Workplace Benefits Providers

The #1 Workplace Perk on Your Employee Benefit Platform

  • Easy automated pre-tax contributions
  • Fresh comprehensive data to determine eligibility
  • Reliable continuous account connectivity
APIs for Better Loan Management
The Problem
Employee benefit platforms should highlight employers’ value and unique perks to win the talent wars. However, inefficiencies can raise operational costs and add an unneeded friction for the employee, causing decreased activation and engagement.
The Solution
Embed employee debt management to enable direct auto-payments and IRS section 127 pre-tax contributions. Streamline processes with rich, real-time data to instantly identify loan type, payment plan, history, and more to enhance the employee experience and increase engagement by 30%.

Better Outcomes & Benefits

Embedded Fintech Solutions
Boost Efficiency By Removing Friction.
Our embedded fintech solution removes inefficiencies and helps you easily build a complete financial picture that includes loan type, payment plan, transaction history, and more.
Embedded Debt Repayment Tools
Easy Payments For Pre-Tax Contributions.
Free employees from manually making pre-tax contributions by embedding debt auto-repayments into every pay period.
Debt API
Promote Productivity & Reduce Churn.
Our debt API ensures a continuous and secure connection to every account with user-authentication. Stay connected through tokens, not cookies, and reduce user churn by 30%, on average.
Debt/Loan API
Go to Market Even Faster.
Go live faster with our low-code to no-code drop-in module accompanied by a developer-friendly API doc. Spinwheel’s white-label debt API is fully customizable to reflect your brand easily and efficiently.

Address the #1 Financial Concern of Employees

Spinwheel makes it easy for benefit providers to support employees by helping them manage and pay down their debt, while also saving for the future.

83%

See their employee value based on their financial wellness benefits

65%

Expect employers to offer more financial support than pre-pandemic

68%

Prioritize building their retirement funds more than they did pre-pandemic

48%

of employees think employers should help them with up to half of their student loans

Provide Benefits That Attract New Customers.

Spinwheel’s innovative drop-in modules and easy-to-use APIs make it simple to launch pre-tax debt payment benefits. Help your customers grow their employee base by providing this highly desirable benefit.
APIs for Better Loan Management

Onboard Employees Fast.

Help your customers get their employees set up to start paying off their debt quickly. Spinwheel makes it easy to connect all debt accounts into a single platform, so employees are empowered to start making informed decisions for greater impact with each payment.
APIs for Better Loan Management
Case Study > Workplace Benefits Providers

Betterment at Work is a leading provider of financial wellness solutions - including 401k plans - to small to medium-sized businesses.

Products Used
  • data-icon Comprehensive Data + Insights
  • Precision Payments

The Problem

Student loans are a primary reason why Americans don’t save enough for retirement. Moreover, student debt is a top contributor toward financial stress and employee turnover. Betterment sought to address these critical issues and needed a solution that could reliably sync student loan data, including monthly payments, repayment plans, and loan types. They needed to integrate complicated and confusing student loans into their intuitive user experience that simplifies financial understanding and decisions.

Additionally, given the CARES Act and pending Secure 2.0 legislation, Betterment wanted their solution to help employers take advantage of the tax benefits associated with both.

The Solution

Betterment used Spinwheel’s best-in-class data and unique precision pay solutions with their roboadvising platform to put employer and employee student loan contributions on auto pilot – all tied to Betterment’s 401k platform. Benefits to Betterment’s customers include:

  • Employers can now offer this sought-after employee benefit, along with having the option to take advantage of pre-tax treatment on student loan contributions that comply with section 127 of the IRS code
  • Employers can also make contributions to an employee’s 401k without a matching contribution when they can verify that they are paying student loans
  • Employees can easily sign up and enroll in this benefit, increasing employee participation
  • Employees can create a plan to get out of debt years earlier and save thousands of dollars of debt, empowering them with the information they need to increase retirement savings and take control of their financial future
Case Study > Workplace Benefits Providers
Student Loan Repayment Assistance

PeopleJoy provides comprehensive student loan assistance through analysis, advice, and employer and employee contributions.

Products Used
  • data-icon Comprehensive Data + Insights
  • Precision Payments
  • Account Switching
  • Embedded + Personalized Refi

The Problem

Retrieving consistent and accurate data is critical to PeopleJoy’s services. Moreover, determining loans that qualify for tax incentives that save employers and employees money relies on understanding loan types and repayment plans. Beyond employer contributions, PeopleJoy needed a way to make it easy for users to budget and make extra payments to get out of debt faster.

The Solution

Partnering with Spinwheel, PeopleJoy quickly launched a completely embedded solution to deliver a comprehensive student loan management experience for borrowers. Using our drop-in modules, PeopleJoy launched within a month, saving more than a year of development time and cost. Benefits include:

  • PeopleJoy can ensure that loan types and repayment plans comply
  • Borrowers can see all their loans in one place
  • Precise payments can be made to individual loans across multiple loan servicers, ensuring that the maximum amount gets applied to principal over interest
  • Borrowers can also round up the change from their purchases to make extra payments toward the principal of their most expensive loans
Case Study > Workplace Benefits Providers
Student Loan Repayment Assistance

Tuition.io enables employers to offer a full suite of education assistance benefits.

Products Used
  • data-icon Comprehensive Data + Insights

The Problem

Student Loan Debt Assistance is quickly growing in popularity as an important part of an employee benefits package. However, it’s only an effective recruitment and retention tool if employees can successfully connect their loans and access the loan data they need. When Tuition.io struggled with other data providers whose connections, coverage, and data were lacking, Spinwheel was the easy choice.

The Solution

Tuition.io launched with Spinwheel’s Comprehensive Data + Insights product with incredible results. Because of Spinwheel’s stronger connections and better data:

  • User adoption increased because of better coverage, allowing users to connect their loans with servicers that weren’t available without Spinwheel
  • User retention increased significantly because users weren’t getting disconnected frequently
  • Customer service costs reduced dramatically because users didn’t have to reconnect their loans repeatedly

Spinwheel: Better Outcomes Made Easy

Debt and Loan APIs
1.

Borrower connects their loan account via the app

Debt and Loan APIs
2.

Once authenticated, you have access to their debt information

Debt and Loan APIs
3.

Borrowers can start making payments or refinancing right away