In the last few months we have been working hard with the team over at ZayZoon. You may have seen our twitter posts or our emails but do you REALLY know who ZayZoon is and what they do? We have sat down with Tate Hackert, the Founder and asked him a few quick questions:
What is ZayZoon?
ZayZoon is a secure online service that gives employees access to their paycheque before payday. We are the first of its kind in Canada, and people are starting to notice. PayPal recently named us as one the “hottest and most promising financial technology companies” in Canada, we are one of the most disruptive and innovative startups in Calgary according to Startup Calgary, and we were featured on Bloomberg TV as a responsible benefit for employees. ZayZoon is a company run by some gritty entrepreneurs looking to make a difference in the lives of working Canadians.
How did you come up with the idea?
I was involved in the money lending space since the age of 16 and I saw first-hand the short term struggles people experienced. I myself was working in the construction industry throughout my time at university and was being paid on a monthly basis. I thought it was crazy that in this day in age we still have to wait sometimes weeks to be paid, and in many cases are forced into financial hardship as a result. I began to research the space more and more and it became very apparent how large the problem is. Statistics like 10% of employees use awful payday loans and 63% of millennials live paycheque-paycheque are the reasons ZayZoon was formed. With ZayZoon, we want to help eliminate employee financial stress. We want to increase employees productivity at work, increase employee retention, and eliminate stresses like overdraft fees.
What’s the difference between ZayZoon and traditional loans?
Lots! The biggest difference is ZayZoon tries to stay as far away from “loaning” as possible. We never check credit, there is no application process and we don’t put an employee into a position of debt. ZayZoon issues employees an advance on the money they have already earned. The biggest and maybe best difference between ZayZoon and traditional loans? We are entirely online and within the employee’s Paychequer portal.
Doesn’t a Payday Loan essentially do the same thing?
Don’t say that awful word! A payday loan charges insane fees – In Ontario for example, a $200 payday loan will cost an employee $42 in fees! Using ZayZoon to access that same $200 will set you back $5. The fees are one thing, but it gets worse. Payday loans do awful things like make you fumble through paper work to provide paystubs and fill out an application. Employers usually get a phone call too, just to make sure you can be totally trusted. With ZayZoon, we don’t do any of that. We don’t contact your employer, we don’t require a paystub – or an application for that matter. We are completely online, within Paychequer, and take less than 30 seconds for you to access your paycheque.
ZayZoon is easy to use, incredibly secure, and has fees equivalent to what you spend on coffee. We are far from doing the “same thing”.
They know there is more to their customers than just payroll. With features such as business invoice payments, employee benefits, and a sleek employee self service portal, PaymentEvolution is definitely a leader in this space. When we presented ZayZoon, PaymentEvolution instantly realized our vision. ZayZoon is the first service of its kind in Canada, and it made sense to partner with someone who loves new.
What’s next for ZayZoon?
ZayZoon is working hard to extend its services to all PaymentEvolution paid employees – but – we want to do it right. The next steps for ZayZoon are just to collect as many responses, and have as many conversations as possible with employers and employees. If you want to be added to our Beta or just have some questions, please reach out to firstname.lastname@example.org
Do you want to learn more about how PaymentEvolution and ZayZoon work together? Click Here to join our November 2nd webinar at 1pm EST.