Competitive Positioning
Selling Against ZayZoon
Selling Against ZayZoon
Competitive Positioning
Selling Against Payactiv
Selling Against Payactiv
Paycom
Visa Vault & Everyday
Visa Vault & Everyday
Competitive Positioning
Selling Against DailyPay
Selling Against DailyPay
Christmas Movie Quotes:
100
ZayZoon sells on an easy process and timeline for set up and going live - they quote this fast?
Pulled from their website:
Activate in 30 minutes
ZayZoon integrates with 130+ payroll providers, which means we can have you up and running in less than 30 minutes. Activation is as easy as flicking on a switch.
100
Payactiv started in 2012 as solely a EWA provider...
What year did Payactiv finally have a paycard offering?
Why could that be important to a prospect?
Payactiv rolled out their payroll card in 2019, prior to 2019 they offered GPR card.
With only 5 years experience in the paycard space it's important for prospects to understand that rapid! has been in the paycard space since 2003..
100
rapid! vs Visa Vault
How is an employee issued Vault Card? What issues could arise?
Paycom has set this program up for employees to "self enroll" for the card.
Potential Issues:
- Adoption, leaving enrollment entirely up to the employee.
100
DailyPay does offer and highly promotes their card... It's called "Friday by DailyPay" what do we know about it?
* Not a Payroll card and does not comply with state payroll guidelines. True GPR product.
* Will not allow to the penny access to funds at no cost.
* Only has Allpoint as in-network ATM
100
Christmas Movie Quote:
“You guys give up? Or are you thirsty for more?”
Home Alone (1990) - Kevin McCallister
200
For EWA do employees have choice of where they receive their funds?
Yes.
- Payout directly to a bank account
- Payout directly to a ZayZoon prepaid card
- Payout directly to an instant gift card or gas card
- Venmo
- Gas Card
200
Name some Payactiv vs rapid! paycard differentiators?
- Payactiv does have instant issue cards, however, does not have automated inventory control.
- Payactiv only provides MoneyPass as their in-network ATM's.
- No real time clearing at the pump.
- No companion cards
200
rapid! vs Visa Vault
What happens if I lose my Vault card?
Visa Vault Program does not have instant issue cards. This can create a number of issues for new hires and replacement of lost or stolen cards.
Employee can receive a virtual card while waiting for their personalized card.
Virtual cards have limited functionality.
200
What is the cost for an employee to use DailyPay for EWA?
No matter wher
200
Movie Quote:
"Looking good, Billy Ray! Feeling good, Louis!"
Trading Places (1983) Billy Ray Valentine & Lous Winthorpe III
300
The ZayZoon Visa card is a GPR product and not a true Payroll card, what does that mean for the Employer and Employee?
GPR product that is not employer issued thus does not have to comply with State payroll guidelines.
- Typically much higher fees and less cardholder functionality
Zero administrative control
- No inventory for new hires, lost, or stolen cards
- No real time funding for term pays / correction pays
300
Name some companies who have partnered with Payactiv for either Paycard and/or EWA?
UKG - Paycard & EWA
ADP - EWA
300
rapid! vs Visa Vault
What administrative control does the Employer have over the paycard program?
Without an Administrative portal for the employer they lose all control and functionality a managing the program.
- No real time funding for term pays or corrections.
- No ability to pull back funds in real time.
300
What is the cost for an employee to use DailyPay for EWA?
Regardless of where you want the money sent - DailyPay will charge the employee $3.49 for every instant transfer, this fee is not capped.
Only free option is ACH.
300
Christmas Movie Quote:
"Every time a bell rings, an angel gets his wings."
It's a Wonderful Life (1946) — Zuzu Bailey
400
Let' talk cost! How much does ZayZoon charge to participate in EWA?
- Existing Bank account: Employees are capped at $200/day with a transaction fee of $5. The $5 fee is not capped.
- ZayZoon card: Free.
- Venmo: $5
- Instant Gift Cards: Free
- Gas Card: Free
When employees withdraw their pay to the Gas Card, they get a 5% bonus.
Say they take out $100 in earned wages. With the Gas Card, they’ll get a spending power of $105, thanks to our 5% bonus. And remember, they won't have to pay a fee to access their wages, either.
Employees get $5 extra the first time they use the card, no matter how much money they withdraw. Each time after, they get the 5% bonus
400
What sort of funding models does Payactiv offer for EWA?
What is their quoted roll out timeline?
Payactiv is a vendor funded model only. Fronts all the funds for EWA transactions.
Payactiv quotes a "Go live" timeline within 48 hours of the signed contract.
400
rapid! vs Everyday
Does the employee have a choice of how much and how often they receive funds?
They do not.
Properly named "Everyday" once an employee has opted in, they will receive their funds daily for the previous days work.
Time card is approved for Monday worker gets paid Tuesday.
400
Why has DailyPay been successful? and do they even consider rapid! a competitor in the EWA space?
DailyPay's success is highly related to their aggressive persistence.
Note: I've heard form multiple prospects that they get 2-3 calls a week from DailyPay reps.
How do they view rapid!... this is taken directly from their website:
400
Christmas Movie Quote:
"Clark, That's The Gift That Keeps On Giving The Whole Year."
Christmas Vacation (1989) Cousin Eddie
500
Does Zayzoon need Time & Attendance data to get started?
No. Taken from their website:
ZayZoon is the only EWA provider that does not require time and attendance data—so that’s one more thing you don’t have to worry about.
You’re probably wondering how we’re able to calculate wages. Simple. We have a proprietary algorithm that analyzes historical earnings, employment tenure, industry, position, and a host of other data points to predict what an employee is likely to earn at any given time.
Naturally, predictions aren’t 100% accurate. So, in instances where the draw is not repaid in full, the deduction will stay in the system until your employee’s next payroll run, when it will be repaid. If the employee is no longer with your business, we’ll reach out to them with a link to repay their draw via a different method. If there is any loss at all, ZayZoon absorbs it. It’s not a hit to the employer or payroll partner.
500
What's the pricing model for an employee using Payactiv for EWA?
* Free EWA with direct deposit to a Payactiv card.
* $1.00 per day program fee for anyone who ops in using their existing debit card or bank account as payout option. This fee is capped at $3.00 for weekly or $5.00 for bi-weekly pay periods. Note: You pay this fee regardless if you take a withdrawal or not.
So if you sign up for this EWA as a benefit to have in case of emergency - it will cost you $10.00 and $12.00 per month, even if it's never used. Not specified as a real time payment.
*$1.99 cash pick up at Walmart. $1.99 Instant deposit.
500
rapid! vs Everyday
Does the employee have choice of where to receive their funds?
No.
The employee must be enrolled and receiving DD onto their Visa Vault card to participate.
500
Explain DailyPay's funding model and what could be some pro's and con's with this concept?
DailyPay presents their funding model as "Vendor Funded" which is technically true, however, their is now settlement between DailyPay and the employer for for any EWA transactions.
This model is entirely different from rapid! and many other providers vendor funded model.
This is a true assignment of wages. When an employee ops in for DailyPay, DailyPay will provide the employer with a new routing & account number for that employee for direct deposit, DailyPay will then process the payment to the employee minus any deductions.
Pro:
- Easy set up with a perceived no extra work for Payroll.
Cons:
- Extremely risky for your employees.
- DailyPay has the ability to pull funds out of your account for up to 6 months, even if you've opted out.
- Complete hands off model for employers - zero control of your program.
- DailyPay also has trouble with calculations for salaried employees.
500
Christmas Movie Quote:
"If you wanna say Mistletoe because it's too heavy for you, I get it."
Four Christmases (2008) Brad - Vince Vaughn