The On-Demand Pay RFP
This module provides information about four key areas in an RFP that you need to evaluate when considering an on-demand pay provider.
The process of selecting an on-demand pay provider begins with value alignment between your company and a vendor. You will want to ensure that the provider is equally dedicated to providing the best experience to your employees, while partnering with your organization to achieve its goals.
This evaluation process is one that requires a tight collaboration across different departments in your organization, including HR, Operations, Payroll, Finance and Legal teams. Bringing the teams together early to get buy-in and alignment on the evaluation criteria will help expedite and simplify the process later on.
While the full evaluation questionnaire can vary depending on your company’s objectives, the key areas of focus in evaluating a daily pay beneﬁt generally fall into four categories.
In this module, you’ll learn about four key areas to focus on when evaluating an on-demand pay beneﬁt:
Security and privacy
The vendor of choice should be able to demonstrate:
Experience in your industry and regulatory environment
Experience working with companies of your size
Extensive expertise implementing at scale to set you up for long-term success
The product oﬀerings should be thoughtfully designed to maximize the utility of the on-demand pay beneﬁt, giving your employees full ﬂexibility to make the most of your program. Key questions to ask to ensure a positive employee experience include:
Continuous coverage: Can employees use the beneﬁt at any time, any place and as often as they need to use it without restrictions?
Immediate access: Can employees access and use the beneﬁt on day 1 of their job, or as soon as they sign up for it?
Instant transfers: Are transfer funds available in the user’s account immediately after their request or at a time of their choosing?
Flexibility: Can employees choose to transfer up to 100% of their net income and can they send transfer funds to an account of their choice (bank account, pay card, debit card)?
Employee support: Does the provider offer live employee phone support and other options (email, chat) for employees to resolve any issues they might have?
Employer experience is equally as important in order to achieve success and ensure that the on-demand pay solution isn’t adding any additional burden to your payroll team. On-going support will also minimize the need for additional resources after the product is launched. Key questions to ask to ensure a positive employer experience include:
Compliance: Can the program ensure that there is no compliance risk to your company across all 50 states?
Payroll processes: Can the program be implemented in harmony with existing systems, creating minimal disruption to your company’s payroll processes?
Partner success: Is there a dedicated partner success team to ensure on-going support and minimize resources required from your company during and after program launch?
Integration: Can the program seamlessly compliment your company’s existing beneﬁts package, helping you to attract and retain talent?
Security & Privacy
What security features and protocols does each vendor use to secure employee personal and confidential information? (See additional information in Module 1.)
Sample RFP Questions
When considering partnering with an on-demand pay provider, it’s critical to holistically evaluate each solution you’re considering in order to make the most educated selection. Thoroughly assessing the product experience for employees and employers, as well as security, privacy and compliance for each solution will help you choose the best solution for your company.
Receive the Sample On-Demand Pay RFP
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