In light of the COVID-19 pandemic, Paychex, a provider of human resources, payroll, benefits and insurance solutions, and PayActiv, a provider of employer-sponsored earned wage and tip access, have aligned to provide business owners and employees relief.
Through an existing partnership with PayActiv, the Paychex Pay-on-Demand product gives employees access to an amount equal to their net pay via PayActiv's mobile application. Amid the COVID-19 pandemic, PayActiv is offering $250 to Paychex customers who enroll in the Pay-on-Demand service, payable when the first employee leverages the solution. In addition, PayActiv is waiving employee transaction fees.
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"The economic impact of COVID-19 on millions of employees' livelihoods and financial well-being has been significant," Martin Mucci, Paychex’s president/CEO, said in a statement. "At the same time, many employers are facing cash-flow challenges while balancing the needs of their workers. We're pleased to stand with PayActiv to offer a solution that gives employees immediate access to earned wages during a time when they may be facing unexpected expenses and fluctuating incomes, as well as providing employers an added benefit to offer to their employees when they need it most."
"Providing employees immediate access to earned wages is the fundamental mission of PayActiv," Safwan Shah, PayActiv’s co-founder/CEO, said in a statement. "The American worker is under a great deal of financial stress and the impact of COVID-19 has exacerbated these concerns. We are proud to partner with Paychex to extend our industry-leading technology to millions of families served by Paychex and provide a financial incentive to Paychex clients and their employees during this challenging time."