Floatpays gives you, the employer, the ability to:
The rule set required for your business is agreed upon with Floatpays before implementation.
There is zero cost to the employer to offer Floatpays as a benefit to their staff.
An employer may choose to subsidise a portion or 100% of an employee’s transaction fees associated with cash withdrawals (voucher withdrawals are fee-free).
An employer may choose to subsidise the savings account once-off set-up fee of R5.00* and/or the cash-out fee of R20.00*, for their employees.
Because Floatpays is not a loan, we do not charge interest on any earned wage withdrawals (via cash or voucher).
We do charge employees a small once-off transaction fee for cash withdrawals (EFT & Instant Money Vouchers). You can think of this charge as similar to a bank charge for a withdrawal at an ATM. The charges comprise of a flat fee plus a % of the amount withdrawn.
The Floatpays savings account does not carry a recurring monthly account fee. There is a once-off account set-up fee of R5.00*. When employees cash-out on the pay-out date, a once-off fee of R20.00* applies.
Employers are assigned a dedicated Floatpays Customer Success Manager (CSM). Your CSM will be available to you as and when needed to support you with any system queries and troubleshoot any issues.
You will also have access to Floatpays’ self-service Employer Portal. Your CSM will train your team on how to use the portal. The portal enables you to directly change your company’s payroll information on the Floatpays system - you can perform actions such as removing employees who have resigned, updating employee contact details, or changing an employee’s pay cycle from weekly to monthly and more.
Your employees will have access to a number of support channels that they can use to chat to us directly. These include:
We will also provide you with digital communication about Floatpays and how it works, which can be shared with your staff via your internal communication channels.
We can work with any payroll system, whether it be fully automated or manual systems. We work with your existing payroll process.
Our fully automated integration process takes no longer than 30 minutes to complete.
If you have not received a SMS with your invite token from Floatpays yet (but your colleagues have), please contact your payroll team to check that the cellphone number they have listed for you matches the one you are using.
We send your invite token to the number that your employer has on file for you - if it is different, your employer needs to update your details in order for an invite token to be resent to your new number.
No, you can use Floatpays on any type of mobile phone on the app or using the USSD code.
Earned Wage Access When you withdraw your earned wages using an EFT or Instant Money Voucher, you will pay a once-off fee per withdrawal. This fee is calculated as a flat fee plus a % of the amount you are withdrawing and can vary.
When you use your earned wages to purchase any prepaid voucher you do not pay a transaction fee. You only pay for the value of the voucher you are purchasing.
Savings When you set-up your savings account you will pay a once-off fee of R5.00* only. There is no monthly account fee. When you cash out your savings on the payout date you will pay a once-off fee of R20.00* only.
Free Services You can access free financial education and a budgeting tool on the Floatpays app.
The minimum and maximum amount that you can withdraw is set by your employer and will differ from company to company.
An Instant Money voucher lasts 3 years.
Please keep in mind that even though the voucher is valid for 3 years, when you withdraw your earned wages using this voucher the withdrawal amount plus transaction fee will come off your salary/wages in the month/week of the withdrawal.
It can take up to two business days for the money to reflect in your bank account.
Your withdrawals via EFT will be paid into the same bank account that your wages/salary gets deposited into. We use the bank account information that your employer provides us with.
If you need to change your bank account details you will need to speak to your employer about doing this.
Your withdrawal transactions and/or savings contributions will come off your paycheck at the end of the paycycle. If you are a weekly earner your transactions will come off at the end of the same week that you made them. If you’re a monthly earner your transactions will come off at the end of the same month that you made them in.