ZayZoon: Earned wage access is a win-win for employers and workers

ZayZoon engages workers through a push-to-debit payout option enabled by Visa Direct

86% of customers with access to multiple payout options prefer using push-to-debit.

3.6x greater use.

ZayZoon recognized that workers are often preoccupied by financial stress, and employers need a way to stand out from competitors. By helping employers offer workers early access to their earned wages, ZayZoon brings flexibility, convenience, security, and speed to payroll that impacts both the lives of workers and the bottom line of the employer. To deliver on this promise, ZayZoon works with a solution provider to enable Visa Direct's real-time push payments. Workers can have funds transferred to their checking account through an eligible debit card that’s already in their wallet.

Seconds is the average time spent to access earned wages through push-to-debit.

Challenge: Faster access to earned wages is key to a productive workforce

ZayZoon has set itself apart by offering a solution to a key problem. With 78% of Americans living paycheck to paycheck, the average employee reports spending 13 hours in work time each month focusing on their personal finances. ZayZoon’s earned wage access offering helps employers alleviate their workers’ financial stress. But to be truly valuable, ZayZoon realized earned wage access needs to be fast, secure and available anytime, at a moment’s notice.

Solution: Real-time access to earned wages are just a few clicks away

ZayZoon wanted to give employers a way to provide quick access to workers’ earned wages so they can pay for essentials like medication, gas, or bills. And with new earned wage access providers entering the market, ZayZoon knew it needed a way to differentiate itself from the competition. So ZayZoon decided to partner with Visa to use Visa Direct to help enable the push-to-debit option, improving speed and providing choice.

Now workers can have a portion of their earned wages sent to their checking account through an eligible debit card that’s already in their wallet – in real-time. Push-to-debit enabled by Visa Direct enables ZayZoon to deliver flexibility and real value to workers with immediate financial needs, without workers having to wait for payroll to initiate an ACH or print a check.

Result: Employers are seeing rapid adoption and real results

Push-to-debit wage access has quickly proven to be a benefit that workers value. In the U.S., it has been especially popular among workers in the service industry, where ZayZoon is seeing up to twice the adoption compared to other sectors. This rapid adoption helps more workers to make ends meet.

Offering a push-to-debit payout option enabled by Visa Direct has paid dividends for both employers and workers – boosting productivity and helping employers attract and retain the best talent.

To find out how Visa Direct can help you provide real-time earned wage access, drive productivity and lower costs, contact your Visa representative or visit visa.com/visadirect.

“The cachet and credibility that comes with Visa, along with being able to extend that footprint through our larger network helps us all the way from the consumer to the enterprise up to the payroll company itself.”

Based on employees who had access to multiple payout options including push-to-debit. ZayZoon internal usage analysis of 2,000 users, January 1 – July 1, 2019.
Actual funds availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
2017 CareerBuilder report based on a survey of 2,369 US hiring managers and 3,462 employees, conducted from 5/24/17 to 6/16/17 by Harris Poll.
2017 Mercer LLC Study based on the “Inside Employees’ Minds™” financial wellness survey of more than 3,000 workers.
ZayZoon internal analysis among six sectors, feature usage as of July 1, 2019.
Consumer Financial Protection Board “Study of Overdraft Protections” and “Payday Loans and Deposit Advance Products.”

Tate Hacker, Founder & President