The CFO’s Guide to On-Demand Pay: 5 Top Tips For Evaluating On-Demand Pay Providers

Excerpt

From an early innovation that changed the way people get paid, to one of the hottest technologies in HR today, all eyes are on on-demand pay (also known as earned wage access).

When implemented correctly, on-demand pay has tremendous benefits — reduced turnover, increased employee productivity and engagement, and seamless integration across the tech stack — all for a price tag of $0 to the business, a fact that’s sure to put a smile on any CFO’s face.

But buyer beware! All on-demand pay platforms are not created equal. Choosing the wrong provider can cost your company and your payroll team more time, require incremental staffing costs and create legal issues/fees.

With a crowded landscape of over 30 players, choosing the right on-demand pay provider for your staff can be quite daunting. The key is to look for a provider that offers a first-class, hands-on, gold-standard experience from the moment the deal is signed through the time the first payment is made to the employee and beyond. On the flip side, selecting an on-demand pay provider with anything less deprives your payroll/HR teams of critical services and is likely to incur extensive costs.

So, to help you better understand what you need to look for, we’ve identified the top 5 most important things you need to think about when evaluating on-demand pay providers.