On-Demand Pay Enters the Small and Mid-Size Business Market Through New Benefits and Rain
All businesses can now empower their employees with earned wage access via My Instant Pay, made possible through the newly announced partnership between New Benefits, the leading non-insured benefits provider, and Rain Instant Pay, the on-demand pay platform. The New Benefits “My Instant Pay” service, powered by Rain, allows employees to withdraw up to half their earned wages, reducing reliance on high-interest payday loans.
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“New Benefits aims to improve employee well-being through valuable, convenient benefit solutions,” said Amanda Franklin, EVP of Operations at New Benefits. “Personal finance is a leading source of employee stress. Instant access to earned income is an innovative way to alleviate financial anxiety. Enabling employers of all sizes to promote a platform to improve employee’s financial and mental health makes Rain Instant Pay an ideal partner.”
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My Instant Pay integrates with the employer’s payroll system to provide employees with real-time access to the wages they’ve earned. Whether they need to pay a bill, cover an unexpected expense, or are worried about overdrafting their bank account, employees can withdraw up to half of their wages when needed.
“At Rain Instant Pay, we empower employers to better their people’s financial health and wellness, and since New Benefits has been the pioneer in the wellness benefits space, a partnership with them was an obvious win-win,” said Jen Terrell, Rain’s VP of Employer Partnerships. “Historically, pay-on-demand benefits have only been available to employees of very large enterprises. Now, New Benefits enables small and medium-sized businesses to access this cutting-edge benefit through their network, helping them effectively compete with larger enterprises. It’s game-changing.”
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