Pay On Demand: Rewiring How America Gets Paid
Time Data Systems is excited to offer a new concept in how your employees are paid
Actionable insights
If you only have a couple of minutes to spare, here’s what business owners, operators, and management should know about Time Data Systems offering of Pay on Demand.
America’s pay cycle is broken. The typical worker is paid biweekly. While this is the standard, it makes little sense. Why shouldn’t employees get paid for the work they do each day?
Payday lenders often harm more than help. Because of the unfavorable pay cycle mentioned above, many Americans live in constant financial instability and are unable to weather economic shocks. In tight times, millions turn to payday lenders. These predatory operators often charge more than 600% APR, creating a cycle in which workers fall into a constant deficit, having to take out new loans to finance old ones.
Some problems are best solved by taking them head-on. How do you build a fair on-demand pay alternative to payday lenders? Pay on Demand (powered by Clair) has built a digital platform that provides daily access to employees’ earned wages with no fees. Pay on Demand is not a bank and this unorthodox choice has proven savvy. The company monetizes by adding value, not extracting it.
The impact of Pay on Demand is profound. Research shows that on-demand pay reduces absenteeism by 34%, reduces turnover by 40%, and increases job performance by 86%. Especially after considering its innovative no-fee business model, offering Pay on Demand, is the closest thing to a no-brainer for employers.
Pay on Demand creates a win for everyone:
It offers on-demand pay at no cost to employees and no cost to the employer. In addition, Pay on Demand has no impact on a company’s existing payroll and HR processes.
