ATLANTA, GA, January 10, 2023 /24-7PressRelease/ — GoDo Inc., an innovative financial inclusion platform that helps workers escape the burden of living paycheck to paycheck, announces a partnership with Giving Kitchen to provide food service workers with early wage access via the Giving Kitchen GoDo Debit Mastercard®, issued by Sutton Bank.
This new product from GoDo Inc., which was founded to help workers break free from the cycle of debt, provides service industry workers with a helpful new option to access their pay before payday at no cost. Additionally, a portion of every transaction with the Giving Kitchen GoDo Debit Mastercard® is donated to the Giving Kitchen, a nonprofit organization that provides emergency assistance for food service workers through financial support and a network of community resources.
Today, workers face significant barriers to get ahead financially: minimum balance requirements for banking, fees charged by existing players to access their paychecks ahead of payday, and crippling interest rates on options like short-term or payday loans. These can create an inescapable cycle of debt.
“GoDo disrupts this industry by removing barriers to early wage access for workers and businesses,” says Wesley Wright, CEO of GoDo Inc. “We eliminate hurdles for workers, including providing access to earned wages without fees. We also make it easier for restaurants to provide this important benefit since we don’t require payroll changes, working capital, or IT integration. Partnering with Giving Kitchen allows us to further our mission to create real change for hourly workers and help them get ahead.”
Every time customers use the Giving Kitchen GoDo Debit Mastercard®, a portion of the transaction is donated to Giving Kitchen, which means users get ahead financially while helping build a safety net for the industry and their coworkers. The program is designed for ease of implementation: workers sign up with GoDo directly, with no need for restaurants to change their payroll processes or fund the advances. There is no charge for either restaurants or their employees.
“To better serve the food service community and meet our clients’ crises with compassion and care, Giving Kitchen is proud to include GoDo as a Stability Network partner, providing a resource to encourage financial stability for food service workers,” says Jen Hidinger-Kendrick, Giving Kitchen co-founder and senior director of community engagement. “Of Giving Kitchen clients surveyed, approximately eight percent report that they can pay all their bills on time. With GoDo, more food service workers can access their hard-earned wages to pay bills and make essential purchases without the burden of payday loans or credit cards.”
Key Features of the Giving Kitchen GoDo Debit Mastercard®
Eliminates Common Banking Fees. The Giving Kitchen GoDo Debit Mastercard® helps users stop paying fees and start saving money with no monthly account or overdraft fees, plus no minimum balance requirements. Like a checking or savings account, funds are FDIC insured up to $250,000.
No Cost Early Wage Access. The new debit card allows workers to access their pay before payday, as soon as their next shift. GoDo can provide access up to $750 based on a worker’s earnings within a pay cycle, and the funds are repaid to GoDo when the employee gets paid by their employer. Workers must be U.S. citizens or authorized to work in the U.S., however, no credit checks are required.
No Barriers To Start. The program allows restaurants to offer their employees all of the benefits of early wage access with none of the burden. They do not need to change their payroll processes, front working capital, or require IT integration. Restaurants simply share the program with their employees, and GoDo handles the rest.
GoDo was founded in 2021 to help companies improve their workers’ and customers’ financial lives while building retention and loyalty. The GoDo platform, including the GoDo Debit Mastercard and GoDo app, eliminates common financial pain points such as minimum balance and overdraft fees, and provides no-fee access to earned wages. It helps employers improve recruitment and retention of their hourly workers at no cost. GoDo’s investors include PivotNorth Capital, an early investor in Chime. GoDo is a technology company, not a bank. Banking services are provided by Sutton Bank, Member FDIC. For more information, visit godolife.com or download the GoDo app for iOS or Android.
About Giving Kitchen
Giving Kitchen (GK) is a nonprofit organization that provides emergency assistance to food service workers through financial support and a network of community resources. Their goal is to create a food service community in which crises are met with compassion and care. Since its inception, GK has served over 11,000 food service workers and awarded over $7.3 million in financial assistance. Giving Kitchen is honored to be the James Beard Foundation Humanitarian of the Year recipient and named one of Fast Company’s Brands That Matter in 2022. For more about Giving Kitchen, visit givingkitchen.org and follow @givingkitchen on Facebook, Twitter, and Instagram.
About Giving Kitchen’s Stability Network
Giving Kitchen’s Stability Network connects food service workers to social services. Through partnerships with national, regional, and local service organizations, as well as curated services specific to Giving Kitchen referrals, our Stability Network has connected thousands of people to resources related to mental health & substance misuse, physical health and wellness, employment, housing & utilities, and family & social services. If you are a food service worker in crisis, ask for help and view the Stability Network at: thegivingkitchen.org/stability-network.
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Published on : https://www.24-7pressrelease.com/press-release/497439/godo-inc-launches-giving-kitchen-godo-debit-mastercard-offering-early-wage-access-at-no-cost-to-food-service-workers-and-restaurants