Industry Pioneer and Patent Holder
FlexWage Solutions, located in Scottsdale, AZ, was founded after another historic economic crisis. Before the Covid-19 pandemic, the Great Recession of 2008, prompted by the housing subprime mortgage crisis, was the most significant global economic challenge since the Great Depression in the 1930s.
The financial collapse of 2008 created increased economic challenges and stress for workers throughout the U.S. At that time, most 40 million unbanked households in the U.S. did not have access to short-term credit other than payday loans.
Many workers turned to payday loans to access the money they’d earned before payday. Unfortunately, the high cost of payday loans creates a tough-to-break cycle. With APRs reaching just under 400% for an average loan and roll-over conditions requiring multiple payday loans to pay off the first loan, the impact magnified employees’ financial hardships.
Frank Dombroski founded FlexWage Solutions in 2009 to address the financial crisis and give workers an alternative to predatory payday loans.
Mr. Dombroski, an expert in digital payment solutions with deep experience in the financial services industry, pioneered and patented OnDemand Pay and Earned Wage Access.
In 2010 FlexWage was granted the patent US8751338B2 for: “Systems, methods and computer program product of integrated payroll solutions enabling low cost on-demand intra-cycle payment of accrued employee wages, to meet critical cash flow needs.”
The FlexWage OnDemand Pay solution is the industry’s most in-depth, data-driven, accurate, transparent, and regulatory-compliant Earned Wage Access process. It has stood for more than a decade as the market standard.