Since 2001, Purchasing Power has helped organizations like yours improve employee retention, productivity and satisfaction with our employee purchase program. No other company like ours has the knowledge, experience and proven track record to support large employers and their most financially at risk employees. And we do it with no cost or liability for you.
It used to be simple. Retirement programs were enough to help employees prepare for their financial future. But many have trouble meeting their immediate needs and turn to expensive financing options, like high interest credit cards, payday loans and retirement withdrawals to make purchases they can’t afford otherwise. This leads to stress that decreases productivity and increases turnover and healthcare costs.
Purchasing Power fills the gaps for employees who need a financing alternative:
Our industry leading purchase program makes it possible for employees to buy the products they need and want through the ease of payroll deduction. And our financial wellness tools and resources help them make positive financial choices. Without financial distractions, employees are more productive and engaged in their work. And by offering a benefit that supports their personal and professional goals, your company is more likely to retain them.
Our program allows employees to access over 50,000 brand name products and services. Through payroll deduction, they make manageable payments over a 12month period with no ballooning interest, hidden fees or credit check. We believe transparency is critical; with Purchasing Power, what you see is what you get.
Our Products and Services
All products are current models, brand new, and delivered up front. Many of our items come with warranties from SquareTrade, a top rated warranty provider.
Our experience serving financially under-served employees has shown us that access to products and services is important, but they also need tools and resources that empower them to take control of every aspect of their finances. That is why we partner with innovative companies to provide access to credit monitoring and education resources as well as financial wellness content.
Kashable provides employees access to socially responsible, lowcost credit to help cover the financial gap created by outofpocket medical expenses, personal emergencies, and times of hardship.
Partnering with employers creates many efficiencies that allow Kashable to lend at competitive rates. Unlike other lenders, Kashable underwrites employment data as well as credit score, so employees with poor credit but strong employment data are able to access fair and lower cost credit.
LendKey allows employees to substantially reduce the cost of their student loans by refinancing with a not-for-profit lender. This allows employees to lower their interest rates, monthly payments, and overall cost of their student loans for free and in just a matter of minutes.
LendKey is transforming the $3.2 trillion consumer lending market by enabling the nation’s 13,000+ community financial institutions to enter and succeed in online lending. Our innovative technology matches consumers with community banks and credit unions to create the most transparent, accessible and low-cost borrowing options in online lending.
Not-for-profit credit unions and community banks have some of the most borrower friendly student loan and LendKey is enabling these community lenders to bring their loans to you online. By letting you borrow directly from America’s local and not-for-profit lenders, we’re building something that’s been sorely missing in online lending: transparent low-interest lending. We’re bringing community lenders to the online community, and giving you tools to make smart borrowing decisions. So get started today to lower your student loan interest and monthly payments!
How Do Employees Deal With These Real-Life Issues?
An Employee is often forced to pay up to 3x more than a normal consumer due these limited payment options.
Credit Card – 20% more than retail
$16,000 is the average credit card debt for those who carry a balance. 22% is the average interest rate for those with bad credit. For 45 million Americans, using credit isn’t possible because they don’t have a credit score.
Rent to Own – 3x more than retail
4 million Americans use rent-to-own services. Interest rates of 100% or higher are often used with rent to own. A $600 television would cost more than three times as much, resulting in a final price tag of $1,800
Pay Day Loan
12 million Americans use a payday loan annually. The average APR on a payday loan costs 322%. Roughly 60% of all loans are renewed at least once; 22% of all loans are renewed at least seven times.
About 21% of 401K plan participants who are eligible to take loans use this option, stealing from their savings and retirement cushion. Those likeliest to take this loan earn between $40K-$60K.
EVERYTHING YOU NEED TO GET AHEAD AND STAY AHEAD.
In 2020, an estimated 40% of the workforce will be gig employees. Self-employed, with no benefits. Education debt exceeds $1.5 trillion and consumer debt exceeds $13.3 trillion. Health care costs are $3.5 trillion annually and rising. If you are self-employed or have limited employee benefits, CBA has you covered.
Power Voluntary Benefits partners with True Connect to bring an array of services to our clients.
To learn more about the services and explore possible solutions for your business, download our PDF here, or please contact us below
ZEBIT WAS FOUNDED TO PROVIDE BETTER FINANCIAL OPTIONS FOR WORKING AMERICANS.
Financial stress is crippling today’s workforce, but Zebit is on a mission to put financial control back into the hands of working Americans.
Zebit is a free employee financial wellness benefit that provides better financial resources and access to interest-free credit to relieve the number one cause of stress—financial stress. With Zebit, partnering employers can increase employee productivity, engagement, and retention, to save up to $2,000 per employee annually.
From budgeting tools to our healthy, interest-free credit, Zebit helps employees plan, manage, and respond to life events responsibly to make financial freedom possible.
ZEBIT’S VOLUNTARY BENEFIT INCLUDES:
Financial Wellness Resources
Healthy Credit Option
Zebit is socially responsible, cost-effective to alternative Employee Purchasing Programs (EPP) and Loan Programs
How Zebit Works
For more information about Zebit download our PDF here.
Get started with Zebit today.