Smart Benefits: Employee Purchase Programs: Making Buying Power a Benefit
Monday, February 04, 2019
Employee Purchase Program Defined: An employee purchase program allows employees the opportunity to buy a wide range of products and services online through payroll deduction, enabling them to avoid incurring credit card debt or interest charges for the purchases.
How They Work: Working within set spending limits, employees purchase available offerings and make payments over time (up to 12 months) through automated payroll deductions. Employees also have the option to make a lump sum payment to pay off their purchases early. Transactions are between the employee and vendor, and not the company, so any product returns must be initiated with the vendor.
Benefits to Employers and Employers: Employers who offer employee purchase programs can make their benefits package more attractive and address employee financial stress at the same time without taking on any additional administrative burden or resources. The upside for workers is that they can buy brand-name products and services like electronics, appliances, travel, automotive care, and more, regardless of their credit history or available cash.
Implementing a Program: You can offer a program as a voluntary benefit at no or low cost to employees. An employee purchase program vendor can establish a turn-key plan for your organization, set eligibility requirements, handle enrollment, and so on.
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