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An employee who worked for two weeks has technically
earned two weeks’ worth of wages. But they are usually
only paid at month-end. EWA allows employees to access
a portion of their already earned but unpaid wages
before payday. EWA lets employees get some of their
paycheck early. It's there to help with unexpected
bills or emergencies that come up before payday.
Paymenow provides a helpful service even if it
doesn't solve the underlying problems employees
face. What is the key value Paymenow delivers?
Employees who need money will find a way to get it.
While we can’t fix underlying economic issues, we do
provide a short-term crutch, so employees do not turn
to expensive payday loans or illegal lenders.
Moreover, our free financial literacy training enables
employees to upskill themselves and manage their money
better. This is a more long-term solution to financial
difficulty.
No. Paymenow allows employees to access money already owed to them, as they earn it. Any transactions plus fees are deducted from that month’s salary – no monthly repayments and no interest. Our fee structure is fully transparent, and all fees are clearly displayed multiple times before the transaction is processed.
You know your people best, so control of the platform is fully in your hands even after implementation. Employers set:
We only allow access of up to 25% of net salary (where the exact limit is set by the employer). Our data also shows users typically only access 15%-18% of their earned wages, which shows users do not spend just because they can.
The service comes at zero cost to employers. Paymenow also covers implementation costs should any arise. However, employers may opt to cover employee fees from their own account.
Implementations are handled by our experienced team of project managers, who will guide your team throughout the process. Implementation is quick and simple.
Paymenow is fully payroll and bank agnostic. We have
extensive experience implementing with payrolls such
as Sage 300 People, PaySpace, SAP, Psiber and more.
We can also link Paymenow to any employee bank
account, as provided to us by payroll.
Paymenow funds the advances to employees on behalf of the employer. There is no cashflow impact on the employer.
Our tech platform has undergone an information security and cyber risk assessment from F-Secure which guarantees bank grade security (report can be shared on request)
Paymenow is an employee benefit app that focuses on financial wellness and inclusion. Connected to your company payroll, Paymenow facilitates responsible access to money you have already earned.
No! Any cash outs you receive via Paymenow is NOT a loan. It is simply access to money you have already earned.
A cash out on Paymenow will cost you a small service fee as well as a transaction fee to disburse the funds to your bank account. An immediate payment option is also available at a slightly higher cost. No interest is charged. No subscription fees. No hidden costs..
You do not owe Paymenow anything, ever! Any cash outs you receive using Paymenow will be deducted from your next salary payment. Example. if you cash out R500 in the middle of the month, come pay day, you will receive R500 (plus fees) less than your usual salary, paid into your bank account..
All information around earnings and cash out limits are controlled by your employer. If you are a fixed salary employee, Paymenow uses a calculation to determine your daily amount is added to your available balance. If you are a time and attendance or shift worker, Paymenow will only provide an available balance based on the information received from your employer.
Unfortunately, no. Paymenow, to combat fraud and any illegal activity can only cash out to the bank account as provided by your employer. If you need it changed, please contact your employer HR or Payroll department.
Yes, Paymenow uses bank grade security, encyption and 2-factor authentication to ensure your money and private information is safe. As an additional security feature, Paymenow can only cash out to the bank account as provided by your employer.
No, Paymenow will not share any of your information with any other party unless you have explicitly given us the permission to do so. We will only share your cash out history with your employer to allow them to adjust your salary according to your total advance amount in the next pay cycle. Refer to our T&C’s for more information.