My guest this week grew up on a small-town island in Canada but had to go all the way to Hong Kong before he finally realized that being a lawyer wasn’t his calling. When he returned, he had exchanged his passion for a “reputable career” for an obsession with technology. ZayZoon Co-founder and President Tate Hackert went from Meetups to mainstream via the tech startup path – and all on behalf of the employee/employer dynamic when it comes to payments.
For those of you who may not know, ZayZoon is a way for employees to get paid prior to their individually scheduled paycheck date. And for those of you wondering why this is so important, Tate will be the first to tell you that 80 million Americans live paycheck to paycheck. For this demographic, the capacity to access earned wages as needed significantly minimizes cash flow distress and the resulting predatory product scams and credit hits that can often come with it.
How does it work? In a nutshell, any employee at a participating location can go in and request their pay prior to their pay date and then once their paycheck clears, the funds are re-deposited back to ZayZoon. This includes the ability to send money directly to the employee bank account, as well as prepaid debit card options with automatic check deposit and the capacity to stream wages, and gift card options that offer a “coupon clipping on steroids” kind of benefit. With this product, employees benefit from the ability to save money, while employers can more than double their candidate pipeline and employee retention.
Tune in to hear Tate talk about his journey to the role of Co-founder and President, including where he sees the industry going in the next 2 to 3 years as it relates to real-time payments, interoperability, and the democratization of our payments ecosystem. We also talk about his “big hairy audacious goal” to save 10 million employees 10 billion dollars!