How to Evaluate On-Demand Pay Providers for Your Business Needs
Selecting the right On-Demand Pay provider can significantly enhance your employees' financial wellbeing while streamlining your payroll processes. Here's a guide to help you assess potential providers based on crucial criteria.
1. Code of Practice Compliance
The Earned Wage Access Official UK Code of Practice sets the benchmark for quality within the industry. It ensures that your provider will provide good quality services for both you and your employees alike. Ensure the On-Demand Pay providers you are considering adheres to industry standards and regulatory guidelines set by this code. Compliance with this recognised Code of Practice guarantees that the provider operates ethically and responsibly, protecting both your business and your employees. Level is a co-founder of this code, and was recently certified as being compliant with it.
2. Technology and Integration Capabilities
Evaluate the provider's technology and how seamlessly it integrates with your existing systems. Efficient integration minimises disruption and ensures a smooth user experience for both administrators and employees. For example, Level integrates with many of the UK’s leading HR and payroll systems, check them out here.
Things to Consider:
Compatibility with your HR and payroll systems.
The ease of implementation and ongoing support.
User-friendly interfaces and mobile accessibility.
3. Compliance and Security
The security of your company’s and employees' data is paramount. Choose a provider that prioritises data protection and compliance with privacy laws. Level is compliant with and certified by various bodies. Check them out in the Trust Centre.
Things to Consider:
Compliance with GDPR and other relevant data protection regulations.
Provider has good compliance and certifications.
4. Additional Financial Wellbeing Tools Offered
Look for providers that offer more than just On-Demand Pay. Financial education and planning tools can further support your employees' financial health, leading to increased satisfaction and productivity. Along with On-Demand Pay, Level offers access to Payroll Savings, Income-Based Budgeting, and an AI Financial Helper. Read more about all of Level’s tools here.
It’s worth noting that some On-Demand Pay providers also offer employee loans. Here at Level, we believe that On-Demand Pay is an alternative to debt, and so we have never and will never offer debt anywhere on our platforms.
5. Flexibility
Your business has unique needs, so the ability to customise the On-Demand Pay service is crucial. Flexible solutions ensure that the provider can adapt to your specific requirements. Book in for a demo today, and chat to our specialist team to find out how Level can be your Earned Wage Access provider.
Conclusion
By thoroughly evaluating potential On-Demand Pay providers based on these criteria, you can select a solution that aligns with your business needs and enhances your employees' financial wellbeing. Remember to consider each provider's compliance, technology, security, additional tools, and flexibility for a comprehensive assessment.
For a detailed consultation or more information, reach out to our expert team today.