'Pronto Pay handles accessed wages': Houston-based company helps employees get access to payments before payday
A Houston startup is making it easier for employees to get paid before payday with its app.
Pronto Pay Founder and CEO Jeff Price said the company aims to eliminate predatory lenders from the market.
“Payroll itself has not changed in nearly two centuries," Price said in an interview with Houston Daily. "The fundamental disconnect is that we have a payroll cycle on a batch basis, but we have an expense cycle on a real-time basis. Pronto Pay is using technology to bridge that gap by providing employees with real-time access to the wages that they earn, as they earn them."
Pronto Pay isn't a loan or a line of credit.
"Pronto Pay handles accessed wages, not the employer," Price said. "There is no receivable because EWA is not a loan made by either the employer or anyone else."
Price said Pronto Pay already has several customers in the Houston area.
"Yes, we have successfully implemented our software with few Houston-based businesses," Price said. "We are currently ramping out sales and marketing efforts to reach a wider audience of clients in the Texas market."
Price said the company currently works exclusively in the Texas market. Price founded the company in the first quarter of 2021.
The company enables employees of other companies to access their accrued pay by integrating with the company's payroll process.
Price founded the company to help hourly employees access wages.
When a client signs up, Pronto Pay automatically creates an account for each employee and then those employees can view their accrued wages and withdraw earnings instantly from the app when needed, Innovation Map reported.
"My wife and I were having our son and it challenged me to ask questions like, 'Hey, why do we get paid bi-weekly? If I can Venmo 100 bucks in real time, why can't a company do that?'" Price told Innovation Map.
Price hopes that the app will have a positive contribution to the workforce, Innovation Map reported.