Earned wage access software allows employees to access a portion of their earned wages before their next scheduled payday. This software helps employees track available funds and withdraw money as needed, with the advance deducted from their upcoming paycheck. Employers offer earned wage access as a financial wellness benefit, especially for businesses with hourly workers. For employees needing immediate funds, accessing earned wages can prevent overdraft fees or the need for payday loans and credit card debt. This option can lead to greater financial stability for employees, benefiting businesses by reducing stress, improving productivity, and increasing retention.
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