Instant’s technology empowers millions of working Americans to receive pay immediately for hours worked, promoting financial flexibility and well-being
ATLANTA, July 20, 2021 /PRNewswire/ — InComm Payments, a leading payments technology company, today announced that it has made an undisclosed investment in Instant Financial, a leading provider of fee-free earned wage access (EWA) solutions. Established in 2015, Instant is a financial wellness company that helps employees bridge the gap between workday and payday by allowing them to access a portion of their wages immediately after their shift, simply with the tap of their smartphone.
The employment landscape remains uncertain for a large portion of the population, with upwards of 70% of millennials living paycheck to paycheck* – leaving them unsure if they’ll get paid before bills are due, or whether they’ll have to resort to high-interest payday lenders. With Instant’s EWA solution, employees have the option to access some of their own money after each shift, bypassing the wait for biweekly pay periods.
For employers, Instant is a proven solution to help organizations attract and retain talent by offering immediate access to wages and allowing staff to assume complete control over their finances. By reducing financial stress and empowering financial freedom, Instant’s solution can positively impact key organizational HR performance metrics. In fact, Instant’s clients have seen turnover and absenteeism decrease by 20-30%.
“In today’s new economic climate, organizations seeking to staff up their workforce are faced with changing employee expectations,” says Tal Clark, CEO of Instant Financial. “Workers are seeking ways to get quicker and easier access to their hard-earned wages, and Instant Pay offers this at no-fee to both employers and employees, without disrupting their existing payroll processes.”
“We’re excited to invest in a company that is transforming the modern economy by making resources available for employees when they need it the most,” said Adam Brault, Senior Vice President of Financial Services at InComm Payments. “Instant helps businesses attract and retain the best talent.”
To learn more about the financial wellness solutions that Instant provides, visit www.instant.co.
*PYMNTS.com | The Paycheck-to-Paycheck Report: The Impacts Of A Changing Economy, June 2021
About InComm Payments
InComm Payments is a global leader in innovative payments technology. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions that help businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments and financial services. By enabling omnichannel connections to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With more than 29 years of experience, over 500,000 points of distribution, 402 global patents and a presence in more than 30 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.
About Instant Financial
Instant Financial is leading the charge to provide financial freedom and wellness to millions of workers in the United States through its earned wage access solutions. By enabling employers to allow employees to access their daily wages immediately after their shift, Instant Financial helps organizations improve retention and reduce absenteeism while helping employees take control of their financial freedom by bridging the gap between work day and payday. Learn more about Instant Financial at www.instant.co.