PayPal (NASDAQ: PYPL) and UKG have launched a payroll integration to enable access to payroll funds.
U.S. employees whose pay is processed through UKG Pro can “now sign up for a PayPal Balance account and set up PayPal Direct Deposit1 through their employer’s payroll portal, and payroll funds may be available up to two days ahead of time.”
PayPal is committed to advancing products and experiences “that help customers manage their financial lives.”
PayPal has teamed up with UKG, a provider of HR, payroll, workforce management, and culture solutions, to “give U.S. employees whose pay is processed through UKG Pro the ability to easily set up PayPal Direct Deposit through their employer’s payroll portal.”
U.S. employees paid through UKG Pro will be “able to sign up for a PayPal Balance account and set up PayPal Direct Deposit by clicking the PayPal button on their employer’s payroll portal – with no need to manually enter a routing or account number.”
Employees can choose to automatically “deposit some, or all of, their paycheck into their PayPal Balance account each pay period, and payroll funds may be available up to two days ahead of time.”
U.S. employees whose pay is processed “through UKG Pro can sign up for or link to an existing PayPal Balance account and set up PayPal Direct Deposit on their employer’s payroll portal” by following a few easy steps:
- Tap the PayPal button on your employer’s payroll portal.
- You will be prompted to log into your existing PayPal account or sign up for a new one.
- The PayPal experience will walk you through set up.
- Once completed, you will be automatically redirected back to the payroll portal to finalize your Direct Deposit setup.
Customers who set up PayPal Direct Deposit “on their employer’s payroll portal can also take advantage of PayPal’s suite of financial products and services, including the PayPal Debit Mastercard which they can use in any store or online where Mastercard is accepted and earn cash back on eligible purchases.”
Customers can also send money “to friends and family, earn cashback and rewards in the PayPal app and transfer funds into PayPal Savings, a high-yield account provided by Synchrony Bank with a current 4.30% APY, 9x the national average.”
Consumers continue to gravitate “toward the use of digital wallets as they seek out quick and secure payment options, and a recent survey found that 64% of U.S. consumers who responded use a digital wallet.”
With over 200 million active PayPal accounts “in the U.S., the collaboration allows people whose pay is processed through UKG Pro to set up PayPal Direct Deposit via the UKG HCM suite – a payroll industry first – while also enabling them to access their pay up to two days ahead of time.”
