HN user
Employers or users can pay the withdrawal fee, that's up to the company. We encourage companies to offer it as financial benefit. Regardless, users love our product and see a lot of value in getting the flexibility to decide when to get paid. In contrast to other options in the market there are no interest payments or hidden costs.
Hi HN, we're Karina and Andres of Monto (https://www.monto.mx/). We give employees of our affiliated companies access to their earned wages 24/7. We're currently operating in Mexico.
With Monto users can pay for basic services (like water, electricity) on time, avoiding penalties. They can stop paying overdraft fees and avoid having to resort to abusive credit alternatives like shark loans, employer loans, payday loans, credit cards, bank loans, department store credit cards, pawn shops. The conditions on these options are abusive and prohibitively expensive for low-income workers and have resulted in serious financial stress for millions of people.
Andres was working in investment banking in New York, but ended up back in Mexico for a while working on the family business and advising some friends with their business. Through these experience he was shocked to find out: 1) The level of indebtedness that low-income workers had in Mexico. 2) Companies were not offering benefits that promoted financial wellness in most cases they were offering problems that exacerbated the problem. 3) The lack of transparent, low cost, easy-to-use financial products in the market. He decided to move back to Mexico after living abroad for 12 years, and start a company that would fix this for people.
Users have immediate access to their earned money with Monto - we deposit the money in 2 minutes into any bank account. Withdrawals are secure and confidential. Users don't need to fill out an application, provide documentation or fulfill a long list of requirements – any employee of our affiliated companies can use it. Users pay a small fixed charge per withdrawal, regardless of the amount. There are no interest payments or hidden fees. In contrast to other alternatives, we don't perform credit checks and usage of Monto cannot affect our users in any way (e.g. credit score).