Frequently asked questions

Why offer Floatpays early access to earned income to your employees?

Simply put, it makes life a little easier when employees have the option to access their own money. So if Alan in Accounting’s geyser breaks, or Sarah in Sales needs a new car battery, they don’t have to borrow money from a loan company and pay off a high interest loan

How much money can an employee access?

Floatpays allows you to withdraw a percentage of the wages you have earned at the time of the withdrawal. That percentage is determined by the employer and can be managed along with various other rulesets from your employer dashboard.

How will you support my employees when they have questions?

Employees can access the in-app help function at any time and our friendly support staff will assist with any questions.

How does early access to income work?

Floatpays securely integrates with your payroll in order to calculate your employees’ earned wages daily, based on hours or days worked. 

A percentage of these earned wages is made available to them, as determined by withdrawal rules that can be configured by the employer. On withdrawal, funds are sent to the employee using the payment method they selected through the iOS, Android or USSD solution.

The total withdrawals for the month along with the service fees are deducted from the employees’ pay at the end of the month and the net wages are then paid as you would normally.

What is Financial Wellbeing?

Financial wellbeing means having control over your day-to-day, month-to-month income and expenses with the capacity to absorb a financial shock or deal with a financial emergency.

Being financially well means you have the financial freedom to make the choices that allow you to enjoy life.

What will this cost our company and our employees?

As an employer, there is zero cost involved. You can opt to pay the employee withdrawal service fees or a percentage thereof as an extra benefit.

As an employee, your transaction fee will be based on the amount withdrawn, just like you would pay at an ATM when you withdraw money.

Still have questions? Email us at support@floatpays.co.za
Empower your employees with the most comprehensive and fully developed financial wellbeing platform in Africa.
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