ZayZoon Coming Home to Help Save 1 Million Canadians 1 Billion Dollars
Financial Empowerment platform addresses increasing demand for on-demand pay and actionable financial wellness benefits to working Canadians
CALGARY, Alberta–(BUSINESS WIRE)–#EWA–Earned Wage Access (EWA) is one of the fastest growing employee lifestyle benefits in the United States. ZayZoon, a Calgary-based fintech, is a category leader offering EWA to tens of thousands of U.S. businesses and millions of American employees. The financial stress epidemic is a Canadian problem too, and after successfully launching in the U.S., ZayZoon is proud to announce a new expansion to Canada to help save one million Canadians one billion dollars. With recent reports showing that 54% of Canadians live paycheque-to-paycheque and 27% are behind on monthly payments, ZayZoon’s financial empowerment platform for small and midsize businesses (SMBs), featuring its Earned Wage Access product, enters a new market in need of solutions.
What is Earned Wage Access?
Earned Wage Access is the option for workers to access a portion of their paycheque before payday. EWA exists because a paycheque may not be available, but an employee’s need is there today. Workers often have immediate cash flow needs, and have few options for short term liquidity. ZayZoon works with employers to give employees a low-cost, easily accessible alternative to high-cost products like payday loans and late bill payment penalties.
“When we created ZayZoon, our mission was to improve employee cash flow by giving them a better way to deal with unexpected expenses between paycheques,” said ZayZoon co-founder and President Tate Hackert. “Existing options to deal with short term cash flow issues are, in a word, awful. For example over two million Canadians use payday loans every year. ZayZoon provides a fast, efficient, low cost and convenient way for an employee to access their own pay, reducing their financial stress and saving them money. As a Canadian, I’m grateful that we are now able to offer this valuable employee benefit on our home turf.”
How does EWA benefit employers?
By reducing employee financial stress, ZayZoon positively impacts employee retention and shift productivity. Employees with access to ZayZoon on average pick up one extra shift per month, making it easier for employers to manage staffing and customer service. Offering EWA as an employee benefit also positively impacts recruiting as job postings that feature ZayZoon attract twice the number of applicants.
“In a perfect world, every employee would get paid what they’ve earned each day. The reality is that payroll technology and employer cash flow will not allow this to happen,” says Shubh Sidhu, GM of Canada. “By working with ZayZoon to give employees access to their earned wages, employers can improve employee engagement, keep employees longer and save money on recruiting costs. EWA is working to evolve payroll to satisfy the needs of both the employee and the employer.”
As ZayZoon enters the Canadian market, the company will collaborate with some of the top companies in payroll and HCM software to bring this solution to every Canadian employer.
Want to offer ZayZoon to your employees? Join the list at https://www.zayzoon.com/canada
About ZayZoon:
With ZayZoon, payday finally comes with the push of a button. Employees can use ZayZoon to get paid part of their earned wages when they need. The platform also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle. And it works. 89% of employees who use ZayZoon report less financial stress and employers who offer ZayZoon boast a 29% reduction in turnover. To learn more, visit ZayZoon at: https://www.zayzoon.com/canada
Contacts
Walker Sands for ZayZoon
[email protected]
262-352-4749
