Earned Wage Access Automatic Reconciliation Explained
The Problem
You want to offer On-Demand Pay but you’re worried it’s going to be complicated for your payroll team. Not with Level.
Our unique technology means that you continue to run payroll exactly as you do now - nothing changes. It all just works.
The Solution
When an employee signs up to use On-Demand Pay, Level automatically sets up a splitting account for each user. When payroll is run, their income enters this account and, in a matter of seconds, any income advanced before payday is automatically recouped, and the rest is forwarded straight onto their personal bank account. Importantly, every splitting account is legally owned by you, the employer. Level just has a limited mandate to control them on your behalf.
An Example of Automated Earned Wage Access
In practice, it works like this:
If an employee withdraws £40 of their earned income in the middle of the pay cycle, Level transfers this amount to their bank account in under 2 minutes. Nothing is required from the employer and Level funds this.
On payday, you would simply run payroll as normal, but the employee’s earnings pass through their splitting account afterwards. This automatically sends the £40 they’ve already withdrawn back to Level in a few seconds, before forwarding the remainder of their salary to their personal bank account.
And it really is that simple: On-Demand Pay for your staff, without any big changes for your payroll team.
Level is one of only two Earned Wage Access providers in the UK to offer clients automatic reconciliation. To learn more about how this could practically work for your company, book in to chat with our specialist team:
