ZayZoon Coming Home to Help Save 1 Million Canadians 1 Billion Dollars
14 Mayo 2024 - 8:00AM
Business Wire
Financial Empowerment platform addresses
increasing demand for on-demand pay and actionable financial
wellness benefits to working Canadians
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240514310018/en/
Walker Sands for ZayZoon zayzoon@walkersands.com
262-352-4749