ZayZoon, SwipeClock offer 'paycheck on demand' to employers
If an employee is in need of money and struggling to wait for payday, ZayZoon wants "payday" to mean any day the employee chooses to receive those funds from an employer.
Pushing the concept that any day of the week can be the new payday, ZayZoon hopes to further extend its employee benefit service into Canada and the U.S. through a partnership with SwipeClock.
Payroll providers and employers who add ZayZoon to SwipeClock's WorkforceHub will enable employees to get paid on any day, or multiple days, of their choice. The employee is cashing in hours worked when choosing an amount to be paid without going into debt, as the employer will simply extract the amount from the next regularly scheduled payday.
"We have a fairly simple thesis at ZayZoon," Tate Hackert, the company's president and a co-founder, stated in a Wednesday press release. "People work every day, so why shouldn't they have the option to get paid every day?"
ZayZoon provides employees and contractors across North America with access to their wages on demand, Hackert added.
ZayZoon, which operates out of Cheyenne, Wyoming and Calgary, Canada, says the partnership with SwipeClock could potentially extend beyond the existing 350,000 employees and contractors at more than 25,000 businesses using SwipeClock to document employee hours and wages.
Companies moving money digitally have increasingly seen the benefit in providing services within the payroll and back-office systems that allow employers to make payments same-day to employee prepaid cards or bank accounts.
FIS is providing owners of minor league baseball teams the option to pay seasonal or part-time employees daily as their shifts end, saying it reduces turnover and sick days.
Green Dot's SimplyPaid network operates in essentially the same manner, in allowing payments to employees' prepaid cards in various time sequences.