FAQ

Frequently Asked Questions

You have questions we have answers

General
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 As an employee, your transaction fee will be based on the amount withdrawn, just like you would pay at an ATM when you withdraw money and the cost is similar to ATM charges.

For Leaders
Have you prioritised employee data safety?

We minimise the personally sensitive data we consume from your payroll system down to the bare minimum required to manage your employees use and security on the platform.

Is the system secure?

Our technology platform has been developed to the highest security standards, we have a very experienced group of technology professionals who have worked in highly regulated secure environments, we have applied this experience to the development of the Floatpays product.

How do we avoid having employees come to us with questions all the time?

Your employees can either call our support team on 0872500099, email us support@floatpays.co.za or chat in-app (top right of the screen) and we will be happy to assist them.

Do I need a payroll system?

We can work with fully automated payroll solutions or bespoke manual payroll systems. We work with your payroll process.

How long does it take to set up?

Minutes not days, we have a fully automated integration process.

Will we get training?

Our team will train both your managers on how to use our employer dashboard and we will train your employees on how to use the smart phone app and USSD solution. We have support staff online to help at anytime post product launch in your organisation.

Won’t this encourage debt?

Research shows that 76% of employees don’t get to the end of the month with their pay. The pain is real. We create better habits that don’t suck your staff dry, moving them from debt to hope and hope to savings. This is a roadmap out of debt.

Do I have to put this into payroll myself?

We automatically integrate with your payroll service, we do all the heavy lifting. You get to decide how your employees use the system via our rules configuration.

For Employees
How long does an instant voucher last?

An instant voucher lasts 3 years; however even if you don't redeem the voucher in the same month you make the withdrawal the money will come off your salary that month.

What is the minimum amount I can withdraw?

R250 is currently the minimum withdrawal amount using Floatpays.

Do I get charged interest?

No, there is no interest or late repayment, it's a once-off fee per withdrawal, so you don't get charged interest during the month like you would if you took out a loan.

How do I update my bank details?

For security reasons you will need to speak to your Employer's payroll team if you wish to update your bank details.

Can you give me a loan please?

No, Floatpays do not provide loans.  We allow you to withdraw a percentage of your already earned salary prior to payday.

After making a withdrawal when will the money get deducted from my salary?

The money (including the withdrawal fee) will get deducted from your salary when your Employer pays you on payday.

Is it possible to get my money immediately?

If you need access to your cash immediately you can do an instant voucher withdrawal and then go to any Standard Bank ATM to withdraw the cash.

When I do an EFT withdrawal, how long does it take for the money to reflect in my bank account?

It can take up to two business days for the money to reflect in your bank account.

The cell phone number on my Floatpays invite isn't the cell number I'm using so I'm unable to register? How do I change this?

For security reasons you will need to speak to your Employer's payroll team if you wish to update your cell phone number.

How does money come off at the end of each month?

The money taken using Floatpays is deducted from your upcoming paycheck automatically when payroll is processed.

I don't have a smart phone can I still use the app?

Yes USSD input *120*2828# and press dial and then follow the prompts.