Access to earned pay at any point of the month
Employees can access up to 50% of their earned pay at any time, including the day before payday. There is no impact on your payroll process when employees access their pay throughout the month and their available balance is updated based on actual shifts worked.
Reduce reliance on credit and debt
Earned wage access is not credit: employees access their accrued wages at a fixed cost, reducing their reliance on loans and high-interest borrowing. The funds they can access are a portion of what they’ve actually earned that month to date: Earned Wage Access (EWA) is not a loan or borrowing and no interest is ever paid on funds accessed.
Smooth out fluctuations between pay periods
Access to earned wages allows employees with varying income to ensure cashflow problems do not impact their financial health. Hourly-paid staff especially have fluctuating earnings depending on shift patterns worked which makes budgeting difficult. Earned Wage Access (EWA) means that fluctuating earnings do not have to mean cashflow problems and can make longer-term financial planning much easier.
Your questions, answered
How much does it cost for employees to access earned wages?
There is a fixed fee of £1.75 each time a transfer is made. This is paid by the employee unless you decide to subsidise it.
How much does Wagestream charge to provide Earned Wage Access?
Please contact us via the Pricing page for a bespoke discussion.
Is Earned Wage Access (EWA) a loan or credit?
No. We only ever give employees access to money they have earned to that point, not to their future earnings. The FCA has confirmed that Earned Wages Access ‘does not involve the provision of credit.’
What is the impact of Earned Wage Access on my payroll process?
Our technology has been designed to have a minimal impact on company payroll processes – we’d be happy to provide you with more details.
Who provides the funds to employees?
Wagestream has a revolving credit facility with an FCA authorised banking institution. From this facility we can provision funds to the employer to enable its employees to access a proportion of their earned wages via the Wagestream app.
Is there a limit to how much employees can access?
Yes. They can’t access more than 50% of their earned wages – you can set this lower if you wish. There is also a monthly withdrawal limit of £1000.
Get a live demo of flexible pay with Wagestream
There’s no better way of understanding how Earned Wage Access (EWA) can create a happier, more engaged team than by seeing it in action. Book your 30 minute, no-obligation slot today.Book a demo now
Having the added security of that little bit of flexibility with your wages is really useful.