Matt Pierce, CEO and Founder of Immediate shares his journey of starting Immediate and their unique mission to help employees withdraw a portion of their paycheck when they need it. Starting out in the home care industry, he noticed a shift towards care delivery at home and saw an opportunity to streamline scheduling and payments for small home care companies. That’s how Immediate was born!

Immediate, a FinTech company, offers three or Free. It’s an easy money move that allows customers to be flexible and responsible. It costs three dollars to transfer money to a bank account or bank-issued debit card, and it is free when transferred to the company’s card. This model stands out from competitors who have complicated fees for different services. With three or Free, customers can get their money quickly without figuring out confusing fees.

Immediate’s Challenges and Obstacles

Scaling the business came with its fair share of challenges. Matt had to convince stakeholders, including his wife, that this new venture was worth pursuing. Plus, there were regulatory hurdles to overcome. 

Immediate had to make sure their services didn’t fall under loan regulations, which would have meant dealing with a whole set of licenses and state-specific compliance issues. It took months of hard work and financial resources, but they succeeded in carving out their unique position in the market.

Managing Customer Perception

One of the biggest challenges Immediate faced was managing customer perception. While the employees benefit from Immediate’s financial wellness offerings, the company’s actual customers are the employers who implement the platform. So, they had to tackle skepticism head-on. 

Immediate positioned itself as a voluntary financial wellness benefit that didn’t cost the employer a dime. They emphasized their role as a safety net for unexpected expenses and ensured their platform was seamlessly integrated with existing time tracking and payroll systems. 

That way, they gained employers’ trust and showed genuine commitment to improving employee financial well-being.

The Role of Employers

And speaking of employers, they play a vital role in Immediate’s model. By partnering with Immediate, employers can offer their employees a fantastic financial wellness benefit. It’s a win-win situation! Immediate relies on employers to provide the necessary time tracking and payroll data, making the whole process super easy for employees. 

Employers also play a key role in implementing the platform and engaging their employees. In fact, an internal survey revealed that offering Immediate’s financial wellness benefit actually increased employee engagement. 

Revolutionizing Payroll: Immediate’s Innovative Approach

In the realm of employee benefits, one company is making waves with its groundbreaking approach to payroll management. Immediate, a visionary player in the industry, is spearheading a transformative shift towards offering on-demand pay to employees. 

In a recent conversation with Matt Pierce, a representative from Immediate, we gained insights into their unique system, software integrations, and the potential impact it can have on employees and employers.

The Rise of On-Demand Pay

With a changing workforce and evolving employee expectations, instant access to earned wages has become a new standard. Employees now demand this flexibility, and organizations that fail to provide it may risk losing top talent to more forward-thinking competitors. Immediate envisions a future where companies not offering on-demand pay will face obsolescence.

Navigating the Technicalities

Immediate believes in doing things right, even if it means taking the harder path. Implementing on-demand pay is no small feat, as it involves intricate software integrations with HR systems. Unlike competitors who opt for shortcuts or partnerships, Immediate builds customized integrations from scratch. This ensures a seamless experience and greater control over the process.

Customization and Simplicity

Immediate’s approach stands out by offering hand-polished, tailor-made solutions. Over the course of three and a half years, they have built nearly seventy time-tracking and payroll integrations. 

In contrast, competitors often incur transaction costs for each time tracking feed, which can make their pricing less competitive. On the other hand, Immediate provides a flat-rate transaction fee of $3, simplifying the process and enhancing affordability for both employees and employers.

Understanding the Workflow

To understand how Immediate’s system operates, it’s important to grasp the technical details. The company receives three data feeds daily from payroll and time tracking systems. These feeds include a personnel file that verifies employment status and hourly rates and a time-tracking file that logs clocked hours. By matching these data sets, Immediate can fund employees’ accounts when requested and generate reports for payroll reimbursement at the end of the pay period.

Seamless Integration

Immediate takes pride in creating a hands-off experience for employers. The system’s automation ensures that the entire process runs seamlessly, even in cases of turnover or employee transitions. One success story involved an account manager contacting a customer, unaware that the on-demand pay benefit was already functioning smoothly behind the scenes. This anecdote underscores Immediate’s commitment to delivering hassle-free experiences for employers.

Broad Applicability

Immediate primarily caters to employees earning less than $30 per hour, representing 83% of their user base. However, the company can also serve salaried employees who don’t clock in and out regularly. Salaried employees simply need to report their availability each day, streamlining the process for both the employer and employee.

Embracing Change

While Immediate offers numerous advantages for employers, an initial onboarding process requires some effort. Over a four to six-week period, employers collaborate with Immediate to set up integrations, fine-tune marketing materials, and ensure a smooth transition. However, for small to mid-sized companies with 800 to 2,500 employees, the implementation is typically efficient and only requires a few hours of the employer’s time.

Episode Summary

Immediate isn’t just about financial wellness benefits. It’s about positively impacting the lives of employees who struggle to make ends meet. It’s about giving them access to their hard-earned money when they need it most. Immediate is revolutionizing how companies approach payroll, and they’re doing it with a genuine passion for employee well-being.

Immediate’s innovative approach to on-demand pay is revolutionizing how companies manage payroll. By offering real-time access to earned wages, Immediate addresses the evolving expectations of employees while providing employers with an easy-to-implement solution. 

Through robust software integrations and a commitment to customization, Immediate has carved a niche in the market. As the demand for flexibility in payroll management continues to rise, Immediate is at the forefront of driving change for financial wellness.