Birmingham, Ala. — October 19, 2021 — Immediate, a financial wellness and earned wage access (EWA) leader, announced today a partnership providing users with added benefits when accessing on-demand pay through Prizeout, a premier reward payout platform.
Partnering with Prizeout enables Immediate users a revolutionary way to withdraw money by giving them added value on gift cards for everyday essentials like groceries, prescriptions, fast food, and more. Employees accessing their on-demand pay through Immediate will soon have the option to transfer wages onto a gift card of higher value than the requested payout amount.
“Teaming up with Immediate means we’ll be able to give people not just more purchasing power, but more purchasing power when they need it most: in the shortfall between paychecks,” said David Metz, CEO of Prizeout. “With a shared vision of making financial wellness more equitable, we’re thrilled to give employees more tools to establish long-term financial success and stability.”
Prizeout will be integrated seamlessly into the ImmediatePay app, allowing users to select from a variety of curated gift cards with bonus offers through a digital marketplace. Normally withdrawing earned wages within the Immediate app costs the user a transaction fee similar to an ATM, but by utilizing Prizeout, Immediate users can add their funds onto a selected gift card with no transaction fee and as a bonus, tacks on extra cash, creating even more value for Immediate users.
“Earned wage access revolutionizes the way we think about our paychecks by enabling employees to receive their pay when they need it most, and I expect EWA to become a standard practice in the next few years,” said Matt Pierce, Founder and CEO of Immediate. “As an innovative technology startup, aligning with other companies like Prizeout allows us to continue focusing on improving the financial well-being of employees.”
With plans to launch in November, employees utilizing Immediate will have a chance to access promotions in advance of Black Friday and Cyber Monday. According to the National Retail Foundation, the average U.S. consumer spent $997.79 in 2020 and $1,047.83 in 2019 — well over the recommended less than 1% of annual salary. Immediate and Prizeout are joining together in the hopes of lessening budgeting stress and improving financial literacy and well-being for workers.
Immediate partners with employers to provide their employees with wages that have been earned but not paid, whenever they are needed. With seamless time tracking and payroll integrations, same day and next day bank transfers, and the ability to put earnings directly on a debit card, Immediate is working to improve financial wellness and eliminate cycles of debt for employees by allowing them to access their hard-earned wages. To learn more, visit joinimmediate.com.
Prizeout is a first-in-class ad-tech company that works within a wide variety of industries, including gaming, gig-economy, payroll & finance to turn withdrawals into a growth solution for e-commerce & retail businesses. Operating as a digital cashout marketplace, Prizeout connects brands that are looking to acquire and retain customers with platforms that have users who are looking to withdraw funds. Through its exclusive partnerships, Prizeout offers users unprecedented access to bonus offers on popular and emerging brand favorites, while providing them with a fast, secure and curated experience. The company was founded in 2019 and is headquartered in New York City.