Justin Bachman
4 min read
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter.
Earned wage access provider Tapcheck is integrating its EWA software with Workday’s human resources services as part of an ongoing effort to expand its business to millions of additional employees.
The company announced Friday that it has achieved certified integration status on the Workday Marketplace, which allows companies using Workday’s human capital management platform to access solutions for their employees’ needs.
Such integrations with HR software systems allow for a larger pool of potential new EWA users and also provide increased financial and technical efficiencies for both employers and EWA companies, Tapcheck Chief Executive Ron Gaver said in a May interview at the company’s headquarters in Plano, Texas.
“With the flip of a switch, through the software … we want to enable it to millions of employees,” he said of the company’s move into HR integrations versus separate one-off employer connections.
Earned wage access – also known as on-demand pay – allows workers to tap their earned income before a regularly scheduled payday, generally without costs for employers. These payments typically cover hourly employees, such as those working in restaurants, hotels, and home health care, with EWA giving employers a means to retain and recruit lower-wage workers.
Most EWA providers charge a fee to employees to receive money instantly – it’s $3 to $5 at Tapcheck – or will offer a free option for slower access that is usually within one or two business days.
Workday says its platform is used by around 11,000 organizations globally, including 60% of those listed in the Fortune 500. Tapcheck works with about 4,000 companies including Hilton Worldwide Holdings, McDonald’s, Planet Fitness and Taco Bell.
Privately held Tapcheck, which raised $25 million in new funds from PeakSpan Capital in April, declined to reveal any financial data. The company is profitable, Gaver said.
Tapcheck rolled out a similar integration in April, embedding its EWA tools within payroll software from Viventium, a provider of payroll, human resources and compliance solutions based in Berkeley Heights, New Jersey.
About 500,000 healthcare workers are covered by Viventium’s cloud-based payroll platform, the companies said. Tapcheck will pursue additional payroll integrations, Gaver said.
The Workday partnership “represents a significant advance towards cultivating financially resilient and content employees, which ultimately enhances recruitment, retention, and overall business success,” Gaver said in a press release shared with Payments Dive.
