Earnipay 2.0: Earnipay has expanded its earned wage entry platform to supply extra options for companies TechCable

(Arnipe Founder, Nonso Onujulike)

With investor encouragement and now a rebrand, Nonso Onujulike and the front-line workforce at Arnipe are keen to assist companies enhance their operations. They do that by offering companies with the options and instruments they should handle their finance and folks operations.

Once we first met the Arnipe workforce, they have been simply fixing an worker drawback. At the moment, Earnipay solely supplied staff versatile entry to their earned wage, on any day of the month. Now the corporate has expanded to offer holistic enterprise options and companies can now method them with their finance, folks operations and worker profit challenges. The corporate’s product vary is aimed toward serving to enhance worker satisfaction, productiveness, retention and total enterprise progress.

Many small companies maintain the Nigerian financial system and these companies make use of salaried employees, with massive numbers of working adults being paid on a 30-day, month-end cycle. However folks need not wait to your paycheck to drop, and accessing money and straightforward liquidity is essential day-after-day of the month to outlive. Annoyed staff typically flip to predatory mortgage sharks or payday lenders. These advance wage schemes and loans typically include astronomical rates of interest that preserve staff in a recurring debt cycle as a result of they’ve spent it earlier than their wage is paid and nonetheless have curiosity added to the repayments. Typically the curiosity quantity is thrice the unique quantity borrowed. Additionally, in trade for fast no-collateral loans, these corporations get entry to debtors’ contact lists, and the procedures utilized by lenders once they default on a mortgage typically jeopardize an individual’s job, relationship, and psychological well being.

How Earned Wage Entry, and particularly Earnipay, works is that employers convey them onboard and share entry to worker knowledge, notably payroll knowledge. These employers take their staff to the platform and people staff have entry to as much as 50% of their earned wage on any day of the month. On the finish of the month, the quantity beforehand accessed by the worker is deducted from their wage and paid to Earnipay and the worker will get what’s left over. What makes Earnipay’s on-demand pay system higher than typical mortgage apps and wage advance schemes is that wage earners on the platform get entry to their earned wages at a flat charge. Because of this if an worker incomes 200k a month works 10 days and needs to entry their wage, they will entry 60k for a small one-time flat charge beginning at round 250. Not like superior payday loans and mortgage apps that provide arbitrary quantities with exorbitant rates of interest, Earnipay customers get entry to funds they’ve already earned, serving to them keep on prime of their funds and make higher monetary selections. Additionally, Earnipay will get to the foundation of the 30-day wage drawback as a result of in terms of in search of their wage advance, staff do not desire a mortgage themselves, they simply need fast entry to funds they’ve already earned.

In response to Nonso, this newest rebrand is a pure evolution born from learning their prospects and understanding their ache factors, we began by fixing money circulation and liquidity points for paid employees on a 30-day cycle. We have been working with HR departments and enterprise homeowners to offer worker advantages and dealing with HR helped us see the main points they have been coping with in processing worker payroll month to month; Issues of settlement of funds and cost of full advantages to staff. Paying on demand makes us notice that companies battle with lengthy ready instances between funds by their very own prospects and now have monetary constraints. So due to the options we have developed to handle these challenges, we have advanced from simply worker advantages and entry to wages. Right this moment we’re a finance, folks operations and worker advantages answer, multi function place and we have now up to date our model mission to mirror this.

(LR: Nonso Onwuzulike, CEO and Busayo Oyetunji, COO)

With this rebrand and the vary of merchandise now out there, Earnipay has expanded its monetary answer choices and is now an entire monetary wellness answer supplier. Now with Earnipay companies and staff can entry:

  • On-Demand Wage Entry: As talked about earlier, Earnipay gives staff versatile entry to their salaries in small increments on any day of the month. This service is predicated on earned wage so it comes with a small flat charge in lieu of curiosity The fee is borne by the worker and Earnipay’s workforce works tirelessly to seamlessly combine their system with the enterprise with out disrupting the already established payroll system.
  • Financing: Earnipay gives a wide range of financing options for companies to raised handle and monitor their funds and in the end scale. They supply digital instruments for bulk invoice funds, together with entry to earned wages; bill and buy order financing, which supplies companies entry to the capital they want to allow them to higher serve their prospects and distributors; and payroll processing and financing.
  • Folks Operations: With the wide selection of instruments and companies out there from Earnipay, companies can securely handle worker data. These instruments assist companies keep away from errors in monetary reporting, payroll and worker administration and advantages.
  • Loans: Pay-as-you-go are good for on a regular basis use however bigger purchases like shopping for a automotive and making a downpayment on a house require bigger financing. Earnipay gives worker loans to fund large ticket objects which are extra inexpensive than what at the moment exists out there.
  • Full Monetary Wellness Options: Whereas coping with worker finance, corporations proceed to find new challenges and unlock new options for these challenges. Earnipay has expanded to supply extra monetary companies reminiscent of financial savings, loans, and monetary literacy instruments. Staff of corporations utilizing Earnipay can get direct entry to monetary training by the cell app and this can be a free profit at no extra value to the enterprise. The corporate additionally organizes teaching classes in collaboration with these companies In response to Earnipay’s Progress and Advertising Supervisor, Annastacia Ejionye, ​​the corporate’s mission is to enhance the monetary well-being of revenue earners, so we offer monetary training to information/advise them on one of the best practices for every day monetary administration. These companies present staff with higher funds. To create habits and the way they permit them to make higher selections about saving, spending and investing their hard-earned salaries.

Earnipay is dedicated to bettering the monetary well-being and productiveness of staff and Ego enterprise. Nonso believes that entry to earned wages is the way forward for pay in Africa. Once we launched our product led by pay on demand in Nigeria, many individuals adopted us and have been very enthusiastic about it as a result of we consider that entry to earned wages is the way forward for pay and we need to see it paved the way for us. What units us other than different gamers is our deep understanding of the issues and the options we layer on prime of to unravel them. he stated.

Earnipay’s workforce is at the moment specializing in connecting with HR departments and now finance departments. They’re searching for corporations thinking about optimizing their folks operations, finance and worker advantages methods.

To discover these digital instruments and companies out there with Earnipay, e book a demo right here.

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