Important
InstaPay is rebranding to earned wage access. You may see both names used over the next couple of weeks as we change the name in the app and online.Financial wellness is important, and your employees can avoid high-interest credit products and stay in control of their finances with access to earned wage access. Whether they need to pay an unexpected bill, top up mortgage payments, use it for investments, or for savings. This feature can be a benefit available to boost your EVP.
If your organisation and employees qualify to use earned wage access, your employees can access part of their already-earned wages without needing to wait for pay day and without credit, interest, or stress. There is no interest or hidden costs, just one small fixed fee*.
What benefit is there to my employees using earned wage access?
Learn more about earned wage access here and why employees use it.
How does it work?
Learn how an employee can set up an earned wage access request here.
Does this impact me as their manager?
If an employee uses earned wage access, your Payroll admin will need to know how to view, process, and report on the deduction. Click here for a step-by-step guide. For more information, please read our frequently asked questions.
*Earned wage access is not a credit product, and there are no related interest charges. There is only a small fee for each earned wage access transaction:
- 1.3% of the transaction amount if you choose to have your funds sent to your Swag Wallet account.
- 1.5% of the transaction amount if you prefer to have your funds sent to another bank account.
Comments
The how does it work link is broken.
Hi Gareth Davies, thank you for your comment. The link has now been fixed. Thanks!
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