What To Consider When Researching Earned Wage Access Providers
Introduction
Choosing an Earned Wage Access (EWA) provider, also referred to as On-Demand Pay, is an important decision for any organisation looking to offer financial support to its employees. With various providers available, it's important to evaluate them based on several key criteria to ensure they align with your company's needs and values.
Here's a guide into which things to research and consider about your possible Earned Wage Access provider:
1. Code of Practice Compliance
The Earned Wage Access (EWA) Code of Practice is the benchmark for quality for On-Demand Pay providers. Encouraged by the Financial Conduct Authority and supported by The Chartered Institute of Payroll Professionals (CIPP) and Money and Pensions Service, this code is designed to ensure that firms providing Earned Wage Access deliver good outcomes for the employees who use the service.
It is important that the providers you consider are certified by, and adhere to, this Code of Practice. Level is a co-founding member of and certified by this Earned Wage Access (EWA) Code of Practice. We are fully committed to the principles it lays out.
Find out more about the EWA Code of Practice, and exactly what is expected of the providers, read here.
2. Credentials & Regulatory Compliance
In addition to being apart of the Earned Wage Access (EWA) Code of Practice, it is important for your Earned Wage Access provider to have all necessary compliance and credentials, especially in financial regulations. This will help keep money and data safe! A compliant provider not only safeguards your organisation but also ensures your employees are protected.
Level has many corporate credentials, such as being regulated by the FCA, having FSCS-protected savings, and much more. You can check out Level’s credentials here.
3. Cost and Fee Structure
The cost and fee structure might vary slightly from provider to provider, and so transparency in pricing is crucial. We recommend assessing whether the provider offers clear information about all costs involved, including any hidden fees. This helps avoid unexpected expenses and ensures the service remains cost-effective for your employees. At Level, we use fixed, flat withdrawal fees - a bit like an ATM - so your employees will not experience any unexpected costs. Ever.
Contact us if you would like to learn more about Level’s cost and fee structures.
4. Integration Capabilities
Check the provider’s ability to seamlessly integrate with your existing payroll systems, HR platforms, and other relevant software. Smooth integration reduces implementation time and avoids potential disruptions to your existing processes.
Level already integrates with many of the leading HR and payroll technologies in the UK. See here to check if we already integrated with yours. If not, don’t worry as our team will work to integrate with your technology during the onboarding process.
Conclusion
Selecting the right Earned Wage Access provider is an important decision, and so the factors here should be carefully considered when choosing. By carefully evaluating the Earned Wage Access Code of Practice compliance, other credentials, cost and fee structures, and integration capabilities, you can ensure that the provider you choose will effectively meet your organisation’s needs.
Ready to find the perfect EWA solution? Start with these key criteria to make an informed decision that benefits both your company and your employees.