FlexWage is the leading provider of financially responsible short term liquidity for low to middle income employees. WageBank was developed and patented in 2010, and remains the only non-loan cash flow acceleration solution. WageBank is delivered as an employer sponsored financial wellness benefit. WageBank interfaces with employer HR and payroll systems to provide employees with managed access to accrued wages within the pay cycle, helping American households avoid the debt trap associated with using high-cost lending alternatives. Funds accessed are deducted from the associated payroll, no interest, no loan, and no stress.
Over 50% of the US workforce live paycheck to paycheck. Small amounts of earning or expense volatility can disrupt a thinly balanced budget. Short term liquidity comes at a punitive premium through bank overdraft or short term lending fees. The stress induced by these debt cycle products have a negative impact on employee productivity, job satisfaction and retention.
- $32 billion in bank overdraft/NSF fees
- $9 billion in payday lending fees and interest
- 17,000 U.S. payday lending locations and online sites
- $6 billion in lending fees at 11,000 pawn shops
- $5 billion title loan fees, 1 out of every 6 borrowers face vehicle forfeiture
- Bank deposit advance users average 10 per year
- 46 % of employees spend three or more hours during the workweek dealing with or thinking about financial issues
By combining the FlexWage payroll card with our proprietary WageBank technology, we eliminate workers reliance on the entire range of expensive financial products, prevent employees from incurring further debt, and help them establish a more secure economic future. In addition, by mitigating financial stress, we drive downstream health benefits and increased productivity in the workplace.