Increasing the frequency of payroll cycles certainly improves employee cash flow (and links to overall job satisfaction!). However, the payroll processing expenses can make this strategy cost prohibitive. Therefore, the majority of companies opt for a biweekly payroll cycle which can be a challenge to employees’ personal budgets. The timeline for personal bills does not always match these payroll cycles resulting in cash flow issues and requests for cash advances. If this sounds familiar, Immediate can help! Here are just a few ways your team could benefit from Immediate:

1. Bills can be paid on time

One of the biggest advantages of utilizing earned wage access like Immediate is that it can help employees access cash when they have bills to pay. When employees get paid every two weeks, payment of bills can be delayed resulting in burdensome fees. But when using Immediate, employees can request cash payments from their earned income as needed. 

2. Avoid short-term debt

Another benefit of Immediate is that it can help employees avoid the trap of short-term debt. When employees are paid every two weeks, household bills/obligations can be met through credit cards or lines of credit that carry higher interest rates. Immediate helps employees avoid this dangerous debt cycle by allowing the employee access to their pay when bills arise. Avoiding the pitfalls of short-term debt is key to financial health!

Written by: Jami Griffin, Director of Customer Success