Walter Greenfeld Discusses Why Early Wage Access Is Important For Employees

For many people, more than getting paid once a month is required. 43% of Americans say they would struggle to meet their financial obligations if their paycheck was delayed by even one week. This is where early wage access comes in.

Also sometimes called “on-demand pay,” early wage access refers to the ability to receive your earned wages before your regularly scheduled payday. Experts like Walter Greenfeld in Brooklyn, NY, know there are several reasons early wage access can benefit employees. Let’s take a closer look at three of the most important ones.

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1. It Can Help You Avoid Late Fees And Overdraft Charges

Walter Greenfeld says if you have ever been hit with a late fee or overdraft charge, you know how frustrating it can be. Fortunately, early wage access can help you avoid these fees altogether.

By accessing your earnings as soon as you have worked for them, you can be sure that you will always have the money you need to meet your financial obligations on time. This can save you significant money over a year, particularly if you are frequently hit with late fees or overdraft charges.

2. It Can Help You Stay On Top Of Your Bills

Keeping track of your bills can be challenging, mainly if they are spread out over a month. This can often lead to missed or late payments, damaging your credit score. With early wage access, you can receive your wages as soon as they are earned and use that money to stay on top of your bills. This will help you avoid missed or late payments and keep your credit score healthy.

3. It Can Help You Avoid Taking Out High-Interest Loans

If you need cash before your next paycheck, you may be tempted to take a high-interest loan from a payday lender. However, this is only sometimes the best option, as it can leave you in deeper debt than before. With early wage access, you can receive the cash you need without incurring additional debt. This can save you significant money in interest charges over time.

How To Decide If Early Wage Access Is Right For You

Walter Greenfeld says early wage access can be a great financial tool, but it is only suitable for some. Before you take advantage of this option, it is essential to look at your current financial situation and determine if it makes sense. Consider how often you rely on payday loans or overdraft charges and whether or not you would be able to manage your finances more effectively with early wage access. If it is beneficial, then give it a try!

Choosing The Right Early Wage Access Provider

That’s why early wage access (EWA) providers have become increasingly popular in recent years. Employees can receive a portion of their earnings before their scheduled payday, giving them a boost when needed.

But with so many EWA providers to choose from, how can you be sure you’re selecting the right one for your business? Here are a few key factors to keep in mind:

  • Cost: Some EWA providers charge high fees for their services, which can eat your profits. Be sure to compare pricing before selecting an EWA provider.
  • Speed: When employees need access to their earnings, they need it NOW. Ensure the EWA provider you select can deliver fast payments with minimal hassle.
  • Reliability: Since EWA payments are often used to cover essential expenses like rent or utilities, they must arrive on time every time. Choose an EWA provider with a strong track record of reliability.

By keeping these factors in mind, you can be sure you’re choosing the right early-wage access provider for your business.

When To Use Early Wage Access

Walter Greenfeld says early wage access can be a great financial tool, but it’s essential to use it wisely. Here are some scenarios in which EWA might make sense:

1. You’re Facing An Unexpected Expense

An unexpected expense like a medical bill or car repair can quickly put you in a tight spot financially. With early wage access, you can receive your money sooner, giving you the financial cushion to cover the expense without going into debt.

2. You’re Struggling To Make Ends Meet

Early wage access can be a lifesaver if you’re living paycheck-to-paycheck and facing a cash crunch before payday. With EWA, you can receive your wages as soon as they are earned, helping you make ends meet until your next paycheck arrives.

3. You’re Trying To Improve Your Credit Score

Paying bills on time is one of the most critical factors in determining your credit score. If you need help making payments because funds are unavailable when due, early wage access can provide you with the money you need to stay ahead of your bills.

By understanding when and how to use early wage access, you can take advantage of this powerful financial tool without putting yourself in further debt.


Early wage access can help employees avoid late fees and overdraft charges, stay on top of their bills and avoid taking out high-interest loans. If you are an employer, consider offering early wage access to your employees to improve their financial well-being. Ask your employer about options that may be available to you.

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