Mountainside, NJ, November 21, 2012 ?(PR.com)? FlexWage Solutions announced today two key milestone achievements in the adoption of its FlexWage payroll card and WageBank alternative to check cashing stores, payday lending, and predatory lenders. ?We?re thrilled to achieve our client acquisition goal for the third quarter with more than 50 clients and thousands of new employee users. This achievement validates the FlexWage solution suite, as employers continue to seek options to assist their employees with compelling new benefits with positive impact on their bottom line,? said Frank Dombroski, CEO. FlexWage?s WageBank has revolutionized the payroll card sector adding access to accrued wages, which frees employees from payday loans and check cashing fees.
FlexWage Solutions offers medium and large company payroll card services as well as its proprietary WageBank employee managed debit card tools to access earned wages in advance of payday. The WageBank tools are available both on the web and with tailored mobile applications for Apple?s 250,000,000 iPhones and Android?s 500,000,000 smartphones. FlexWage Solutions products are available at FlexWage.com.
Founded by a number of longtime commercial payment and purchasing card executives, FlexWage Solutions was born out of the belief that ?unbanked employees? exploitation by payday loan and check cashing operators could be solved with technology more quickly than with legislation,? Dombroski said. ?We believe that our FlexWage and WageBank solutions are the missing link providing reasonable financial services and eliminating the need for employees to visit predatory lenders between paydays.?
According to the Pew Safe Small-Dollar Loans Research Project, 2012, payday loan borrowers spend approximately $7.4 billion annually at 20,000 storefronts and hundreds of websites. 69% of borrowers use payday loans to cover ordinary living expenses, not unexpected emergencies. 16% turn to to these predatory products in emergencies, keeping them indebted for five months a year. The average payday borrower makes eight loans a year, spending up to $895 for a $325 loan according to Pew. (www.pewtrusts.org/small-loans)
FlexWage Solutions is based in Mountainside, New Jersey. For more information on FlexWage Solutions, please visit FlexWage.com, find us on Facebook at Facebook.com/flexwage, or follow us on Twitter @flexwage.
Contact Information:
FlexWage Solutions LLC
Craig King
650-517-3539
Contact via Email
www.flexwage.com
Click here to read the full story: Payday Loan Alternative, FlexWage Solutions, Achieves Quarterly Growth Projections
Press Release Distributed by PR.com
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