Business: ZayZoon comes to Cape Girardeau to promote an app for those in between paychecks (7/11/22)


ZayZoon’s traveling bus on Friday, October 28 in downtown Cape Girardeau. ZayZoon recently embarked on a 75-city tour to tout the benefits of its “get paid before payday” app.

Jeff Long

It’s no secret that some companies are finding it harder these days to attract and retain employees.

Many employers offer higher salaries, signing bonuses and flexible hours given the scarcity of labour.

Getting paid the same day you work, without having to wait for compensation, is quickly becoming a popular way to attract workers.

Sikeston, Missouri’s Americare Senior Living is recruiting for positions online, and among the benefits the company touts to potential employees is “access to daily wages.”

Mike Unverferth

CPU Inc. Vice President of Payroll

Mike Unverferth, Vice President of Payroll at Cape Girardeau-based CPU Inc., helps CPU customers for whom the company performs payroll processing connect with ZayZoon, a fintech platform based in Canada and founded in 2014.

“The basic theory is that people can access an already earned salary before payday. Frankly, this is prevalent in all types of industries, but especially in the fast food industry. Typically , these are low-paying positions and they need or want access to their money without waiting a week or two weeks,” said Unverferth, who has been with CPU for 25 years.

“The truth is, when people typically live paycheck to paycheck, they can walk into a payday loan office – and those rates are really high – not to mention the bank penalties incurred if someone one bounces a check.”

ZayZoon Co-Founder and President Tate Hackert visited Cape Girardeau on Friday, October 28, as part of a 75-day bus trip across America to promote the pay-on-demand service of the company.

“We’re a reactive product; we provide last-minute help through our app,” Hackert said, speaking at Codefi Works in Cape Girardeau’s Marquette Tower.

ZayZoon’s Vice President of Growth Shubh Sidhu lays out the plight of many American workers today.

“The numbers are staggering. 10% of employees use payday loans, 13% use employer advances, 78% check online to check and Americans have paid $34 billion in overdraft and insufficient funds fees in 2017 alone. It’s an epidemic. Huge fees, going into spirals of debt, and their money going to organizations that profit from these personal financial crises,” Sidhu wrote in an online post.

“This service with ZayZoon costs around $5 per transaction, so they can access the money they earned before payday for $5 – similar to ATM fees,” Unverferth said. .

“For people already using other methods to get funds sooner, this is a big money saver,” he added.

Tate Hackert, co-founder and president of ZayZoon, speaks Friday, October 28 with guests at Codefi in the Marquette Tower in downtown Cape Girardeau. ZayZoon’s app helps workers get paid before a company’s regular payday.

Jeff Long

The method

“CPU helps sign in to the ZayZoon app for all of our payroll customers, and employees voluntarily sign up through a mobile app,” Unverferth said. “Once they sign up, they link their personal bank account and can claim compensation for the work they earned before payday. On the back, the ZayZoon system creates a payroll deduction on the next employee’s paycheck to pay the For example, if I request $200 on Monday and the payday is not until Friday, I will receive the money on Monday and then on my pay stub received at At the end of the pay period, it will appear as a debit of $205.”

Worst case

A worker may request money early before payday and not stay until the end of the pay period.

Unverferth acknowledges the possibility and says ZayZoon has already made it into the storyline.

“If an employee applies and receives money early and quits the next day and their last check is not enough to collect the advance, ZayZoon tries to collect the money from that person,” said Unverferth. “If ZayZoon cannot recover it, the employer is not obligated to reimburse and is never liable. This is virtually no risk for the employer. ZayZoon incorporates potential losses into its business model and is ready to take the risk.”


“A lot of times if you walk into a fast food restaurant, you’ll see a sticker on the door saying ‘Work today, get paid today’, or words to that effect. It’s really popular in a lot of restaurants. , honestly,” said Unverferth, who added that the first step to getting started with the pay-on-demand platform is for the employer to sign up.

CPU will facilitate the link with ZayZoon and help start a business.

Unverferth said CPU processes payroll for about 400 nursing homes in nearly 20 states.

“We work with a lot of retirement homes and this service is very, very popular with those employees. Their use of the app is phenomenal, to be honest. Being able to get paid early is effective as a recruiting tool on their employment sites. job,” he said. said.

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