This digital money app lets you send money to your employees as a wellness benefit.Wallit is a digital money app that enables employers to create a flexible, centralized benefits program. Employers can use Wallit to pick and choose benefits categories and provide employees with a monthly or annual cash allowance. Employees then have the freedom to spend their allowance in the categories of their choosing. But not all features are available in the free version and the paid versions can add up quickly.
How much does Wallit cost?Wallit offers three plans. If you have a small team or just want to give Wallit a try before committing, the free plan is a good place to start. Otherwise, Wallit offers two paid plans depending on the functionality you’re looking for..
|Cost (each team member)||Free||$7 monthly or $5.55 a month when billed annually||Custom pricing|
How do I open a Wallit account?
Employers and employees can sign up for Wallit through its mobile app or official website using the steps below:
- Download the official Wallit mobile app or go to its website and select Get Started.
- Sign up using your name and password, phone number or Magic Link.
- Create your username and password and click Confirm.
- Enter your personal information to create your profile, and then hit Next.
- Enter the verification code sent to your mobile phone to confirm your account.
After you’ve created an account, you can link bank accounts, add wellspaces and invite new members.
What are the pros and cons of Wallit?Wallit offers a modern and unique take on employer wellness benefits, but it might not be the best solution for every employer. The biggest downside would be cost, depending on what you’re currently spending on wellness benefits for your employees.
- Free version. Though it comes with some limitations, Wallit‘s free version allows you to try the platform without any commitment to see if it’s right for your organization.
- Automatic cash back. Employees can use their linked debit cards to earn cash back at participating retailers.
- Automatic reimbursements. Employees don’t need to submit expense reports to get reimbursed. Instead, they use their linked debit card to automatically get their purchases validated and reimbursed.
- Scheduled allowances. Choose benefit categories and schedule automatic monthly and annual employee allowances.
- You need to pay to get access to the best features. Access to features like custom monthly allowances and unlimited reimbursements requires you to purchase one of the paid plans.
- Wallit may be more expensive. This all comes down to what you’re currently spending on wellness benefits for your employees and how those benefits compare to what Wallit offers. Wallit‘s first paid plan will cost you $66.60 per employee when you pay on an annual basis.
How does Wallit work?Wallit enables employers to create a customizable wellness benefits program that allows employees to self-direct their wellness benefits. After creating a wellspace, employers can select one or more benefit categories for employee reimbursement and set a monthly benefit allowance. Using their linked debit cards, Wallit automatically validates and reimburses employees’ wellness purchases.
Though not exhaustive, employers can select from the following benefit categories to offer to their employees:
- Food & Grocery
- Family Care
- Health & Wellness
- Work from Home Essentials
- Pet Care
- Mobile Phone
- Mental Awareness
- Meal Delivery
- Learning & Development
- Footwear & Apparel
- Events & Experiences
- Charitable Giving
- Home & Life
Is Wallit safe to use?Wallit uses bank-level security to protect user information. They also use multi-factor, two-factor authentication and facial recognition to prevent unauthorized access. In addition, the company doesn’t store your debit card or bank account information. Wallit partners with Plaid, a leading banking vault platform that securely connects consumers’ bank accounts to apps.
Importantly, Wallit doesn’t sell user data to businesses or third parties.
Wallit reviews and complaintsWallit is accredited by the Better Business Bureau (BBB), which gives the app an A+ rating. However, there are no reviews or complaints about Wallit on the BBB’s website as of July 2021. Likewise, there aren’t any reviews for Wallit on Trustpilot either.
Frequently asked questions
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
If you’re looking for a simple, modern platform to offer wellness benefits to your employees, Wallit may be a good option. You can provide your team with monthly cash allowances to spend in a variety of benefit categories and employees can earn cash back in the process. With its free version, there’s really no reason to not give it a try to see if it works for your organization.
According to the 2020 survey by the Employee Benefit Research Institute, 38% of employers spend less than $50 per employee per year. In comparison, Wallit’s Plus plan comes out to $66.60 ($5.55 per month) per employee when billed annually, so it’s fairly competitive. The benefit to using Wallit is that you yourself don’t have to design a wellness program for your company only to find out none of your employees use it. With Wallit, employees get to choose the benefits they actually want.