RICHMOND, Va. — Convenience-store retailer GPM Investments LLC is now offering the PayActiv financial program, which allows employees to access up to 50% of their earned pay for a flat fee via a website and mobile app, regardless of whether they have a bank account.
GPM is the largest convenience-store company to roll out this “holistic financial wellness platform,” the retailer said; the program has more than 1,000 users.
“Since the program was implemented, over 10% of our employees have taken advantage of this benefit, accessing over $1 million of their already earned wages without having to wait for the traditional payday,” said Arie Kotler, president and CEO of GPM. “PayActiv supports our associates and helps them to prepare for the unexpected financial expenses in life. We strive to continue to offer GPM team members great programs like PayActiv.”
When employees log into their PayActiv account, they are able to see their earned wages, which they can then transfer to a bank, use to pay bills online, load onto a prepaid card or withdraw in cash.
For financial planning, employees can access goal-based budgeting with unlimited free access to financial coaches. PayActiv users also qualify for discounts at local stores and on prescriptions and have access to services such as Uber, Amazon and financial literacy resources, which can be accessed through the mobile app, the San Jose, Calif.-based company said.
Businesses that offer PayActiv to their employees see a reduction in turnover, according to a study by Harvard Kennedy School cited by GPM.
GPM, based in Richmond, Va., has approximately 1,400 stores in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Brands include Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'l Cricket, Next Door Store, Village Pantry, Apple Market, Jiffi Stop, Admiral, Roadrunner Markets, Jiffy Food Marts, E-Z Mart, 1 Stop and TownStar.