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EMPLOYEE PURCHASE PROGRAM

Must-Have Employee Benefit

Employee Purchasing programs offer you a simple way to improve the quality of life of your employees and their families by giving them a responsible, interest-free way to make make major household purchases through payroll deduction.

Give the Middle Class a Smarter way to Pay

Whether your employees have expressed concern about their personal finances or not, they’re eager for help getting ahead financially. When it comes to making large purchases for their household, your company can offer a benefit to make this process easier and more affordable.

Here's How it Works - Its as Easy as 1-2-3
1. Shop

Visit customized shopping site to purchase a range of products, from kitchen appliances and television to brackets and watches.  After you select the items you want and are ready to complete your order, select the "payroll deduction" option at checkout.

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Zero Risk. No Employer Liability 

Employers have no risk for covering the cost of the purchase, even if your employee leaves your company before he finishes the payments.  This voluntary benefit is all reward and zero risk.

2. Receive

After we receive and process your order, we'll drop ship your selections to you right away.  unlike layaway programs that don't deliver products until full payment is received.  Paycheck Works ships the products as soon as a few days after purchase.

3. Pay

Since you selected "payroll deduction" at checkout, your work is done. The cost of your items will be subtracted from your next several paychecks after your purchase

WHY IMPLEMENT AN EMPLOYEE PURCHASE PROGRAM

Nearly half of Americans (47%) live paycheck to paycheck. For this segment of your employees, when the television breaks, these are the options:

Rent to Own
Rent to Own
Rent to Own

4 million Americans use
rent-to-own services. Interest
rates of 100% or higher are often used with rent to own.

 A $600 television would cost more than double, resulting in a final price tag of $1,800

High Interest Credit Cards
High Interest Credit Cards

$16,000 is the average credit card debt for those who carry a balance. 22% is the average interest rate for those with bad credit. For 45 million Americans, using credit isn’t possible because they don’t have a credit score.

Payday Loans

12 million Americans
use a payday loan annually.  
The median APR on a payday loan is 322%. Roughly 60% of all loans are renewed at least once; 22% of all loans are renewed at least seven times.

401K Loans

About 21% of 401K plan participants who are eligible to take loans use this option, stealing from their savings and retirement cushion. Those likeliest to take this loan earn between $40K-$60K. 

Financial stress affects employers in several ways:
productivity, healthcare costs and absenteeism, to name a few. 
Financial stress affects employers in several ways:
productivity, healthcare costs and absenteeism, to name a few. 

83%

83%

83%

of HR professionals believe employees’ personal financial challenges affect their work performance.

29%

of employees report missing work
to deal with the emotional stress
caused by their finances.

39%

$413

of employees spend 3 hours or
more per week at work dealing
with personal finances.

more per year in healthcare costs per employee with high stress (including financial stress) over workers who are not at risk from stress.

An Incorporated Risk Management System

Each Employee Purchasing program has a built-in risk management system to limit how much your employees buy. This prevents your employees from overextending their budgets and paychecks. And, there is no cost or liability to your company. Your business will never be held responsible for items if an employee leaves your company.