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AmCheck Offers Innovative New Employee Emergency Line of Credit Product
- Published on Thu | 13 Feb 2014
PHOENIX, Arizona – February 15, 2014 – AmCheck, an leading provider of payroll, human resource, and benefits outsourcing solutions for employers of all sizes, announced that it will now provide employers with elastic, an innovative line of emergency credit that employers can offer to their employees. Elastic is priced at one-fourth of the cost of a payday loan with a much more flexible repayment period. It seamlessly integrates with AmCheck’s payroll system, with no additional costs or administrative responsibilities for the employer.
According to the December 2013 Know Your Borrower study from the Center for Financial Services Innovation (CFSI), approximately 15 million people rely on small-dollar credit products every year – running the gamut from payday loans to installment loans to pawn shops to direct deposit advances – to meet their financial needs. The analysis found that borrowers need access to high quality, flexible and affordable short-term credit solutions that support repayment and credit-building over time.
Elastic provides employers with an innovative solution to help alleviate employees’ financial concerns and fill the demand for short-term credit, serving as a valuable tool to increase employee productivity and build loyalty. The product is priced significantly lower than payday loans, bank deposit advances, bank overdraft charges and other forms of emergency credit, providing a more affordable way to manage employees’ financial concerns.
With elastic, employers can offer a convenient, secure and responsible way for their employees to access a confidential emergency advance line of credit ranging from $200 to $1,000. Elastic is available 24/7 and is deposited directly into the employee’s personal bank account, payroll card or prepaid card as early as the next business day. Employees can choose to pay back the advance in one to five payments, and payments can come directly from the employee’s paycheck, making elastic the most flexible and convenient emergency cash option available.
“At AmCheck, we’re continually evaluating new HR and benefits solutions and innovations in order to remain at the forefront of our industry,” said AmCheck Dean Lucente, Managing Partner. “There is clearly a need among working Americans for innovative and responsible short-term credit alternatives for unexpected expenses. Through elastic, we’re enabling our clients to provide a new kind of workplace benefit to their employees that helps ease everyday financial hardships.”
For more information, please visit www.elasticatwork.com.
AmCheck Corporation is a leading provider of payroll, human resource, and benefits outsourcing solutions for employers of all sizes. The company offers wide-ranging payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, and check signing. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through AmCheck either directly or through broker partnerships in certain U.S. markets.
AmCheck was founded in 1996. With headquarters in Phoenix, Arizona, the company has 10 processing centers in the US, serving thousands of employers. For more information about AmCheck and our products, visit www.amcheck.com.
Media Contact: Bradley Johnston, 303.756.5200, Bradley.firstname.lastname@example.org
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