$3.8 billion payroll platform Gusto is launching a free earned-wage-access product for its small-business customers.
. Players like Dave and Earnin offer earned wage access directly to consumers, regardless of where they work. And fintechs like PayActiv and DailyPay partner with large employers to offer wage access as a benefit. Known as the Qualified Small Employer Health Reimbursement Arrangement , employers will be enabled to set aside fixed allocations for healthcare costs. In doing so, employers who otherwise couldn't afford to support a broader healthcare plan can now offer this benefit with more predictable costs.Disrupting the two-week pay cycle has been a hot topic in fintech. But most platforms that offer this kind of product also charge fees, either to the business owner or to the employee.
Gusto's earned wage access is offered through its digital wallet, where employees can also set aside portions of their paychecks in savings. Employees can spend their earnings through Gusto's mobile wallet or its debit card. "When we started the company, our goal was not to be an ADP 2.0, for example. We always focus on the customer pain and the customer for us has always been the employer and the employee," Reeves said.
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