Frequently Asked Questions
What is financial wellness?
Financial Wellness goes beyond retirement to help employees put healthy financial behaviors into practice today. This starts with the Basics: Spending, Emergency Savings and Debt Management. These three building blocks are critical to long-term success for employees in both their short-term finances and retirement readiness. We know the best way to help an individual stay committed to their retirement savings is to make sure they are on solid financial ground today.
Who is DoubleNet Pay?
DoubleNet Pay is the next generation financial wellness experience. The solution automates emergency savings and cash flow management for employees, leading to better financial outcomes which means more investments stay in the plan, keeping our participants on track for their retirement goals.
DoubleNet Pay is the only provider that does the work for the employee. Most early efforts to help employees improve their short-term finances have been centered around education and guidance. While these are important, they require more time of the employee and depend on the employee to execute the strategies. DoubleNet pay creates outcomes for employees seamlessly and automatically.
How does DoubleNet Pay Work?
DoubleNet Pay takes employees through a simple first time set up where an employee sets initial short-term savings goals, like an Emergency Fund, and inputs their bills into the system. Once complete DoubleNet Pay will automatically track savings goal progress and keep bills organized by tracking upcoming dates and amounts due.
Employers also have the option to opt employees into an Emergency Fund so that they stay ready for a rainy day.
How does DoubleNet Pay bill pay differ from online banking?
Just as retirement contributions are funded out of the paycheck, DoubleNet Pay automatically pays upcoming bills on payday. By getting bill obligations out of the way on payday, an employee has a clear view of what they can spend until their next paycheck arrives.
DoubleNet Pay can electronically track upcoming dates and amounts due for about 10,000 billers. Bills are aligned with the paycheck ahead of pay date to make sure nothing is missed and late fees and overdraft fees are minimized.
What makes DoubleNet Pay unique?
Most people know that they need to have better behaviors, but many struggle to put them into practice. DoubleNet Pay automates those good behaviors on behalf of the employee saving them time and effort instead of asking for more of it.
Is DoubleNet Pay Secure?
Yes! Savings Goals are held with an FDIC insured bank partner and are available to be transferred into a linked bank account the next day at no charge. Beginning in September, an employee can have their money on the same day for a small fee.
What is the user experience like?
DoubleNet Pay will provide an integrated experience within a partner’s platform website. In addition, DoubleNet Pay is available on any device, they offer iOS and Android apps as well as a responsive website.
What is the cost for DoubleNet Pay?
Pricing will be determined by the type of implementation and payment model which may include an employer paid, employer subsidized, or a full employee paid model depending on client preference.
What’s the process for implementing DoubleNet Pay?
DoubleNet Pay offers multiple integration options depending on the client’s payroll resources from full payroll integration with large clients to a participant bank account link for clients with minimal payroll connectivity.
What are some stats on why financial wellness and DoubleNet Pay?
DoubleNet Pay solves real issues that participants face around their basic finances. Financial stress costs businesses more than 300 billion dollars annually and is the largest source of stress for employees. 90% of employers are focused on financial wellness for 2016 according to AonHewitt. According to PWC 55% of employees say their top concern is emergency savings and paying bills on time. DoubleNet Pay solves both of these issues.
Why should employees use DoubleNet Pay?
- DoubleNet Pay is secure
- DoubleNet Pay creates results
- DoubleNet Pay is easy to set up and requires little ongoing engagement.
How do I get more information?
Please contact us: firstname.lastname@example.org