Earned wage access (EWA) gives employees on-demand access to their pay when they need it. But per-transaction fees, variable payment costs, and overdraft charges can make on-demand pay much more costly than it seems. Our membership model provides employees with Even’s Instapay — plus tools that help them plan and save — for one flat monthly rate.Let's talk about it
Employees pay $2 a week for Even membership (or less if you choose to help cover it). That’s considerably less than per-transaction or paycard pricing models. Our saving and planning tools also help employees balance their short-term cash flow with long-term financial health.
One simple membership fee means employees can access their pay without worrying about unanticipated or increasing costs.
Even members can use our on-demand pay as often as they like. Even’s app also provides employees with visibility into their earnings and the power to plan and save.
If an employee stops using Even two months in a row, we stop charging them. And they can still access their savings.
Considering EWA as an employee benefit? No matter which company or product you choose, examine the pricing model. Reducing financial uncertainty for employees requires a business model that aligns with employees’ long term financial health, not a dependency on on-demand pay.
Does the cost go up based on how often is EWA used?
Does the cost increase to get pay more quickly? What percentage of advances use a faster/more expensive option?
Does it require employees to use a pay card to receive funds? Are there costs to transfer money to personal accounts or off of the pay card?
Does it include financial planning tools that help employees reduce their dependence on EWA in the long run?
Even’s subscription fee is the only way we make money. Why do we take this approach? Because we believe a membership is the only business model that truly aligns Even’s business incentives with employee financial well-being.
We don’t want to make money because our members are paying interest or transaction fees. We want to make money because our members find value in our product and make progress.