Things To Consider When Choosing Your Earned Wage Access Provider

Choosing the right Earned Wage Access (EWA), or On-Demand Pay, provider is crucial for businesses looking to offer this valuable benefit to their employees. By providing access to earned wages before payday, companies can improve employee satisfaction and financial well-being. However, selecting the right provider involves careful consideration. Here are key criteria to consider to ensure you’re making an informed decision:

Credentials

When evaluating potential Earned Wage Access providers, you could start by looking at their credentials. Ensure the provider has a strong track record in the industry, with testimonials or case studies that demonstrate their expertise and reliability. Look for providers that are registered with, and accredited by, leading organisations. Level’s extensive list of bodies it is regulated by and registered with can be found in the Trust Centre.

Code of Practice Compliance

The Earned Wage Access UK Code of Practice sets the benchmark for quality within the industry. It ensures that all providers certified by it will provide high-quality service to both clients and users. It is recommended to only consider providers who are named and certified by this Code.

Level co-founded and has been certified as compliant with this code, ensuring that we work with our clients and users best interests at our heart.

Integrations

An effective Earned Wage Access provider should offer easy integration with your existing payroll and HR systems. This will help ensure a smooth implementation process. Investigate how well the provider's system integrates with popular payroll software, and whether it supports the specific needs of your organisation. Level integrates with many of the leading HR and payroll systems in the UK, which can be checked out here. If you don’t see your software, our team can integrate with additional systems during the onboarding process.

Automations

Automation capabilities of an Earned Wage Access provider can significantly impact the efficiency of your processes. Choose a provider whose platform can offer both manual and automated functions, such as real-time balance updates and payroll deductions. This will help to reduce the need for manual interventions and enhance accuracy. Automation not only saves time but also reduces the likelihood of errors. Level offers both manual and automatic reconciliation, making your life as a payroll manager much easier! Learn more about what automation means here.

Conclusion

Selecting the right Earned Wage Access, or On-Demand Pay, provider requires careful consideration of their credentials, compliance with industry standards, integration capabilities, and automation features. By prioritising these you can ensure you choose a provider that meets all of your needs, and be best placed to enhance employee satisfaction and financial wellness.

Have a chat with our dedicated team here at Level, and find out how Level can best help you and your company: