Payactiv Phone Number: The financial services firm PayActiv is based in San Jose, California. It collaborates with businesses to offer financial services, such as earned wage access, to workers. In the current pay period, employees can choose to receive earned but unpaid wages by either selecting a free option or paying an optional $2.99 cost. Payactiv provides employees with access to earned income through the utilization of time and attendance data. Offering Payactiv services as an employee benefit costs the company nothing and integrates with current systems2. Payactiv is a recognized B Corp and a public benefit corporation.
| Name | Payactiv |
| Founded | 2012 |
| Phone Number | 877-747-5862 |
| Email Address | login now to view the detail |
| Twitter ID | login now to view the detail |
| Instagram ID | login now to view the detail |
| Facebook ID | login now to view the detail |
| Official website | Click here to visit |
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Contents
History
In 2012, Safwan Shah, Sohail Aslam, and Ijaz Anwar established PayActiv.The business raised $4.3 million in capital in 2014.
Walmart launched salary increases via PayActiv in 2017. 380,000 out of Walmart’s 1.4 million workers were anticipated to be regular users of the app as of 2019.
The business handled $2.5 billion in early wage payments in 2019. The business and Visa announced a collaboration that year that would let customers use prepaid Visa cards to receive and spend paycheck advances.
California Senate Bill 472, proposed by PayActiv in 2019, would provide a regulatory framework for earned wage access (EWA) providers in the state. Both the transaction costs and the total number of transactions that EWA programs might offer were restricted under the bill.
Service
To give workers in healthcare and rehabilitation centers early salary access during the COVID-19 pandemic, PayActiv teamed with OnShift in March 2020. PayActiv raised $100 million in Series C fundraising in August 2020, with Eldridge Industries leading the round.
The Consumer Financial Protection Bureau (CFPB) approved PayActiv’s sandbox to offer EWA in December 2020. Because Payactiv’s EWA program did not generate debt, the CFPB determined that it was not a traditional lender and was therefore excluded from the Truth in Lending Act.
Walmart, Wendy’s, and Pizza Hut were among the 1,500 employers with which the company had collaborated as of 2021.
Which features are included with PayActiv?
You can access a variety of financial services with a PayActiv account, such as bill payment alternatives, savings accounts with no minimum balance requirements and a high annual percentage rate (APY), discounts on items at partner merchants, and cash advances of up to 50% of your net salary before payday.
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Payactiv Competitors
FlexWage, Instant, Even, DoubleNet Pay, HelloWallet, FutureAdvisor, Inc., Ondot, Questis, Inc., DailyPay, SOLE, FlexxPay, and Wagestream are the top 12 rivals of PayActiv. Between their estimated 1.6K employees, they have raised approximately 1.7B collectively. In terms of revenue, PayActiv is placed second among its top ten rivals.
Is PayActiv a secure way for my information?
Of course! Advanced security methods are used to securely encrypt your data, and only authorized staff members can access customer information. They also utilize Multi-Factor Authentication, which entails a unique code or fingerprint scan each time you log in, allowing only you to access your account.
Can I use PayActiv to set up a direct deposit?
Yes, without a doubt! By giving your employer’s details, you may quickly set up direct deposit for quicker access to funds. Just download the PayActiv mobile app or log into your PayActiv account to get started.
Is overdraft protection available through PayActiv?
Indeed! They not only give cash advances before payday, but they also shield qualifying members from overdraft fees in case they inadvertently exceed their bank account amount.
In summary:
Payactiv Phone Number: For a variety of reasons, including pre-payroll cash advances, biweekly budgeting tools, and exclusive retailer discounts, Payactiv is the financial partner of choice for a large number of Americans. Why then wait? Experience the ease of managing your accounts while on the road by registering today!
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