Killing Payday Loans through Payroll – Peter Briffett – #023
“Killing Payday Loans through Payroll” – This episode of The Payroll Podcast is with Peter Briffett, CEO and Co-Founder of Wagestream.
Payday Loans are a reality for many of the 13 million Brits living in poverty right now and it is a constant cycle. Too many people are living payday-to-payday which results in high-stress, anxiety and often, high-cost credit.
Peter is the man behind the start-up business, Wagestream which promises will kill off the payday loan sector and end the ‘payday loans poverty cycle’. Wagestream aims to achieve this by working with employers to give its employees the power to stream their earned wages into their accounts whenever they need it through a simple, instant app – effectively ending the need for people to take on high-cost short-term payday loans when they face unexpected financial obligations. But how does it work? Find out by listening in to this episode of the Payroll Podcast…
Peter’s businesses have featured in the Sunday Times Tech Track 100 Ones to Watch, WIRED Europe’s 100 Hottest Start-ups and Forbes Hottest Global Start-ups and have achieved numerous awards.
Wagestream, Peter’s latest business that aims to kill the payday loans and end the poverty pay cycle has already received praise from Zuckerberg, Bezos & Gates who, following the collapse of Wonga Payday Loans; decided to back Wagestream as a better and more ethical alternative which eliminates the need for people with bad credit to rely on loans with predatory interest rates.
Peter’s business Wagestream are offering a “next-gen” payroll solution with a credible mission statement which is to eliminate the payday poverty cycle. Exactly how this is achieved, we will discover during the course of this podcast but suffice to say, Wagestream essential allow employees to have the flexibility to stream their earned wages into their accounts whenever they need or want it.
How Wagestream intends to kill of payday loans and end the poverty pay cycle?
If employees have access to pay earlier in the payment cycle, could this affect their ability to budget correctly, leaving them short for when the end-of-the-month rent or mortgage payment is due?
How does the Wagestream application work and how does it provide employees with instant payroll capabilities without placing additional debt or financial burden on the employee?
What impact could Wagestream have on Payroll departments’ day-to-day workload?
Will Wagestream affect the way payslips are distributed?
How can Wagestream help improve employer performance in relation to Mental Health?
Why employers have a corporate responsibility to help employees in debt and assist with ending the payday loan cyle?
How should payroll managers approach implementing new technology such as Wagestream?
How has Wagestream managed to boost motivation, productivity and improving employee retention?
Can Wagestream help with recruitment or brand attraction?
How complicated is it for a payroll manager or business owner to implement the Wagestream solution?
Access the websites and links referred to in this “Killing Payday Loans through Payroll “ episode below:
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