Immediate will use Visa Direct to provide real-time access for employees to collect earned, but not yet paid wages before scheduled payday.
The Birmingham, Alabama-based startup offers lower costs alternative to payday loans. According to The PEW Charitable Trusts, 12 million Americans borrow from payday lenders each year and spend more than $7 billion on payday loans. Immediate works through employers, integrating with a company’s time and tracking payroll software in order to determine the wages an employee has accrued during a payroll cycle. Immediate has built integrations with ADP, Kronos, Paychex, Paylocity, UltiPro, Prism HR, as well as other payroll platforms.
While many EWA providers such as PayActive set a limit, such as $500, on how much an employee can access early, Immediate works with each individual employer to set customized limits.
The employee can access and request wages by using the company’s mobile app called ImmediatePay. Any eligible