Frequently Asked Questions
What is Early Wage Access ?
It is a service which helps employers enable employees to access a portion of their earned income real-time before payday. The advance amount is repaid to WageFi (Service provider) on payday, while the balance amount is credited to employees on their regular payday.
How does it work ?
WageFi integrates seamlessly with payroll systems and leverages that data to provide real-time earned salary access to employees. We do not impact the employer’s working capital or employee's credit score. We advance the money to the employees directly and hence, there is no risk exposure to the employer.
How soon can an employer launch with WageFi ?
For an employer, it takes less than 15 minutes to sign-up whereas employees can get access instantly.
Why would an employer pay for this service ?
Life happens, and any employee regardless of experience, geography or any other external factors can face a situation where they need access to emergency funds. Compared to other Early Wage Access services, WageFi platform comes with best in class ledger that handles all the accounting needed to advance capital to your employees. We charge a nominal fee to keep this platform up and running.
How do employees access WageFi advance ?
An employee can lookup on our portal to check if their eployer has enrolled to WageFi's benefits. Upon account creation, we will make changes to employee's direct deposit and allocate a certain amount every paycheck to be deposited to WageFi's bank account. Employees can access that amount before payday. Any balance that is not used will be credited to employee's bank accont on payday.
Will it impact employee's credit score ?
How much can employees borrow ?
Depending on the plan chosen by employer, employees can borrow anywhere from 10% to 100% of their net paycheck in advance.
Is my data safe ?
Your data is safe and secure. WageFi does not share your employees’ data with any third party for commercial purposes.