Simplifying Rain’s Earned Wage Access

Earned Wage Access

Imagine the ability to access your hard-earned money when you need it, breaking free from the wait for the usual payday. This is the core concept of Earned Wage Access (EWA), a financial solution that reshapes how employees engage with their earned income. 

With EWA, accessing accrued wages before the pay cycle ends becomes a financial lifeline, offering flexibility and confidence in financial wellness. EWA's rise as a valuable employee benefit reflects its power to transform traditional earning dynamics.
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What is Earned Wage Access?

Earned Wage Access is a voluntary financial wellness benefit that allows employees access to their earned wages prior to their traditionally scheduled payday. Providing employees with the option to access their earned wages before the completion of their pay cycle can be a lifesaver, especially when faced with unexpected expenses or emergencies.

Earned Wage Access vs Payday Loans

A payday loan operates as a form of credit. When employees opt for a payday loan, they borrow money and commit to repaying it by their next payday. This loan against their future income often comes with high interest and fees, trapping people in a cycle of debt and causing financial strain and impeding long-term financial goals.

With EWA, employees can access their earned wages before the scheduled payday, without the need for borrowing or loans. This provides increased financial flexibility, allowing access to earnings without incurring any associated financial risks.
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Earned Wage Access vs Cash Advance / Pay Advance

A pay advance allows employees to access anticipated but not yet earned wages. It involves receiving a portion of the salary in advance from the employer. However, there's a risk as employees must commit to working to repay the advance. If unforeseen circumstances, like illness, prevent work, the advance must be repaid to the employer.

In contrast, EWA provides access to wages that employees have already earned. Regardless of circumstances, the employee is financially entitled to the funds received without needing to repay their employer.

Frequently Asked Questions About Rain’s Earned Wage Access

Is Earned Wage Access a loan?

Earned Wage Access (EWA) is not a loan. EWA is a financial benefit that lets employees access a portion of their earned wages before payday without traditional loan interest. It offers flexibility, allowing early access to earned income.

Are people paying to get paid?

Earned Wage Access with Rain is a voluntary benefit and individuals can decide whether or not to participate. Usage frequency varies from person to person, with some opting for daily use while others may only use the service on occasion. Rain offers a free 1-3 day ACH transfer, or an instant transfer option for a small ATM-like fee.

Is participation in Earned Wage Access mandatory for employees?

Participation in Rain’s Earned Wage Access benefit is voluntary. Employees have the choice to enroll in the program and decide whether or not to use the service. It is intended to be a flexible financial benefit that individuals can choose to leverage based on their personal financial needs.

How Rain's Earned Wage Access Works

Rain for Employees

01. Work for a Participating Employer: Rain is only available to employees of companies that have chosen to partner with Rain to provide financial wellness employee benefits. If your employer does not currently offer Rain as a benefit, let them know they can book a demo here to get started.
02. Download the Rain App: Download the Rain App from the Apple App Store or Google Play Store to view and access a portion of your earned wages.
03. Link Your Preferred Bank: Link your preferred bank account or debit card to the Rain App to receive your earned wages.
04. Utilize Instant or Free Transfers: Rain offers a free 1-3 day ACH transfer, or an instant transfer option for a small ATM-like fee.
05. Enjoy Financial Wellness Benefits: As a Rain user, you'll have instant access to a portion of your earned wages and financial education resources through the Rain App.

Rain for Employers

01. Partner with Rain: The first step to offering Earned Wage Access is partnering with Rain as your EWA provider. Book a demo here to learn more.
02. Connect with Timekeeping & Payroll System: Rain's service is designed to integrate smoothly with your existing payroll and timekeeping processes.
03. Establish Responsible Guidelines for Your Employees: Rain works with employers to define a framework, allowing you to set specific guardrails tailored to your employees' needs and your company's financial policies.
04. Facilitate Internal Adoption: Communication is essential for introducing EWA. Rain supports employers by providing educational resources and financial tips in its app, ensuring an intuitive learning process for your workforce, educating them on EWA benefits, the process, and eligibility.