This month we announced our first-ever acquisition, purchase of the software technology assets of DoubleNet Pay, Inc., providing us the opportunity to present automated savings and bill-paying capabilities to our ecosystem of large U.S. employers and their employees.
DoubleNet Pay’s software platform empowers employees with a simple, responsible way to set up automated savings goals, debt paydown strategies and recurring bill payments on-time through payroll deduction. We’re going to rebrand this software platform and will be launching it during the first quarter of next year. This new service not only complements our industry-leading employee purchase program, but it also provides the type of financial flexibility benefits that your employees are asking for.
And there’s more good news -- our customers report that they are interested in these benefits. Prior to the acquisition, we surveyed 8,303 of our unique customer profiles to determine their interest in some of these capabilities. Here’s what we learned:
- 8 percent said they would be interested in paying bills through payroll deduction so that they wouldn’t have to budget for these bills or remember to pay them manually.
- 25 percent said they would be willing to pay a small monthly fee for this service.
- When asked if they would like to automatically set aside a portion of their paycheck to a new savings account that would not have fees or a minimum savings account, 45.79 percent responded yes and another 36.84 percent said maybe.
- 49 percent strongly agreed that they would use a service that helps create a clear plan to pay off their debt and improve their credit.
- 57 percent report that having emergency money on hand is the greatest cause of financial stress in their life.
“This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not addressed by traditional employee benefit providers,” said Richard Carrano, Purchasing Power CEO. “Coupled with our current platform of financial wellness tools and resources, this technology provides a full menu of valuable options for employees to take greater control of their financial futures. Furthermore, the automated features help to replace the stress of daily attention to personal finances with confidence that a reliable strategy is at work on the employee’s behalf.”