The rise of cashless, on-demand payments, and the gig economy have opened the opportunity for technology companies to add innovative wage payment solutions to their service suite. Earned wage access is becoming a popular service addition that platforms are integrating that can solve client problems and generate payments revenue.
‘Earned Wage Access’ – is a salary advance that companies can offer that enables their employees to access their earned wages on-demand, rather than waiting for a ‘payday’.
The Challenges of Building an Earned Wage Access Solution – The Slow, The Bad, and The Expensive
However valuable this additional service might be to both the platform and its users, the upfront investment, vendor partnerships, and development resources necessary to build an earned-wage-access solution often offput companies from ever building the solution to begin with.
Let’s Walkthrough Some of These Issues:
First you would need to get your business qualified by a bank and other vendors. No problems there right? Wrong. You quickly realize that, due to the complexity of the financial services industry, most businesses don’t even qualify.
Legal, Compliance, and Security Vendor Contracts – (Multiple Contracts)
Maybe you’re one of the lucky few and you do qualify. Only to find out that it could take months, even years to finalize legal agreements, get through compliance, meet the stringent security requirements, and depending on the features you want to offer, you may need to have those contracts with multiple vendors. Oh boy, this is getting complicated.
The High Costs of Vendors
Well, let’s pretend you make it through all of that. Only now, you find out that each vendor has a different set of fees. In working with multiple contracts, your costs skyrocket quickly. Yikes! The stress is really building and you still haven’t created the product yet.
The High Costs of a Tech Team
Now you need to hire an experienced tech team to bring your idea to life. Even more time, more complexity, and more costs. It’s no wonder most companies give up before they’ve even started.
However, there is a solution to this issue that can help to lower the time and costs necessary to build earned-wage-access, while still providing the revenue-growth potential from the service. Partnering with a payments company (like Berkeley Payments) instead provides you with easily embeddable solutions that provide a faster time-to-market, reduced upfront costs, and eliminate the need to build in-house.
The Faster, More Affordable Way to Build Earned-Wage-Access
Now let’s see how partnering with a payments company can provide a fast and affordable alternative:
Easy Vendor Relationships
A Single Integration Point to Access Every Vendor Relationship You Need: The value of Berkeley also comes from the fact that we offer a single platform that is connected to multiple vendors. Remember those complex vendor contracts? We’ve taken care of that too. All banking, legal, compliance, and security requirements are included in the Berkeley platform. That was easy.
Pre-established Vendor Relationships
Berkeley provides a single integration point for access to every payments vendor you would need to build and scale a successful financial technology product, without the costs and time it would take to do without us.
We are not just integrated to one bank, we are integrated to multiple banks in multiple markets. We are integrated to multiple processors. One vendor may outperform another at a given time, but our core tenant is that we provide that flexibility to help create the best solution for your business – whatever your needs may be. We minimize vendor risk. If you choose the wrong vendor relationship on your own you could be set back substantially in both costs, time, and product setbacks. With Berkeley, we assume vendor risk and can quickly switch you to the provider that;s best for you.
We listen to what your needs are and we can place specific programs instantaneously with specific vendor partners. We have the flexibility to listen to your exact needs and place it with the most appropriate partner, faster than any other provider. No need for managing multiple vendor contracts. We do that for you. Need to launch another feature or product in the future? You won’t need to go seek out additional vendors, as you can scale with our ever-growing list of vendor partners.
White Labeled Interfaces Reduce the Cost of Your Tech Team
Oh, and that costly tech team you thought you needed? We took care of that too. Our stunning and easy to use, white labeled interfaces get you up and running in no time. No coding experience needed.
Looking for a Payments Partner That Can Help Ship Your Product?
We’re on a mission to enable businesses with the technology needed to bring us into the modern age of payments. Our Gig Payment Solution offers embedded payments to platforms looking to help businesses pay their workers with instant, digital solutions. We reduce the amount of hours that your clients have to spend on expensive old-school payroll processes and empowers their workers with faster pay and digital banking.
Our solution accomplishes this by providing:
- KYC and user verification tools to securely onboard workers and get them using your product faster.
- Debit Cards and FDIC Insured Accounts that provide the medium for workers to get paid and use their funds whenever and wherever.
- Real-Time Payments and Transfers to pay workers commissions, tips. reimbursements, pensions, or 1099 contractor payments whenever they earn them, all in real-time.
Our Gig Payment Solution offers your clients complete control over the entire payment process from one centralized place. Consider Berkeley Payments as your payments partner in delivering earned-wage-access solutions.
Interested in Setting up a Gig Payments Solution for Your Business?
Berkeley’s payments-as-a-service platform enables all of the financial services capabilities you need to issue cards, transfer funds, and load accounts – all in real-time.