychex’ Pay-on-Demand solution being provided in partnership with PayActiv, visit payactiv.com/paychex.