Ever wish you could get paid for the time you have already worked and not have to wait for payday? Earnin is the company that is making that happen. Thousands of big name employers are signing on as well, including AT&T, Starbucks and WalMart. They find benefit in the fact that there’s no extra paperwork, no payroll modifications, no change in cash flow, and it’s free for the company. Employees simply enroll in the program and link their bank account.
RewardExpert recently had the pleasure of speaking to David Claffey, Marketing Manager for Earnin, about why this company is making waves when it comes to paying employees.
A Noble Start
So, where did the company get its start? Back in 2008, CEO Ram Palaniappan was leading a different company when he happened to overhear one of his workers talking about some financial difficulties. “He heard one of his employees was struggling with overdraft fees and high-interest payday lending products,” said Claffey.
“The problem was not that the employee wasn’t paid fairly. The problem was that she needed money now —and payday was not due for another week. So Ram wrote her a personal check, which he deducted from her scheduled two-week pay. As word got out and more and more individuals (including people outside the company) started asking him for the same favor, Ram knew he had to build a product to help more people.”
A Simple Philosophy
Earnin believes that employees should have access to their earnings for the time they have already worked, without having to wait for payday.
“Every year, $1 trillion of earnings by hourly workers in the U.S. is held up in the pay cycle, and as a result, Americans rack up $50 billion in overdraft and late fees,” explained Claffey. “The Earnin app allows anyone with a job and a bank account to get paid the minute they leave work right from their smartphone. To date, we have helped users at 50,000 different companies in all 50 states.”
And the service is secure. Earnin uses strict security measures, such as 256-bit encryption, to protect the privacy and security of their client’s information. This level of security is equal to, or even higher than, what many online banks use.
Ease and Quickness of Payment are Key
The speed of payment and easy-to-use interface are what makes this company such a huge success. “We are continually evolving our integrations, partnerships and user experience to make the process as seamless as possible,” said Claffey.
“Along with developing an intuitive app, our team has considerable experience in financial services and payroll management. This has allowed us to build an efficient backend as well as products like Lightning Speed, which will deposit money into our customer’s account immediately.”
The Future of Earnin
The company hasn’t stopped with the ideas yet. It has many projects on the horizon that they are currently developing to further enhance their idea. Recently, they have unveiled a few of these.
“There are three products that we’ve launched that set us apart. Lightning Speed, which deposits money in your bank account in seconds instead of days—even on weekends; Balance Shield, which protects you from overdraft fees by keeping your bank balance above $100—if it starts to dip, we’ll send you $100; and Automagic, which knows when you’re at work, so you can get paid the minute you leave.”
To learn more about Earnin and how it can help you or your employees, visit earnin.com today.