Level vs Wagestream: Which On-Demand Provider is Right for You?

When it comes to On-Demand Pay solutions, choosing the right provider can impact employee satisfaction and financial wellness. For HR professionals and employers, two prominent options are Level and Wagestream. Both offer compelling features, but which one aligns best with your organisational needs? Let's break down their offerings to help you decide.

Similarities

In many ways, the two providers are very similar. Let’s first take a look how they align:

Automated For Payroll

The two providers are the only UK providers with the technology to automate On-Demand Pay. This means employers can offer their employees access to On-Demand Pay without their payroll team having to make any manual deductions. Read more about how this works here.

UK Earned Wage Access Code of Practice

Level co-founded the UK's Earned Wage Access Code of Practice with Wagestream and other leading providers. This code sets the benchmark for quality within the industry and will ensure that whichever provider you choose is right for your company provides high-quality service for both you and your employees. This - along with our other accreditations - is why everyone from public companies to key trade bodies trust Level to support their staff.

Supporting Financial Wellbeing Tools

Both providers give your employees access to supporting financial wellbeing tools alongside On-Demand Pay. Level offers Payroll Savings, Income Based Budgeting, and AI Financial Guidence tools.

In particular, Level’s Payroll Savings tool allows your employees to save directly from their pay into a high-interest FSCS-protected savings account, with no limit on what your staff can save and earn interest on.

Differences

Level differs from other On-Demand Pay providers in several ways, let’s take a look.

Approach: Level is Debt-Free

Unlike other providers of On-Demand Pay, Level does not and will never offer debt products to your staff. Level believes On-Demand Pay is an alternative to debt, and so Level is not an alternative debt provider.

Employee Owned

Level is majority employee owned, so we go above and beyond for every client and user to provide white glove service. You and your staff will get a named team member to support you.

Choosing the right provider for you

Choosing the right provider for your company largely depends on your organisation's specific needs and priorities. Both providers offer excellent solutions to enhance employee financial wellbeing, ultimately leading to higher satisfaction and retention rates.

Ready to make a decision? Book a demo and talk to a Level On-Demand Pay specialist and learn more about how Level can help boost your employee’s financial wellbeing.