Skip to main content
Business IntelligenceHR Technology

The NO COST Benefit Plan with HIGH Return!

By August 24, 2019No Comments

The Technology Review Council reviewed Spentra recently.  We had seen them about 2 years ago, under the brand MoneyEarned.  But in the intervening time, they have broadened their offering, refined their product, and hit upon a key trend in the financial institution arena.

First, they are ALL mobile, from signing up, to refreshing your debit card (which they issue), to finding an ATM that is no fee using geolocation.

The premise is that, through knowing what you have earned within the pay period, they will let you take up to 50% of NET pay (accounting for taxes and deductions) and put it on your debit card within minutes, if not seconds.

The process allows for you to get access to your funds ahead of the payday, allows you to pay bills to avoid late charges, or provide “cash” to another family member in need instantaneously, and the service is no fee to the employer or the employer can help to subsidize the transaction fees that the employee pays to withdrawn funds.  And all this shows up in Payroll without human interaction in the administration area.  Spentra also provides an Administrator portal with extensive reporting and analytics.

But the simplicity is also its key selling point.  As I have stated, Wellness plans need to cover the 5 Pillars: Physical, Mental, Emotional, Financial, and Legal.  Each of those are singularly important, when all five are addressed, the employee has a sense of holistic wellness and can address their work without some of the stress of personal life interjecting.  Spentra allows employers to offer this as an immediate benefit and this has proven to be one contributor to retention.  As employees assess different job options – opportunities, more compensation, easier commute, learning, etc., if the current employer is offering Spentra and the next one is not, there is a cause to weigh the convenience and financial leverage that the app and process offer that may be enough to suggest staying is the better course because the value of this benefit is high.  This “pass through” benefit, as I call them, can truly have a positive ROI.

Please view their session at: and see if you agree.