FlexWage Rebrands Patented Product to Better Align Product Name with Value Proposition
SCOTTSDALE, Arizona, September 11, 2018 –- WageBank, the patented product from FlexWage Solutions that provides employees greater control and flexibility over their personal finances, has rebranded as FlexWage OnDemand Pay. FlexWage users will start seeing the name change immediately.
Launched in 2010, FlexWage Solutions provides employees with early access to earned wages. FlexWage’s data-driven, innovative platform makes it easy for employees to access their earnings during their pay cycle if needed. FlexWage helps prevent employees from incurring expensive overdraft fees and short-term loans by providing on-demand access to earned wages before an employee’s payday. Convenient and easy to use, people know and trust the FlexWage brand and identify OnDemand Pay with its core offering and value proposition.
“Our customers love the flexibility our on-demand pay offering provides them. From the beginning, they gravitated towards simply calling our signature offering FlexWage,” explains Frank Dombroski, CEO of FlexWage. “In recognition that our clients identified with our company’s mission to empower them with greater financial flexibility and that FlexWage OnDemand Pay describes our core offering in a much more unified and identifiable way, we decided to rebrand our signature product.”
There are 15.6 million people in the United States who do not have any banking services. Plus, another 51.1 million people do not have practical access to banking services because their credit scores are too low or the fees are too high. FlexWage is focused on providing these millions of people with more choices and control over their finances.
For a large majority of workers, accessing cash in a crisis is difficult. Many do not have access to credit and have to turn to payday lenders who charge interest rates as high as 300 percent or more. In addition, those with bank accounts often incur overdraft fees. Access to accrued wages during the pay cycle helps people make ends meet without turning to payday lenders or incurring additional bank fees.
FlexWage works with employers to seamlessly capture and value employees’ accrued wages within the pay cycle. Employer-established policies systemically govern the frequency and percentage of wage access. The FlexWage model uniquely provides guardrails to ensure responsible access behavior. For information about how to add FlexWage OnDemand Pay solutions to your payroll, contact us today.