ZayZoon partners with integrated workforce management startup SwipeClock to give employees on-demand access to their paycheck
Did you know that 78 percent of American workers live paycheck to paycheck? Even with booming economy, employees, especially low-paying workers, still need money to meet their financial obligations such as, paying bills or taking care of their family. Currently, most of these workers turn to payday lenders (or loan sharks), who charge them very high interest rates. This is the problem ZayZoon is trying to solve. ZayZoon is transforming the way employees get paid and access your paycheck before the payday. Employees can get paid on their schedule and terms and avoid late bill payments and over draft fees.
Today, ZayZoon announced it has entered into a strategic partnership with SwipeClock to make it easy for workers to access their pay as they earn it. With this partnership, more than 1 million employees will have the opportunity to access their wages when they want. Payroll providers and employers who choose to add ZayZoon to SwipeClock’s WorkforceHUB™ will be giving their labor force a benefit that helps reduce financial stress, increase productivity, and reduce turnover.
Founded in July 2014 by Tate Hackert, the Calgary, Canada-based ZayZoon is a socially responsible Financial Technology company that was created to end predatory lending. The company partners and integrates with payroll companies in Canada and the U.S. to provide employees with access to their wages on-demand. This is important because 78 percent of American workers live paycheck to paycheck forcing them into difficult situations between banks that earn over $30B in overdraft fees and predatory lenders that charge upwards of 600 percent interest. ZayZoon’s on-demand access to wages gives employees control over their paycheck, reduces financial stress and prevents the debt spiral caused by predatory products.
“We have a fairly simple thesis at ZayZoon. People work every day, so why shouldn’t they have the option to get paid every day? ZayZoon provides employees and contractors across North America access to their wages on demand,” said Tate Hackert, ZayZoon’s founder and President. “This strategic partnership with SwipeClock will help ZayZoon extend its services far beyond the existing audience of more than 350,000 employees and contractors spread out to over 25,000 businesses.”
SwipeClock’s CEO Coleman Barney adds, “As we continue to build out workforce management features and services for our over 1,000 partners and their 30,000 clients we are committed to delivering valuable solutions that enhance businesses and contribute to employee satisfaction. ZayZoon is one of those services and was an easy decision for us. It provides an innovative and valuable service to our payroll company partners and their employers and employees.”
SwipeClock is a leader in simple and affordable workforce management services. Our more than 1,000 partners have empowered more than 30,000 businesses to reduce labor costs, comply with regulatory mandates, and maximize profits. SwipeClock cloud products (WorkforceHUB, TimeWorksPlus, TimeSimplicity) and hardware clocks (TimeWorksTouch, TimeWorksTUFF and others) provide instant employee access to automated timekeeping, scheduling, leave management, HR dashboards, and other HR resources. With SwipeClock, employers transform labor from a cost of doing business to a competitive advantage.