According to a 2023 Capital One CreditWise survey, 73% of Americans rank their finances as their top stressor in life, ahead of politics, work, and family. The percentage is even higher when looking at millennials (81%) and Gen Z (82%).
With numbers like these, it’s no surprise that companies are increasingly adding financial wellness solutions to their total rewards strategy.
At OneSource Virtual (OSV), we understand the importance of providing innovative solutions that empower employees to bolster their financial well-being. That’s why we’re thrilled to offer myFlexWallet, a cutting-edge digital wallet designed to revolutionize how employees access, manage, and maximize their earnings.
Let’s explore the key features of myFlexWallet and how they benefit employees.
Earned wage access (EWA)
With EWA, employees can access a portion of their earned wages before payday, whether for budgeting, an unexpected expense, or anything else, from investing to grabbing coffee or dinner with friends. There’s no limit to how your employees can use EWA because it’s their money.
The myFlexWallet app shows employees how much of their next paycheck is available to stream and lets them choose how quickly they receive it. With this quick and easy access to their wages, employees can rely less on solutions that amplify stress—like loans and credit cards—promoting better financial well-being.
Payroll Card
The Payroll Card feature enables employees to receive their wages electronically, loaded onto a prepaid card. Payroll cards offer a convenient and secure alternative to traditional paper checks or bank deposits. With the OSV Payroll Card, employees can enjoy all the security and functionality of a Mastercard, from easily accessing their funds and making purchases to paying bills and withdrawing cash at thousands of ATMs nationwide, all without needing a conventional bank account.
This feature is particularly beneficial for those who lack access to traditional banking services. But even employees with a conventional bank account can benefit from our Payroll Card. From budgeting certain activities, like eating out, for example, to giving kids their own debit card, our Payroll Card is flexible enough to accommodate all kinds of use cases.
Savings account with interest
All myFlexWallet users have access to a savings account that empowers them to make their money go further with a competitive annual interest rate. Employees can use this account to establish a savings goal and automatically set aside a percentage of their pay each payday to help them reach that goal. From there, any money in their account can accrue interest, growing their savings over time and boosting financial well-being.
Payroll Bill Pay
Payroll Bill Pay allows employees to automatically pay eligible bills and loans directly from their myFlexWallet account. By automating bill payments, employees can avoid missed deadlines, late fees, and the hassle of manual bill management by promptly covering essential expenses. This promotes financial organization and increases peace of mind and financial stability.
Direct deposit switching
Direct deposit switching lets employees easily transfer their direct deposit payments to a different bank account. Whether changing banks or consolidating accounts, direct deposit switching offers convenience and flexibility. Employees can seamlessly update their banking information without disrupting their paycheck deposits, saving time and hassle.
Time and pay tracking
With myFlexWallet, employees have a real-time view of their pay and earnings history, including the number of hours they’ve worked. Employees across industries can leverage pay tracking to help them with budgeting, while hourly workers can leverage time tracking to decide if they want to pick up extra shifts.
Embrace a new way to pay
myFlexWallet is the all-in-one app that empowers you to streamline financial well-being for your employers, with no extra contracts or apps to manage. As we develop new solutions and add them to myFlexWallet, your employees will continue to have the best modern financial wellness solutions at their fingertips, helping them access, manage, and maximize their earnings. Contact us using the form below if you have any questions about how you can bring myFlexWallet to your employees.
