This company offers an earned wage access platform, allowing employees to access a portion of their accrued wages before their scheduled payday. This service provides financial flexibility and helps employees cover unexpected expenses without resorting to high-interest loans.
Funding
Funding not disclosed
Founders
Product
Problem
Many employees face financial stress due to unexpected expenses arising between paychecks, often leading them to seek high-interest loans or incur late fees. Traditional payroll cycles can create cash-flow challenges for workers, impacting their financial well-being and productivity.
Solution
OrbisPay offers an earned wage access (EWA) platform that integrates with existing payroll systems to provide employees with on-demand access to their earned wages. This allows employees to withdraw a portion of their accrued earnings before their scheduled payday, improving financial flexibility and reducing reliance on costly alternatives like payday loans or credit card advances. By providing timely access to funds, OrbisPay aims to reduce financial stress, improve employee satisfaction, and enhance overall financial health. The platform helps companies attract and retain talent by offering a valuable financial wellness benefit.
Target Audience
OrbisPay primarily targets employers across various industries, including gig economy companies, retail chains, healthcare providers, private clubs, manufacturing plants, and quick-service restaurants, seeking to enhance employee financial wellness and improve retention rates.
Features
- Integration with existing payroll systems (ADP, Paychex, Paylocity, etc.) for seamless data synchronization
- Mobile app (iOS and Android) for employees to request and track earned wage access
- Customizable withdrawal limits and frequency to align with company policies
- Secure platform with bank-grade encryption to protect employee financial data
- Real-time reporting and analytics for employers to monitor EWA usage and its impact on employee satisfaction and retention
- Automated funds transfer to employee bank accounts or debit cards
- Employer dashboard for managing employee enrollment, setting parameters, and accessing support resources