Paytime is committed to helping all our enterprise partners/employers enable on-demand access to wages for their valued employees.
Payroll is an essential function of any business, and it can often become complicated. Payroll is usually run on a fortnightly or monthly basis, with no company infrastructure built to run it daily. Is this really good enough? Today’s ‘on-demand’ society demands a change – because after all, why do we need to wait to receive our pay? If I work today, I should be paid today! This is where Paytime comes in. Paytime has developed an innovative software platform that allows our enterprise partners’ employees to access their earned wages before payday, even on a weekend or right after the end of their work shift. Implementing the Paytime system is easy, smooth and elevates the HR and payroll teams in the eyes of their fellow employees as they champion this benefit across the business!
Paytime Enables Access to an Employee’s own Money, without the Need to Repay
Using Paytime, the employees of our enterprise partners/employers can access the pay that they have earned in the same way they would use an ATM to access money that they already have. Withdrawals from an ATM are your money – they do not need to be repaid to the bank! Similarly, employees who use Paytime do not need to repay any wages they access before payday. The money available to them is the money that they have already earned through their completed work/shift. In this modern age, there is simply no reason why all payroll should not be done in this manner!
Paytime is Entirely Transparent on Fees
Just like many traditional ATM’s, employees are charged a small fixed charge whenever they access a portion of their earned pay when they need money before payday. This fee is only payable when the employee actually uses the service, and will be shown every time before the employee confirms his/her request to access their earned wages – if they don’t use it, they don’t pay. There’s no pesky membership charge, or any other hidden fees to the employee. It is up to the employer to agree on and subsidise the fee. For example, the Paytime fee can be paid in full by the employer or employee – or some combination of the two.
As on-demand access to earned wages begins to gain widespread appeal across Australia, staying up-to-date on the market and best-practice is a must. Paytime’s goal is to partner alongside employers to enable all Australians access their paychecks early as needed. By doing this, Paytime allows your employees to take meaningful steps in the right direction toward improving their financial wellbeing and health (no more stressing about waiting for payday!).
Paytime can Help Eradicate Dangerous Payday Loans
Recently, payday lending has hit the headlines for all the wrong reasons. ASIC has flagged payday lending concerns over the next few months as fiscal stimulus is withdrawn. ABC reported that some payday lenders used the difficulties of COVID-19 to push their products on vulnerable customers. Consumer advocates rightly warn that these loans may trap people into a debt spiral that is not easy to escape from.
Paytime is committed to partnering with the very best Australian employers to empower their employees with the ability to receive their earned pay without having to wait for payday (earned wages can even be requested and deposited on the weekends). Paytime is not a payday lender; Paytime empowers Australians with a get paid today app allowing them to access what is rightfully whenever they need it, without having to wait every month or fortnight. We do not charge any interest and it is not considered a personal loan. With a substantial number of Australians living paycheck to paycheck, we recognise the need for a solution that promotes financial wellness – not undermine it, as payday loans often do.
If your business wants to empower your employees and improve their financial wellbeing by enabling on-demand access to their earned wages, contact Paytime today for a demo!
