FAQs

Paytime is an Australian HR-Fintech with the mission to create a fairer and brighter financial reality for all Australians.

We do this by enabling Australian workers to have access to their earned wages on an on-demand basis so no one should need any short-term loans caused by having to wait for payday.

A service that enables workers to access their earned wages on an on-demand basis, as opposed to having to wait 2-4 weeks for their payday.

For illustration purposes, let’s say Tim earns $50 per hour and is scheduled to work 100 hours this month. Tim usually gets paid once a month. Two weeks went by and he has worked 50 hours. He has earned himself $2500 but still has to wait until the end of the month to get his wages paid. With Paytime’s Earned Wage Access solution, he is able to withdraw his earned wages any time (be it daily or weekly) as he completes his work.

This is also referred to Early Wage Access, On-Demand Pay, or Wage Streaming.

No, Paytime is not a loan. Paytime is simply advancing your employees’ earned wages to them before pay day. They can only withdraw their ‘earned’ wages based on the number of hours they have worked.

Paytime is not a loan. There are no interest or late fees. Any earned wages your employees access through Paytime is theirs. Paytime charges a small flat platform fee that is less than the cost of a cup of coffee (akin to an ATM withdrawal fee) for this service, in which you can subsidise.

No. Paytime is not a loan of any kind. It is a technology platform that enables your company to offer access to earned wages to your employees, on a SaaS basis.

There are no credit checks, repayments, interest charges, late payment fees etc. The small fee charged to the employee every time they withdraw their wages early is considered a SaaS fee, and does not vary by timing and/or size of the withdrawal.

The employer can also choose to subsidise this fee as part of their financial wellbeing initiative, ensuring a completely inclusive offering.

Get in touch with one of our teams to arrange a demo! The onboarding process is very quick and simple with no changes to your existing payroll process.

Paytime does not have any tax implication as all the early withdrawals requested by your employees are done on a net taxes and deduction basis.

If Paytime provides the funds to facilitate the withdrawals, then there are no accounting/tax implications. If the employer provides the funds to facilitate the withdrawals, then the employer may be able to reflect the withdrawals as an expense, and not an accrual.

We charge a small flat withdrawal fee (akin to an ATM fee) each time an employee accesses their wages early. This fee can be borne either by the employee, the employer, or a mix of both (subsidy model).

Very easy. Paytime is a SaaS platform that is easily integrated with your ERP, Payroll, and Timekeeping systems utilising an Application Programming Interface (API). It requires very minimal involvement from the employer’s side.

We also have a self-service model for smaller companies who may do all their payroll and timekeeping manually or that utilise off-the-shelves accounting software (e.g. Xero, MYOB).

Our Tech team is on the ground to lead and manage the integration on your behalf.

There is no inherent risk with the product itself (i.e. offering Paytime will not damage your brand, employee performance, business processes etc.), especially when all the integrations are done on a real-time basis via our APIs.

Quite the contrary, by providing on-demand access to your employees’ wages, it has been proven to improve productivity, reduce turnover/absenteeism, and increase your employees’ morale. By providing your employees daily/weekly access to their money, they are able to better manage their personal finances.