The Top 12 Questions to Ask When Considering an EWA Provide

Financial stress is at the root of accidents, absenteeism, presenteeism, doctor’s visits, and more. Research from the Harvard Kennedy School of Government concludes that when employees have a low-cost fintech solution to help with short-term small-dollar financial shocks, it materially improves their financial resiliency and health.

Due to the popularity of the Earned Wage Access concept, a number of companies offer mobile apps that include variations of the EWA transaction.  It is important to learn their differences and understand the assorted services, the fee structure, and the underlying legal model for businesses. 

When researching and speaking with EWA providers, there are several key questions you should be asking: 

1. What is the cost of instant access to funds?
2. Is there a free model and what does the user need to do to get EWA for free?
3. Is there a daily fee, for daily use?
4. How does a user, without a bank account, get their earned wages?
5. What kind of guardrails are included in the offering?
6. Are there budgeting and goal based savings options for the user?
7. Is there an option to pay bills, get funds as cash?
8. What is the cost to business?
9. Who funds the cash?
10. How is the provider reimbursed for accessed funds?
11. What is the compliance framework?
12. How is the solution implemented?

By reducing financial stress, creating loyalty, and fostering a rich culture of reciprocity, employers can ensure they decrease turnover and increase retention to build a stronger, more passionate, and effective workforce for the future.