What is Rain?
We are an “employer integrated” provider of instant pay and other financial wellness benefits. Our mission is to kill payday loans and other predatory financial products. We are part of QED (Capital One founders), which is the #1 fintech investment group and the most-active group globally in the employer-integrated instant pay space.
How does Rain work?
Rain can provide instant pay (a.k.a. earned-wage access) to employees through an app. Employees can withdraw a set amount of their earned wage, avoiding payday loans and overdraft fees. We make earned-wage payments with our own capital, and then the employer reimburses us according to their normal pay cycle.
What information does Rain need from employers?
All we need from the employer is basic employee data (name, email, wage). In many cases, this process can be automated via API connection through their payroll system. If a connection is not available, all they have to do is upload this data weekly via CSV file. Since most of the data will stay the same, this shouldn't take more than a few minutes.
What if Rain can’t connect to the payroll or timekeeping system?
That won’t be a problem. If there is no API connection available, we can operate using a CSV file. The payroll representative will have to send a file with relevant information, updated every week. A Rain account manager will work with them to make sure they are submitting the right information.
What do we have to do to offer Rain?
Rain handles the heavy lifting. All you have to do is sign the contract. The onboarding process doesn't take long at all (most can get set up in 20 minutes). We'll even send you the materials you need to communicate this new benefit to your employees!
When Rain advances the money, when are they paid back? What is the process?
The employer needs to reimburse no later than their scheduled payday. Rain will send over a deduction data file and an invoice stating what the employer owes to Rain based on what deductions their employees made.
The payroll team will receive an automatic email with links to these files. They will also be
available in the Rain dashboard.
How does Rain make money?
Great question! We charge $3.99 per withdrawal.
What is the process for employees without a checking account?
Rain can push to any reloadable card.
How does Rain benefit employers and brokers?
Including Rain in your benefits package can be enticing. Research shows that early access to wages results in 40% lower turnover, 200% more job applications, and 86%
improved job performance.
Financially secure employees are more likely to stay at their jobs and are more likely to feel motivated to work harder. Research also shows that employees are more likely to
pick up extra shifts when they can collect their wages more frequently.
Plus, providing early access to wages gives you a competitive edge when you’re recruiting new employees.
How does Rain benefit employees?
About 78% of Americans are living paycheck-to-paycheck and are stuck in a debt trap. Early wage access means no more payday loans and overdraft fees while employees are
waiting for their next paycheck to come in. Instead of waiting for payday, they can pay their bills when they are due and put food on the table every night.