On-Demand Pay Enters the Small and Mid-Size Business Market Through New Benefits and Rain
Partnership between New Benefits and Rain provides exclusive access to the most sought-after benefit of 2020, improving employee financial wellness, morale, and productivity.
DALLAS, Sept. 3, 2020 /PRNewswire-PRWeb/ -- All businesses can now empower their employees with earned wage access via My Instant Pay, made possible through the newly announced partnership between New Benefits, the leading non-insured benefits provider, and Rain Instant Pay, the on-demand pay platform. The New Benefits "My Instant Pay" service, powered by Rain, allows employees to withdraw up to half their earned wages, reducing reliance on high-interest payday loans.
"New Benefits aims to improve employee well-being through valuable, convenient benefit solutions," said Amanda Franklin, EVP of Operations at New Benefits. "Personal finance is a leading source of employee stress. Instant access to earned income is an innovative way to alleviate financial anxiety. Enabling employers of all sizes to promote a platform to improve employee's financial and mental health makes Rain Instant Pay an ideal partner."
My Instant Pay integrates with the employer's payroll system to provide employees with real-time access to the wages they've earned. Whether they need to pay a bill, cover an unexpected expense, or are worried about overdrafting their bank account, employees can withdraw up to half of their wages when needed.
"At Rain Instant Pay, we empower employers to better their people's financial health and wellness, and since New Benefits has been the pioneer in the wellness benefits space, a partnership with them was an obvious win-win," said Jen Terrell, Rain's VP of Employer Partnerships. "Historically, pay-on-demand benefits have only been available to employees of very large enterprises. Now, New Benefits enables small and medium-sized businesses to access this cutting-edge benefit through their network, helping them effectively compete with larger enterprises. It's game-changing."
Rain is the only pay-on-demand platform able to scale their services to small and medium-sized companies, creating an exclusive opportunity for New Benefits' clients to provide earned wage access to employers.
Employee benefits brokerage and consulting firms can contact [email protected] to add My Instant Pay to their benefits portfolio.
ABOUT NEW BENEFITS
New Benefits, Ltd. has been disrupting the benefits marketplace since 1990 with innovative products, cutting-edge technology, and first-class service. As the leading wholesaler of non-insured benefits, we aggregate the most sought-after healthcare and lifestyle solutions for over 4,000 groups and millions of members. Our clients strengthen their health plans with a customized blend of 30+ non-insured benefits to help members navigate healthcare, find affordable care, reduce stress, and save time, all conveniently packaged in an easily accessible mobile app and web platform. Through regular use of their benefits, our members save millions of dollars annually on healthcare and everyday living expenses, increasing their happiness and productivity at work and home. Learn more at http://www.newbenefits.com/.
ABOUT RAIN INSTANT PAY
The Rain Instant Pay app provides early wage access for employees at mid to large-sized organizations across the United States to improve financial wellness and increase employee productivity.
With 78% of Americans living paycheck to paycheck, financial wellness tools are an important part of any employee benefits package. Rain works by giving advances on upcoming paychecks; it is not a loan and there is no interest. Employees pay a small fee for this service, which is healthier than payday loans.
Rain's mission is to regrow financial freedom by giving people full control over their income and to put an end to predatory financial products, replacing them with on-demand pay.
Find out more at https://rain.us, LinkedIn, Facebook, Twitter, Instagram, and YouTube.
SOURCE New Benefits
Share this article