FlexWage releases a list of five critical elements and 22 questions to demystify the evolving vendor solutions and regulatory environment of EWA programs.
SCOTTSDALE, ARIZONA (November 1, 2023) – FlexWage today released an evaluation guide to help HR managers and C-Suite executives objectively examine their current or future Earned Wage Access (EWA) vendor programs.
“EWA is a valuable financial wellness benefit that helps workers deal with the ups and downs of cash flow by accessing their earned wages between paydays. The EWA provider landscape offers a broad range of solutions and we seek to assist decision makers in evaluating the pros and cons of different EWA program characteristics,” said Frank Dombroski, founding CEO of FlexWage Solutions.
“Some states have begun to pass legislation to regulate EWA, and we are still awaiting updates on the EWA guidance from the Consumer Financial Protection Bureau (CFPB),” said Carl Morris, VP of Compliance at FlexWage Solutions. “FlexWage has been navigating the regulatory landscape for more than 14 years. We offer an unrivaled EWA solution recognized as the only non-loan EWA program by the California Department of Financial Protection and Innovation (DFPI) and the Kansas Office of the State Bank Commission (OSBC),“ continued Mr. Morris. “We urge C-suite executives and management in HR, payroll, and procurement to understand the critical components of EWA and how to mitigate risk in selecting an EWA solution.”
The FlexWage EWA evaluation guide provides five critical elements that ensure an employer’s EWA financial wellness benefit program protects employees and complies with relevant state and federal regulations. The elements are:
I. Employer-funded EWA program.
II. Data accuracy in EWA calculations.
III. Transparent and capped EWA fees.
IV. Payroll deduction of EWA within the current pay cycle.
V. Instant funding to the employee’s account of choice.
Within the guide are 22 essential questions that ensure a thorough examination of an EWA provider’s solution. By selecting the best EWA provider, employers mitigate risks and provide a valuable benefit that enhances workers’ financial stability and well-being, fostering a stronger and more loyal workforce.
“FlexWage was the first to patent accurate accrued wage calculations for EWA,” said Chris Suppa, SVP of Business Development at FlexWage Solutions. “Since 2009, we have helped employers offer this essential financial wellness benefit to help their employees. We don’t use AI or algorithms to estimate an employee’s wages. We use actual, accurate data. Our transparent and capped fees make sure employees are not taken advantage of by their EWA provider.”
To learn more, please read 22 Urgent Questions To Help You Select The Best EWA Benefit Provider.
About FlexWage Solutions
FlexWage helps employers attract, engage, and retain employees with financial wellness benefit solutions. FlexWage’s OnDemand Pay solution is an employer-funded, regulatory-compliant Earned Wage Access (EWA) solution. It helps employees manage cash flow volatility by accessing their earned wages between pay cycles. FlexWage prevents the high cost and stress of bank overdraft fees, late fees, and short-term loans by providing employees access to their money when they need it. Once established on a more solid footing, employees can focus on financial education, budgeting, and planning solutions with FlexWage’s Sum180 solutions. FlexWage provides financial wellness services to partner institutions and directly through employers. Founded in 2009, FlexWage invented and patented Earned Wage Access.
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Originally published on EIN Presswire
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