rapid!, a payment solutions provider and the wage and disbursements arm of Green Dot, this week announced the addition of new companies in the staffing, human capital management, and professional services industries; Elevanta, TempWorks, and solved have signed on.
“Today’s employers are turning to financial technology leaders to help improve the way employees get paid and manage and access their earned wages,” said Alex Bartels, GM of rapid! and SVP, wage and disbursement at Green Dot. “Providing employers more accessible payment solutions for the benefit of their employees is core to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we’re proud to continue growing our relationships with these partners.”
Elevanta is an employer services company offering business owners and franchisees services from payroll and accounting services to insurance programs and administrative support. Elevanta counts more than 46,000 employers (franchisees owning more than 121,000 businesses collectively) and more than 2.6 million employees among its customers.
TempWorks serves more than 500 temporary staffing agencies of all sizes across the nation. Its staffing software solutions feature everything from online application portals to mobile front office and onboarding tools to employee engagement mobile apps.
isolved is a human capital management technology leader providing software and services to nearly seven million employees and more than 168,000 employers across all 50 states.
rapid! offers wage payment solutions that give employees easier access to their earned wages, and a single disbursement platform for all an employer’s payout needs. That is backed by powerful management tools, risk controls and robust money processing systems that allow employers to remain compliant with all relevant labor laws and regulations.
rapid!’ Is making moves in earned wage access services. Employee respondents say earned wage access is nearly as important to them as retirement/401(k) (83%) and life insurance (79%). Ninety percent of employee respondents say having access to money quickly in an emergency is very important to them.
Respondents say earned wage access helps them pay most of their bills on time (84%), pay off some credit card debt (67%), and put money into savings monthly (57%). Employers report a 15% reduction in time-to-hire and a 21% reduction in 90-day turnover following the implementation of earned wage access benefits.
“Employers are rightfully concerned with providing financial wellness offerings that make the most impact for their employees,” said Pragya Gupta, chief product officer at isolved. “We’re proud to partner with rapid! to provide solutions that create real-world impact for employees to access their pay when they need it.”
