BRENTWOOD, Tenn.--(BUSINESS WIRE)--Comdata, a leading provider of innovative payment solutions, announced the launch of Fintwist OnDemand, a real-time payment process incorporated into the company’s innovative Fintwist digital platform. Fintwist customers can now offer their employees access to earned wages before payday without changes to existing payroll processes.
“Fintwist OnDemand enables our customers to provide their employees the financial flexibility needed, especially now, to cover expenses between paychecks, without the financial burdens of costly loans or advances,” said Brian Radin, President of Comdata Prepaid.
With nearly 80% of Americans living paycheck to paycheck1 and 40% unable to cover an unexpected $400 expense2, access to wages as they are earned provides workers with greater financial security. The Coronavirus has intensified economic uncertainty and employees’ personal stress. Fintwist OnDemand can help workers avoid draining their emergency savings or resorting to interest-bearing credit cards or predatory payday loans to cover household expenses.
“As we emerge from the employment crisis created by COVID-19, employers will need tools to compete for new employees and retain those that are critical to their recovery. Modernizing their payroll processes offers business leaders the rare opportunity to simultaneously reduce paperwork, save time, and increase employee satisfaction,” continued Radin. “Fintwist OnDemand is a win-win, employers protect their businesses, while genuinely supporting their employees’ needs.”
A FLEETCOR solution and backed by Comdata’s 50 years of experience, Fintwist offers a digital platform that streamlines payments for employers and provides financial management tools and education for employees, all connected to a debit Fintwist Mastercard.
Comdata Inc., a FLEETCOR company, is a leading provider of innovative payment and operating technology that drives actionable insights from spending data, builds enhanced controls and positively impacts its clients’ bottom lines. The company partners with more than 30,000 businesses to better manage $55B in annual fleet, corporate purchasing, payroll and healthcare spending, making it one of the largest commercial MasterCard providers in the United States and Canada. Founded in 1969 and headquartered in Brentwood, Tennessee, Comdata employs more than 1,300 professionals across North America and Canada. To learn more about Comdata, Inc. and Fintwist, visit www.fintwistsolutions.com.
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments to, or on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
The Fintwist Mastercard® is issued by Regions Bank®, pursuant to a license by Mastercard International Incorporated. Mastercard® is a registered trademark of Mastercard International Incorporated. Fintwist® and Comdata® are registered trademarks of Comdata, Inc.
1 2017 Online Survey conducted by Harris Poll for CareerBuilder
2 2018 Federal Reserve Report on The Economic Well Being of U.S. Households