When considering an On-Demand Pay provider, it's crucial to ask the right questions to ensure they align with your company's needs and values. Here are some essential questions to guide your evaluation process:

Are they certified by the Earned Wage Access Code of Practice?

The Earned Wage Access Code of Practice is a code that Level co-founded with other leading Earned Wage Access providers in the UK. This code sets the benchmark for quality within the industry. If your provider is certified against the requirements, this will help ensure that they deliver a high quality of service for both you and your employees alike.

Similarly, it is important to ask about the provider’s other credentials and certifications. When we’re talking about money, it’s important to make sure it’s safe! Level lots of credentials and certifications what can be seen here.

What other services do they offer? Do they align with your company values?

Most On-Demand Pay providers don’t just offer On-Demand Pay. They often offer holistic financial wellbeing solutions that can include supporting tools such as Payroll Savings. Some providers, however, include debt and credit products within their offering.

You should consider what other products the On-Demand Pay provider offers, and whether this aligns with your own company values. Some employers feel uneasy about providers which offer debt too, as On-Demand Pay is often considered an alternative to debt.

Do they offer automatic reconciliation?

All UK On-Demand Pay providers offer manual reconciliation, but only two also offer automatic reconciliation. Level is one of these two. Automatic reconciliation will save time and reduce errors for payroll, so it’s important to understand how their system integrates with your existing payroll and accounting software. Read more about what automatic reconciliation means here.

What is their service like?

Ensuring that both you and your employees can contact the On-Demand Pay provider with any questions or queries is important. This will help ensure that you remain confident in their service. You can inquire about their support channels, response times, and how they manage customer queries and issues. Quality service can enhance the overall experience for both your organisation and your employees.

Conclusion

Choosing the right On-Demand Pay provider requires careful consideration and thorough questioning. This post should provide a strong foundation for the questions you may want to ask an On-Demand Pay provider. These questions will help ensure that your chosen On-Demand Pay provider not only meets your operational requirements but also aligns with your long-term and strategic goals.