Improve the financial health of your employees with earned wage access.

February 5, 2024

Through Syndeo’s new partnership with ZayZoon, your employees can get access to their already-earned wages before payday at no extra cost to you.

People are talking about the high costs associated with current high inflation trends. Perhaps it was a conversation at your recent holiday table. Even more, they feel the pinch of tight financial margins in their pocketbooks and the stretch of making the money last until their next payday. The rising prices of essential goods and services only amplify the stress of some workers’ household budgets as they seek to navigate these challenges while still maintaining their work capacity and family lives.

What if there were a way to ease the financial strain on your employees in a way that helped their ability to cash-flow their earnings, enhanced their financial well-being, and promoted their financial literacy?

At Syndeo, we are excited to offer a new service platform that offers your employees early wage access at no cost or risk to you. Introducing ZayZoon.

In this article, we will discuss

  • What is earned wage access?
  • ZayZoon, our partner in offering your employees early access to their money
  • The ease of working with ZayZoon and simplicity of setting up access
  • How ZayZoon gives you a competitive edge in hiring
  • ZayZoon commitment to financial wellness for your employees.

What is earned wage access?

Earned wage access (EWA) is known by several names: early wage access, on-demand pay, instant pay, wages on-demand, earned wages, just to name a few. Essentially, employees can have instant access to pay already earned before payday arrives. In an economy where many people are living paycheck-to-paycheck, having instant access to a portion of already earned funds can save your employees extra costs in late fees, overdraft fees, bounced checks, or even from taking out payday loans.

At first glance, EWA might seem similar to a payday loan in that it allows a person instant access to money. The clear difference is that early wage access grants access to money that has already been earned, and so is not a debt to a predatory lender with high-interest fees. Additionally, since there is no interaction with credit bureaus, using EWA services does not impact credit scores and even individuals with poor credit ratings can still benefit from the service. A nominal fee is assessed on each transaction, allowing people who are in unexpected need of their wages before payday to immediately access a portion of their earnings that is withheld on payday.

Your employees can get funds when they need them.

Through the on-demand pay model, your staff can obtain the funds they require precisely when they need them. EWA empowers your workforce by eliminating the constraints associated with traditional pay cycles, ensuring that individuals have timely access to their earnings. This ease of access not only enhances employee satisfaction but also contributes to improved financial well-being. When employees know that they can quickly transfer money to their account if unexpected circumstances arise, it gives them peace of mind and lessens financial pressure. When freed from the burden of financial stress, employees can more effectively immerse themselves in their tasks, creating an environment that is positive and conducive to collaboration. As a result, the on-demand pay model serves as a valuable tool in promoting financial stability and flexibility for your team, aligning with the evolving needs and expectations of today's workforce.

We’re excited to partner with ZayZoon.

Syndeo has recently partnered with ZayZoon as the platform to power earned wage access services for our clients. Their software seamlessly integrates with existing payroll systems, including PrismHR, the human resources information system that Sydneo employs. This collaboration not only streamlines the earned wage access experience for your employees but also reinforces our commitment to providing innovative solutions that enhance workplace efficiency and employee satisfaction.
Processing transactions through VISA, a well-established name in the financial industry, ZayZoon ensures quick turnaround times, often completing transactions in as little as 30 minutes.

ZayZoon handles everything.

Enrolling in early wage access through Syndeo is a straightforward process. ZayZoon manages all aspects of the setup, making it a seamless experience for employers. Most importantly, there is no financial risk for employers, and additional processing fees are not incurred when offering this valuable benefit to your workforce. Their user-friendly platform is easy to navigate, making the process quick, secure, and hassle-free. With this self-service tool, your employees will not need to contact HR about receiving a pay advance, and its discrete nature ensures privacy for participants using the service. All you have to do is tell your employees about it — Syndeo and ZayZoon can help with that, too — so they can download the app. Once your employees are signed up, they can transfer their money via direct deposit or into gift cards if they choose.

ZayU offers education for financial wellness.

In addition to immediate access to already-earned wages, signing up with ZayZoon gives your employees access to ZayZoon financial education resources through ZayU. You can think of ZayU as their financial concierge, helping them know exactly what is going on with their finances. ZayU offers a personal finance health score that can help users keep your employees keep their finances in mind when making purchases. They can use the platform to check and monitor their spending habits and even prevent overdraft fees with ZayU’s overdraft prediction feature. By incorporating this comprehensive financial education platform, you not only enhance your employees' financial literacy but also contribute to their overall financial well-being, job satisfaction, and peace of mind. This proactive approach aligns with the growing trend of employers taking a vested interest in the holistic health of their workforce.

Powerful partnership for better financial awareness.

In today's dynamic economic landscape, Syndeo and ZayZoon are dedicated to equipping your employees with the tools they need to navigate financial challenges confidently. By offering early wage access with ZayZoon, you not only provide a tangible solution to alleviate financial strain but also showcase a commitment to the holistic health of your workforce. Together, we're not just offering a service; we're shaping a future where financial well-being is at the forefront of the workplace experience.

Contact your Syndeo payroll specialist today to start a conversation about how on-demand pay and ZayZoon access can help your employees. What has been your experience with earned wage access services? Share your thoughts in the comments below. Don’t forget to like, share, and subscribe to our newsletter for more thought- provoking HR content from Syndeo. To learn more about how outsourced HR services can get you back to business, contact Syndeo today!

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