Companies can pay workers their earnings immediately upon completion of work.
Instead of waiting for traditional weekly or biweekly paydays, workers can access money as it is earned. This instant liquidity is especially attractive to gig workers, freelancers and contractors. It can help workers that are living paycheque-to-paycheque, helping them cover urgent bills or sudden expenses without relying on high-interest payday loans.
Earned wage access allows businesses to securely pay or reimburse an expense at any time, improving employee satisfaction. Businesses can leverage this use case by paying workers directly or through an earned wage access service provider.
Unlock earned wage access
Unlocking these instant payouts requires both the sending and receiving financial institutions to be fully connected to the RTR payment system. Financial institutions and payment service providers interested in adopting the RTR can reach out to their Payments Canada relationship manager or contact info@payments.ca to get started.