Employees at participating Workday customers can set up PayPal Direct Deposit in their payroll portal, get pay up to two days early, and use PayPal to save, spend, and send money
Key points
- PayPal is now available as a direct deposit option through Workday's Enhanced Direct Deposit (EDD) program, built directly into the Workday payroll setup employees already use.
- Employees who choose PayPal Direct Deposit can get paid up to two days early.
- Once paid, employees can send money to family and friends instantly through PayPal, move money into PayPal Savings, shop with tens of millions of merchants that accept PayPal, and earn up to 5% back in a chosen monthly category with the PayPal Debit Mastercard.
- Employers get a simple way to offer a trusted, widely used option to their workforce with no added cost or setup work.
- The integration is available to employees of participating Workday U.S. Payroll customers.
, /PRNewswire/ -- PayPal today announced a partnership with Workday that lets employees of Workday customers set up PayPal Direct Deposit through Workday's Enhanced Direct Deposit (EDD) program, giving eligible U.S. employees a way to receive their pay up to two days early.
"PayPal is helping consumers make the most of their money, and that means getting access to it sooner," said Shanthi Sarkar, VP, Debit & Money Management, PayPal. "Through our partnership with Workday, pay can land directly in the PayPal Balance account people already trust to shop, spend, and send money to family and friends, up to two days early."
Benefits for employees
- Get paid early. After setting up PayPal Direct Deposit, employees can get paid up to two days before their scheduled payday.
- Send and receive money instantly. Once pay arrives in their PayPal balance, employees can send money they receive to family and friends in a few taps, no bank transfer or separate app required.
- A place to save. Employees can move part of their paycheck into PayPal Savings, a high yield savings account with a competitive APY, no fees or minimum balance.
- Shop anywhere PayPal is accepted. Employees can use their PayPal balance to check out with tens of millions of merchants that accept PayPal.
- Earn while spending. With the PayPal Debit Mastercard®, employees can earn 5% back on up to $1,000 spent in a monthly category of their choice.
- The same security PayPal customers already trust. PayPal uses encryption and fraud monitoring to help protect transactions.
Built for employers too
- No added cost or setup work. Offering PayPal as a direct deposit option within Workday gives employers a way to support their workforce's financial well-being without adding cost or setup work on their end.
- Seamless on the back end. Like other Workday EDD partners, PayPal connects through Workday's Enhanced Direct Deposit Switch, so an employee's routing and account information is automatically populated, with no manual entry required from the employer or employee.
"More employers want to give their people real choice in how they get paid," said Meraj Mohammad, Senior Director, Strategic Partnerships, Workday. "Adding PayPal to Enhanced Direct Deposit gives employees on Workday payroll another trusted option, with less friction getting their paycheck where they want it to go. That's the kind of practical improvement we want every Workday customer to have access to."
This partnership continues PayPal's push to make PayPal Direct Deposit available wherever people already manage their pay, adding to PayPal's presence across several leading payroll and HR platforms.
PayPal's Direct Deposit option through Workday is now live for employees at participating employers.
About PayPalCreating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com, and https://investor.pypl.com.
Disclosures
Media Contact:PayPal Media Relationspress@paypal.com
SOURCE PayPal Holdings, Inc.
