FAQs for Employers

Who is Paytime?

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.

What is Earned Wage Access?

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.

Is Paytime a loan?

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.

How is Paytime different from payday loans

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.

Is this equivalent to offering company loans to my employees that is secured against their wages?

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

How do I join Paytime (as an employer)?

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.

Will using Paytime have any tax/accounting implication?

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.

Do I need to pay for my employees to use Paytime?

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).

How easy is it to integrate Paytime into my payroll?

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.

What are the risks associated with offering Paytime to my employees

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

FAQs for Employees

Introduction to Paytime

Who is Paytime?

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

We do this by enabling you, an Australian employee, to have access to your earned wages on an on-demand basis so you will never need to access emergency loans caused by having to wait for pay day. Even if you don’t need a loan, Paytime simply allows you to access your earned wages anytime, anywhere. Work today, paid today!

What is Earned Wage Access?

A service that enables you to access your earned wages on an on-demand basis, as opposed to having to wait 2-4 weeks for pay day.

For illustration purposes, let’s say Tim earns $50 net per hour (post taxes/deductions) 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 of net pay, 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 a portion of his earned wages ($2500) any time (be it daily or weekly) as he completes his work.

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

Is Paytime a loan?

No, Paytime is not a loan. Paytime is simply advancing your earned wages before pay day. You can only withdraw your ‘earned’ wages and no more, so there is no lending. This is why there are no interest rates, late fees, and credit checks.

How is Paytime different from payday loans

Paytime is not a loan. Any earned wages you access through Paytime is yours, so there are no interest or late fees. In return, 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.

How do I join Paytime (as an employee)?

You can only join Paytime if your employer has teamed up with us to extend OnDemand Wage Access for its employee base.

If you want access to your earned wages on-demand, get in touch with us at support@Paytime.com.au and we’ll arrange your employer to be onboarded to get you started!

Those who help us ‘activate’ their employers will receive an Ambassador status on their Paytime account that effectively waives any access fee for 3 months.

Will using Paytime have any tax implication?

No. Paytime provides you with access to your net pay after all taxes and deductions. Since Paytime deals with after-tax wages, there should be no tax implications from using Paytime.

Will using Paytime have any impact on my current income?

No, Paytime will not impact your income or salary. Paytime simply provides you access to your earned wages or income on an on-demand basis.

Can I use Paytime on my Centrelink payments?

No, Paytime is only designed for people who are employed.

Getting Started

How do I get started with Paytime?

You can download our app from the AppStore or Google Play and follow the sign-up steps.

Why can’t I find my employer on the Paytime app?

If your employer has partnered with Paytime and you’re struggling to find them, please reach out to us at support@Paytime.com.au

Is Paytime safe to use?

Yes, Paytime uses advanced encryption technology to ensure our users data is protected as it is our top priority.

Using Paytime

How much money can I withdraw from Paytime?

You can withdraw up to 50% of your earned wages (sometimes higher subject to your employer’s discretion).

Why are there limitations on how much I can withdraw?

The limitations are set by your employer to encourage and ensure responsible spending. Paytime also provides a variety of resources to build and elevate our users’ financial behaviours around saving and money management to ensure that our users truly break free from the payday trap.

Will Paytime encourage me to spend more and save less?

The Paytime solution has been designed to simply provide you access to your earned wages. It has not been designed to encourage you to spend more.

A big part of the Paytime solution is dedicated to elevating and empowering our users to save more and spend responsibly – check out the articles and the various tools that are available for you to use, for free!

How fast can I get my money using Paytime?

You will receive your money within minutes of your request 24/7 (if your bank supports OSKO, Australia’s real-time payments platform), or within 24 hours otherwise.

Note that only <5% of bank accounts in Australia do not support OSKO, and the number is decreasing by the day.

Paytime will notify you post every withdrawal if your bank account does not support OSKO

How much does it cost to use Paytime?

The cost varies depending on whether your employer subsidises the Paytime service.

Does the access fee increase with the amount of money I withdraw?

The Paytime access or platform fee does not scale with the amount of withdrawal (akin to a fixed ATM fee)

Do I need to do any repayments?

No, your employer will automatically deduct the amount you have withdrawn during the pay period from your final pay.

Will my Paytime withdrawals appear on my bank statement?

Yes, the money that you requested will appear on your bank statement as a separate debit entry

Will my Paytime withdrawals affect my credit rating?

No, Paytime is not a loan and hence will not affect your credit rating. We do not even do credit checks.

Will my Paytime withdrawals appear on my payslip?

Yes, they will appear as a normal deduction with a unique code determined by your employer.

Join the Earned Wage Access revolution

Whether you are an employer or an employee, we want to hear from you
© 2021 Paytime. Privacy Policy | Terms & Conditions
© 2020 Paytime. Privacy Policy | Terms & Conditions