Vp Business Development
CurrentFlexWage is dedicated to improving financial access and well being for the lower and middle income population; benefiting workers, employers and community. Our patented Earned Wage Access (EWA) solution, OnDemand Pay interfaces with employer HR and payroll systems to provide employees with responsible access to accrued wages, helping American households avoid the debt trap affiliated with using high cost lending alternatives. Most of this group lives paycheck to paycheck and spends a disproportionate portion of their income on financial services such as check cashing, bill payment, money orders, payday loans and other short-term cash sources. FlexWage drives cost savings, increased productivity, and worker retention for employers.Over 70 million Americans are considered underbanked or credit underserved with an additional 28 million being unbanked. More than 66% of Americans making less than $30k/year are unbanked. Americans pay over $40 billion annually in fees for alternative financial services such as payday loans, pawn shops, auto title loans, deposit advance, check cashing and money order fees. Payday loans alone generate $8 billion in fees. An additional $38+ billion is spent on overdraft and insufficient funds fees. With escalating banking fees to consumers, the FlexWage value proposition becomes relevant to an even greater number of working Americans.By combining the FlexWage payroll card with our proprietary WageBank technology we eliminate reliance on the full range of expensive products, prevent workers from going ever further into debt, and help them establish a more secure economic future. In addition, by mitigating financial stress, we drive downstream health benefits and increased productivity in the workplace. These benefits help to create a cycle of increasing financial well being.
