Paychex adds PayPal direct deposit to Flex Perks

Paychex has added PayPal Direct Deposit to its Paychex Flex Perks marketplace, enabling employees of Paychex customers to set up direct deposit to PayPal and receive pay up to two days early.

The company said the Federal Deposit Insurance Corporation reported about 5.6 million U.S. households were unbanked in 2023, and that 42.3 percent of respondents cited insufficient funds to meet minimum balance requirements as the main reason for not having a bank account.

The offering gives enrolled employees early pay access and access to PayPal’s product suite, including the PayPal Debit Mastercard® and PayPal Savings with a current 3.65% APY provided by Synchrony Bank, the company said. “In today’s economy, workers face numerous financial pressures,” said Cory Mau, Paychex vice president of corporate strategy, business development, and investor relations. Scott Young, SVP, Consumer Financial Services, PayPal, added that PayPal offers a trusted, flexible and seamless experience for employers and employees.

Paychex said Paychex Flex Perks now includes twenty-five employee benefit offerings and is available within the Paychex Flex cloud-based HCM platform. Benefits can be paid through payroll or directly to the benefits provider at no cost to the employer, and more than 270,000 customer employees have purchased at least one marketplace benefit, the company said.

The company said it plans to continue expanding Paychex Flex Perks based on trends and customer feedback; employers can visit go.paychex.com/perks or paychex.com for more information.

The Recap

• Paychex added PayPal Direct Deposit to Flex Perks.
• Employees can receive pay up to two days early.
• Paychex Flex Perks now offers twenty-five benefit offerings.