Soon the days of bi-weekly, and 1st and 15th payroll dates will be a thing of the past. Employees, especially gig workers, are looking for companies that can accommodate their work schedules as well as provide payment opportunities that allow them to withdraw funds at their discretion to cover emergency spending. And other than looking to payday lenders, there aren't many options for employees to turn to when an emergency does strike.
However, flexible payment methods that allow employees to schedule pay days, take pay advances and choose how and where funds are deposited, have increased in popularity and can be deciding factors in a job search.
In turn, many companies are looking for payroll providers that can accommodate their workforces' needs and ensure their demands are met. By introducing flexible payments into your payroll offering, you can drive client acquisition and set yourself apart from your competitors.
Enable Your Clients to Offer Pay Advance Options
Did you know that 80% of full time workers still live paycheck to paycheck, and nearly 40% say they would not be able to cover a $400 emergency expense? With pay advance options integrated into your payroll services, your client's employees would be able to withdraw funds prior to their payday to meet these needs. As you market your services and look to acquire new clients, being able to adapt to market conditions and accommodate employee needs can play a large role in a prospective client's decision-making process.
Help Your Clients Reach the Unbanked
With close to 25% of Americans unbanked or underbanked, companies often struggle to accommodate or find ways to pay these employees. However, adding a prepaid card option for payroll allows companies to provide adequate payroll options. This allows you to not only help your clients accommodate their current unbanked employees (if applicable), but also scale their employee base, reaching new employee pools otherwise untouched.
Provide Your Clients' Employees with Deposit Options
Another great way to drive client acquisition is by providing your clients with deposit options for their employees. Similar to reaching the unbanked with prepaid, linking various payment methods to your services gives employees the flexibility of choice in where funds are deposited; whether to a bank account, prepaid card or virtual card. And with approximately 34% of the American workforce working gig jobs, many need to find alternative ways to separate business and personal funds, so being able to choose where their gig work pay is deposited can help reduce their administrative pains.
At the end of the day, the best way to drive client acquisition is in providing robust payroll services that can accommodate all of your potential clients' employee needs, whether they're looking for pay advances, reaching unbanked employees, or providing flexible deposit options.