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Notes
Initial thoughts are it's a good application for the hourly-paid workers that are categorized into Blue and possible Grey industries (drivers, warehouse, nursing manufacturing, and online ICs tech dev arena)
Positives
Good technology to "recommend" to clients looking for solutions to retention, and attraction for lower-paid/high volume roles
Tax calculator was accurate and appeared to be automated updates to tax changes and state/county/city specific
Multiple pay rates and locations per worker profile is a big plus
The ability to pay a percentage of earned offers protection as well and good that it can be set at variable rates, not fixed at 50% etc
Good integration with T&A systems and payroll systems
Negatives
It has a big effect on cash flow and capital if you have a large adoption, so would need to be careful and ensure finance sign off on any deals if implemented directly with us as the employer. especially if our payment terms with the client are 30 days.
Not sure how I feel charging the worker, (if low paid) additional fee to cover the above cash flow and loss of earnings by paying out early, in addition to the 2% charge by Paymint.
Currently it is only configured to work in the US
The charges for paying in a foreign currency (fees and exchange rate) didn't seem to be competitive if they're using bank FX rates plus charges.
Would want to see the back integration work (deductibles) to ensure that it doesn't create a massive headache for payroll.
Related articles
https://www.wsj.com/articles/the-wait-for-payday-doesnt-have-to-be-so-long-11565429401
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