How does Floatpays work?

Payroll System Integration
Floatpays securely integrates with your company’s existing payroll system via an API or flat file (spreadsheet) in order to calculate an employee’s earned-but-unpaid income. This secure integration enables the automatic reconciliation of earned wage access or savings account transactions via the app/USSD, with an employee’s paycheck. An integration via API allows for automatic updates on the Floatpays system, of new joiners or leavers within an organisation. If integration is done via a flat file, this information can be easily updated by an employer on the Floatpays Employer Portal.
Employer Portal
Employers set the rules that govern employee access to Floatpays. These rules can be self-managed by the employer using the Floatpays Employer Portal. These rules control the percentage of earned wages that an employee can access; the number of withdrawals that an employee can make during the pay cycle and more. The Employer Portal also gives an employer the ability to add or remove employees from the Floatpays system.
Financial Reconciliation
At the end of an employer’s paycycle Floatpays will issue an ‘invoice’, which is a statement of account of all their employees’ transactions during the pay period. The total amount of these transactions is paid over to Floatpays by the employer, at the end of the pay cycle.
Employer Support
A Customer Success Manager is assigned to each employer. This is the employer’s dedicated ‘go to person’ for any queries or issues related to the Floatpays service. Employers have a direct line to their Customer Success Manager.
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Integration
Floatpays integrates directly with your payroll system through API technology - it takes just 30 minutes to set-up.
Controls
The employer can set & change withdrawal rules, such as limits, frequency and cut-off dates, directly through the Floatpays Empoyer Portal.
Payroll Reconciliation
Direct integration into the payroll system means that when an employee makes a withdrawal, it is automatically reconciled with payroll.
Invoicing
No impact on cash flow as Floatpays funds the withdrawals during the pay cycle. Employer is invoiced for the withdrawals at the end of the pay cycle.
No cost
There is no cost to the employer as our revenue is generated from transaction fees charged on withdrawals.
Integration
Floatpays integrates directly with your payroll system through API technology - it takes just 30 minutes to set-up.
Controls
The employer can set & change withdrawal rules, such as limits, frequency and cut-off dates, directly through the Floatpays Empoyer Portal.
Payroll Reconciliation
Direct integration into the payroll system means that when an employee makes a withdrawal, it is automatically reconciled with payroll.
Invoicing
No impact on cash flow as Floatpays funds the withdrawals during the pay cycle. Employer is invoiced for the withdrawals at the end of the pay cycle.
No cost
There is no cost to the employer as our revenue is generated from transaction fees charged on withdrawals.

Employee Support

Floatpays has a number of channels through which an employee can directly contact us with their queries. These include:

Busting Myths & 
Misconceptions

On-demand access to earned wages will worsen employees’ financial situations

FALSE

Find out why
When employees run out of money before their next paycheck, to make ends meet they turn to ’easy credit’ - resulting in them spending between 41%-100% of their earnings servicing debt. By accessing their earned wages instead of credit when they need it most, employees can free up more of their future earnings from debt commitments.
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Offering earned wage access as an employee benefit creates more work for payroll

FALSE

Find out why
Floatpays technology integrates into an employer’s existing payroll system either via an API or a flat file (spreadsheet) - payroll does not have to process anything different on behalf of employees. The technology works seamlessly in the background.
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Earned wage access will negatively impact an employer’s cash flow

FALSE

Find out why
An employee’s withdrawal against their earned-but-unpaid wages during the pay cycle is funded by Floatpays. The employer pays back Floatpays at the end of the pay cycle, as they would normally pay their employees.
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Offering Floatpays as an employee benefit will come at a cost to the employer

FALSE

Find out why
An employer does not pay anything to offer Floatpays as an employee benefit. Similarly to banks, Floatpays charges a small transaction fee to employees for each withdrawal. There is zero cost to an employer.
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