Salary-on-demand? Employment Hero launches pay advance tool
By administrator | 24 September 2018
In a world of instant payments, waiting for pay day can be a serious drag for eager employees.
"We know that at a macro level, it’s easier to spend money today than it’s ever been - but it's not easier to get paid," Employment Hero co-founder Ben Thompson says.
The cloud HR start-up has spent more than $1 million developing a suite of payroll and human resources features, including InstaPay — a platform that lets workers access part of their fortnightly pay early without their employers having to set up an advanced pay run.
Employees of businesses using the Employment Hero platform will now have access to the technology, which lets them draw between $100 and $250 of wages they've already earned in a pay period, before their company's pay day.
Workers pay $2 to access the cash from Employment Hero's funding pool. The start-up then updates the company's payroll system so that, in the next pay run, the employer pays the worker their remaining wages and directs the remainder back into Employment Hero's InstaPay pool. Read more
Emma Koehn - Brisbane Times - 24 Sep 2018
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