On-Demand Pay: Frequently Asked Questions (FAQs)
What is on-demand pay?
On-Demand Pay is an HR technology that allows staff to access some of their earned income before payday.
Does it impact the employer’s cashflow?
No. The On-Demand Pay provider sources the funds, which they reclaim on payday.
What does it mean to be paid on-demand?
It means you can access a defined portion of your wages once you’ve earned them, rather than having to wait until payday.
What are the cons of daily pay?
On-Demand Pay is better for employees as it gives them an alternative to debt however, there is often a cost to the employer for providing the service. This cost must be weighed against the benefits.
Can I access my wages early?
Only if your employer has signed up for an On-Demand Pay scheme. It is impossible to access your wages early without involving your employer.
How long does on-demand pay take?
Once you request your income on-demand, it is usually in your bank account within 2 minutes.
How do you get paid before payday?
You need your employer to sign-up to an On-Demand Pay Scheme, which would then grant you access to some of your earned wages ‘early’.
Should I offer on-demand pay to my staff?
On-Demand Pay is offered by many large employers and has many benefits, however, it is always advisable to talk to an on-demand pay expert to understand how it could work for your business and employees specifically.