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.