News alert: new professional services from Employment Hero! Now Aussie businesses can choose Managed Payroll and HR Advisory to get payroll done by the pros and HR advice on tap. Read more InstaPay Now for Employers
An Earned Wage Access product that gives users on-demand access to their earned wages before payday.
No interest or hidden costs, just one fixed fee of 1.3% per transaction into a Swag Spend account and 1.5% per transaction into an external bank account.
What is InstaPay Now?
InstaPay Now is a Swag Money feature available to employees of organisations using Employment Hero HR and connected Payroll.
InstaPay Now is an Earned Wage Access product that gives users early access to their earned wages before payday. For a 1.3-1.5% fee per transaction,* your employees can request up to 50% of their earned wages, which is capped at a maximum of $1000 per week.
Because it’s money they’ve already earned, there’s no interest, credit or late fees involved.
InstaPay Now was created by the team behind Employment Hero to help employees access their earned wages on-demand. InstaPay Now offers an alternative to high-interest credit cards, Buy Now Pay Later and costly payday loans.
What does my payroll team need to know?
Payroll managers do not need to do any admin. When a user requests InstaPay Now, Employment Hero funds that request to the users nominated account. Any withdrawals are then automatically registered as a deduction within the compatible payroll connection within the next pay cycle.
For information on what Payroll Administrators should be aware of, please read our guide below.
What are the fees and charges?
Users pay a 1.3% per transaction into a Swag Spend account and 1.5% per transaction into an external bank account.
Why did we create InstaPay Now?
InstaPay Now promotes financial wellbeing by revolutionising the traditional pay cycle.
Employees get real-time payments for the work they’ve done, which promotes better budgeting and reduces reliance on short-term credit to bridge the payday gap.
Historically, we’ve been paid weekly, fortnightly or monthly because of administrative headaches like paper-based processes, payroll tax, compliance and regulation, bank management and liaising with accountants.
Today, payroll doesn’t need time-consuming processes.
Thanks to leaps in digital technology InstaPay Now enables employees to be paid in real-time, as soon as they’ve earned it.
With limits set and calculations based on their unpaid net pay owed, your employees cannot take out more money than you can afford. The maximum withdrawal is $1000 per week, up to 50% of an employees owed pay.
Terms & Conditions
*InstaPay Now is only available to employees that have an employer that uses Employment Hero payroll software. Access to InstaPay Now for employees is via the Swag app only. Instapay Now is not a credit product, and there are no related interest charges. InstaPay Now fees are 1.3% per transaction into a Swag Spend account and 1.5% per transaction into an external bank account. InstaPay Now terms and conditions are here
If an employee has a termination date entered into the Employment Hero payroll system, InstaPay Now will be disabled.
50% of your unpaid net pay owed is eligible for InstaPay Now, with a weekly withdrawal limit of $1000. InstaPay Now will show as a payslip deduction on your next payslip.
InstaPay Now ‘Available funds’ is an estimated total amount of money eligible for withdrawal, based on the amount of time you have worked, but have not yet been paid for in the current pay period. For salaried employees, InstaPay Now calculates as a proportion of your salary for the total number of days worked in the pay period.
InstaPay Now terms and conditions are here.
InstaPay Now FAQs for employees can be found here.
InstaPay Now processing instructions for payroll can be found here.
**Any general advice or factual information we provide has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for you. Before making any decision about whether to acquire one of Employment Hero’s products, you should obtain and read the relevant terms and conditions relating to that product and also seek independent financial, legal and taxation advice.
