Purchasing Power®, an employee purchase program offered as a voluntary benefit, has closed on its first-ever acquisition by purchasing the software technology assets of DoubleNet Pay, Inc., an Atlanta-based fintech company. Closed on Sept. 28, the acquisition provides innovative technology for Purchasing Power to present automated savings and bill-paying capabilities to its ecosystem of large U.S. employers and their employees.
DoubleNet Pay’s financial technology platform empowers employees with a simple, responsible way to set up automated savings goals, debt paydown strategies and recurring bill payments on-time through payroll deduction. Purchasing Power will rebrand this service to complement its current core voluntary benefit program, which markets the leading employee purchase program of brand-name products and services through the convenience of payroll deduction.
“This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not addressed by traditional employee benefit providers,” said Richard Carrano, Purchasing Power CEO. “Coupled with our premiere employee purchase program and free financial wellness resources, this technology provides a full menu of valuable options for employees to take greater control of their financial futures. Furthermore, the automated features help to replace the stress of daily attention to personal finances with confidence that a reliable strategy is at work on the employee’s behalf.”
To introduce these new services, Purchasing Power will work directly through brokers and clients to offer their expanded program as a financial wellness program for employees. The company’s current financial platform includes a free, holistic approach to financial education and best practices, including coaching, alternative credit reports and budgeting software, as well as educational modules for youth.
Purchasing Power’s anticipated launch date of the new program is first quarter 2019.
"We are excited that the DoubleNet Pay platform will be able to help Purchasing Power's millions of eligible employees set proactive short-term savings goals and take care of monthly bill obligations automatically,” said Brian Cosgray, Founder and CEO of DoubleNet Pay. “We have known the Purchasing Power leadership team for many years and are impressed with its passion for helping to improve the financial well-being of their customers."
Purchasing Power’s voluntary benefit program offers employees access to more than 60,000 products including computers and tablets, electronics, home appliances, furniture and mattresses, vacation packages, automotive service contracts and tires, educational services and more. The service boasts the convenience of automatic payments over a 6 to 12-month payment term, without the fees, penalties and ballooning interest associated with other payment options.