At Everee we believe employees should get paid when they want.
There are more payday lending storefronts in the United States than there are McDonalds.
How is this possible? How is it that short-term predatory lending has sunk its teeth so deeply into our economy?
Because payday companies are behind the times and they have no incentive to change.
Payday / title loan and check cashing companies, exists because there is need. When you look at the data you will find 78% of Americans live paycheck to paycheck. If that didn’t catch your attention, please consider that consumers (that’s you and me) spend $30 billion on these kinds of loans with rates of up to 300–400%.
And as you probably suspected, the payday companies who can help change this are NOT motivated to do anything. Did you know that in the fiscal year ending in June 2018, ADP made $466.5 million of interest from the money we’ve earned by holding it a few extra days each month? Talk about greasy.
Everee is Different
At Everee we believe employees should get paid when they want. And why not? If an employee has provided value to their employer they should have the option to get paid immediately. I mean, it’s not 1950 anymore so there’s no reason we should have to wait 2–3 weeks to get paid, right?
If we can send money immediately via apps like Venmo, PayPal, or Zelle, employers should be able to pay employees on a faster schedule. With Everee’s Pay Your Way feature employees can choose their own payday. So work on Monday, get paid on Tuesday and stay away from the loan sharks (errr, payday lending store).
Everee started late 2018 and in Spring 2019 we closed our Seed Round of $3.7M, partnering with a large family office based in Salt Lake City. Everee also secured a credit facility of $500K through our partner bank to support our Pay Your Way feature. We’re on a mission to humanize and modernize the HR and payroll experience for EVEREEONE!