Source: InComm Payments
InComm Payments, a leading payments technology company, today announced that it has made an undisclosed investment in Instant Financial, a leading provider of fee-free earned wage access (EWA) solutions.
Established in 2015, Instant is a financial wellness company that helps employees bridge the gap between workday and payday by allowing them to access a portion of their wages immediately after their shift, simply with the tap of their smartphone.
The employment landscape remains uncertain for a large portion of the population, with upwards of 70% of millennials living paycheck to paycheck* - leaving them unsure if they’ll get paid before bills are due, or whether they’ll have to resort to high-interest payday lenders. With Instant’s EWA solution, employees have the option to access some of their own money after each shift, bypassing the wait for biweekly pay periods.
For employers, Instant is a proven solution to help organizations attract and retain talent by offering immediate access to wages and allowing staff to assume complete control over their finances. By reducing financial stress and empowering financial freedom, Instant’s solution can positively impact key organizational HR performance metrics. In fact, Instant’s clients have seen turnover and absenteeism decrease by 20-30%.
“In today’s new economic climate, organizations seeking to staff up their workforce are faced with changing employee expectations,” says Tal Clark, CEO of Instant Financial. “Workers are seeking ways to get quicker and easier access to their hard-earned wages, and Instant Pay offers this at no-fee to both employers and employees, without disrupting their existing payroll processes.”
“We’re excited to invest in a company that is transforming the modern economy by making resources available for employees when they need it the most,” said Adam Brault, Senior Vice President of Financial Services at InComm Payments. “Instant helps businesses attract and retain the best talent.”