Which Earned Wage Access Provider is Right for You? Things to Consider
Choosing the right Earned Wage Access (EWA) provider, also referred to as On-Demand Pay provider, for your organisation isn't just a matter of ticking boxes. It’s about selecting a partner that aligns with your company’s goals, values, and operational needs. This guide outlines the key factors employers should consider when making their decision.
1. Earned Wage Access Code of Practice
Not all Earned Wage Access providers are created equal. To ensure ethical and trustworthy practices, it’s essential to choose a provider that adheres to the Earned Wage Access Code of Practice.
This code ensures providers operate with transparency, fairness, and in the best interest of employees. Whether it’s clarity on any associated fees or ensuring the financial wellbeing of users, providers that follow the Code of Practice are committed to high standards.
2. Ease of Integration
For Earned Wage Access to work seamlessly within your organisation, smooth integration with your existing systems is non-negotiable. Providers that integrate effortlessly with HR, Payroll, and other workforce management systems can save your team valuable time and reduce the chance of errors. The right provider will not disrupt your workflows but instead enhance them, resulting in a seamless experience for both employees and administrators.
Level is one of only two providers in the UK who offer a fully automated On-Demand Pay solution. Here are some of our existing integrations. If you don’t see the software you currently use our dedicated team continues to integrate with more.
3. Alignment with Your Company’s Values and Beliefs
Your Earned Wage Access provider should feel like a natural extension of your organisation's philosophies around employee wellbeing and support. Consider whether their approach aligns with your company’s commitment to fair treatment, financial education, and employee empowerment. Alignment here ensures that every aspect of your Earned Wage Access programme reflects your company culture, reinforcing your position as an employer of choice.
Here at Level, we are committed to improving the financial wellbeing of workers in the UK. This means that we have never, and will never, offer debt products at any point on our platform. We believe Earned Wage Access is an alternative to debt, and so we are not an alternative debt provider.
Summary
Selecting the right Earned Wage Access provider doesn’t have to be daunting. By ensuring they align with the Earned Wage Access Code of Practice, support seamless integration, and share your values and beliefs, you’ll set the foundation for a programme that boosts employee satisfaction, wellbeing, and overall productivity.
When evaluating your options, don’t rush the decision – your employees’ financial wellbeing should always come first. Once you identify a provider that ticks these boxes, you can confidently move forward, knowing you’ve made the best choice for both the organisation and your workforce.