GPM Investments LLC is now offering the PayActiv program to its employees, which allows them to access up to 50% of their earned pay for a nominal, flat fee through a website and mobile app.
According to the Financial Health Network (CFSI), financially underserved Americans pay $173 billion each year for alternative financial services. With PayActiv, employees can circumvent these penalties and access their pay as they need it.
“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 GPM President and CEO Arie Kotler. “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 associates log into their PayActiv account, they are able to see accessible earned wages, which they can then transfer to a bank, use to pay bills online, load onto a prepaid card, and withdraw in cash.
Additionally, employees can take their financial planning to the next level with goal-based budgeting and unlimited free access to knowledgeable financial coaches. PayActiv users also qualify for special discounts at local stores and on prescriptions and have access to services like Uber, Amazon and financial literacy resources, which can be accessed through the mobile app.
GPM is the largest company of convenience store chains to roll out this program, with more than 1,000 users taking advantage of the service. Harvard Kennedy School shows in a study that business that offer PayActiv to its employees see 19% reduction in turnover. When the stress of making ends meet between paychecks is relieved, employees are also able to focus more on the job. 83% of human resources professionals cite employees’ personal financial issues as having an adverse impact on individual and company productivity and performance.
GPM Investments LLC, together with its subsidiaries, is the largest privately-owned company in the convenience store channel of business. With recent acquisitions, GPM has widened its reach to approximately 1,400 stores. The company, based in Richmond, Va., operates or supplies fuel to 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.