How To Monetize Worker Payments, Compliantly

Description Transcript

This webinar discusses how staffing companies can monetize worker payments through the use of paycards and digital wallets, and how to do so compliantly. Kirti Shenoy, CEO & Co-Founder of Zeal is joined by Jon Lo, Co-Founder and Managing Director of StrategyBrix and they explain the benefits of paycards, the importance of compliance, and how these programs can generate revenue for staffing companies. They emphasize the win-win nature of these solutions for both workers and employers, and provide insights into the operational and financial aspects of implementing such programs.

Watch the video to get insights on how to unlock new revenue streams without having to take on all of the compliance responsibility of paycards and digital wallets yourself:

Key takeaways from the webinar:

• Launching a paycard and digital wallet program takes a lot of compliance work. Jon shared how StrategyBrix helps Zeal take on this compliance work so that staffing companies who partner with Zeal don't have to do the compliance work themselves.
  • Bank Partner Requirements
  • Support the Compliance organization to make sure requirements from the Banking partner are met.
  • Licensing Requirements
  • Help maintain obligations to regulatory expectations in maintaining its money transmitter licenses.
  • Audits
  • Facilitate with external auditors to explain the Compliance program and act on recommendations.
  • Compliance Advisory
  • Assist with navigating questions to support risk and compliance related issues that may come up.
• Paycards are growing in adoption
  • It's expected that by 2032 the market size for paycard solutions will quadruple to nearly $1T and is expected to grow at a nearly 18% CAGR. This is because paycards offer convenience, faster access to funds, and don't require an existing bank account to use.
• Staffing companies can use paycards to generate revenue and build a better workforce
  • Paycards and digital wallet provide staffing companies with the opportunity to unlock multiple new revenue streams just by paying your workers. And when you offer your workers a better experience through faster access to their pay in a convenient way to spend, you can attract and retain more reliable, efficient workers.
• Zeal handles the majority of the compliance responsibilities
  • While the bank is ultimately responsible for compliance, Zeal takes on the responsibilities of the program manager and handles things like KYC, KYB, transaction monitoring, privacy and security, audits, and more. Staffing companies are left with ensuring that their marketing and communications are within compliance - and that is assisted by Zeal as well.
• Building your own paycards program is much more costly than partnering
  • Jon outlines the costs associated with creating a paycards program from scratch and estimates that it is 10x more expensive than partnering with Zeal to launch a paycards program.
• Banks are willing to share revenue on paycards and digital wallets
  • Kirti and Jon discuss how it's possible to generate revenue from paycards and digital wallets. Kirti shares an analogy using the Starbucks app - banks are willing to pay a revenue share on account deposits and card purchase fees to Starbucks, and staffing companies, because they bring them new customers, new deposits, and new card purchases that they wouldn't normally be able to acquire.
• Paycards aren't new, but generating revenue from them is
  • Jon outlines the history of paycards and Kirti explains that while paycards aren't new, being able to generate revenue from them is. Other paycard solutions exist, but Zeal makes it easy to launch a custom branded paycard solution that generates revenue.

Watch the webinar to learn more, and contact us if you're interesting in understanding how Zeal can help you generate revenue from worker payments.