Early Wage Access Providers Australia also known as Earned Wage Access platforms in Australia are applications that provide employees quick access to their paycheck before their organizations’ regular payday. These applications enable employers to allow their employees get instant access to their wages ahead of the standard scheduled payroll dates.
What is Early Wage Access Providers Australia?
Early Wage Access Providers Australia, also called earned wage access solutions make it possible for employees to get instant value to the money they have already earned whenever they need it, instead of waiting for their scheduled pay date which may be too late to meet up with their financial obligations. These apps, apart from providing early wage access and payday advance services, are great for helping employees make it from paycheck to paycheck, which in turn increases their productivity and reduces company turnover rates. Companies that use on-demand pay such as early wage access providers Australia can improve staff retention, employee engagement, and better work satisfaction.
Please note the two key features about Early Wage Access Providers in Australia:
- Earned Wage Access is not a solution designed to be used daily, but a ‘safety net’ that companies can provide to their employees for free that helps them avoid predatory payday loan apps if they’re ever in a cash flow pinch.
- As the world moves to a more instantaneous, digital one, allowing employees to access the money that they have earned without forcing them to wait until payday will be something that will be demanded by the workforce.
Best 7 Early Wage Access Providers Australia 2024
A growing number of Aussies are having to depend on early wage access to their paycheck so they can pay for their ever increasing daily bills, unexpected expenses, electricity etc. The relatively recent emergence of earned wage access (EWA) providers have simplified the process of salary advances, by allowing employees the technology to draw down wages that have been earned but not yet paid. The best early wage access providers Australia include Zayzoon, Presspay, PayActiv, Branch and Wagestream among other reputable earned wage access platforms. These applications are very fast, do not require credit check and typically approve wage access early without interest charges.
1. ZayZoon App
ZayZoon is one of the best early wage access providers Australia that allows workers earned wage access ahead of their payday. With ZayZoon, you can quickly and instantly gain access to money you have already worked for to cater for late bill payments, bank overdraft fees, and high interest loans.
If your employer offers ZayZoon, you can easily sign up now and gain instant ability to access your wages whenever they are needed. If they don’t, you can also prompt them to know and get registered.
2. Presspay App
PressPay is another leading early wage access provider in Australia that allows employees instant access to their earned wages before payday in under 5 minutes. The essence of PressPay is to disrupt the archaic cycles of weekly, fortnightly or monthly salary payments, by making your salary available as soon as you’ve done the work to earn it and requires it to cater for urgent bills and emergency expenses.
One unique attribute about Presspay is that the provider doesn’t require to register or ask your employer for permission. With a low fixed fee and no ongoing interest or fees, any employer in Australia can get access to their salary early and take control of their financial well-being.
3. PayActiv App
PayActiv is one of the best Earned/Early Wage Access Providers Australia application that allows you to get a portion of the money you’ve already earned before payday thereby avoiding high interest loans, overdrafts and late fees.
PayActiv allows employess access up to 50% of their earned wages before payday through the Payactiv app and transfer to their existing bank account, debit card, or the Payactiv Visa® Card. You determine how to spend your earned wages and you can transfer to your bank or card, load to AmazonCash, or pay for bills.
One of the features of PayActiv Early Wage Access Provider is that it allows you spend smarter. When you link your bank or cards, Payactiv SmartSpend can help you build good spending habits and suggest what is safe to spend.
4. Branch App
Branch is yet another top option among the list of reputable and credible instant early wage access providers Australia. These application allows you to enjoy a free instant access to your earned wages at the tap of an app ahead of payday.
This application is one of the best platforms for hourly employees and it is designed to improve workforce productivity and efficiency. All you need to do to get an instant earned wage access in Australia with Branch is to download the app.
Branch also features a web dashboard and self-service mobile app that enables business users to create, distribute, and manage schedules.
5. Wagestream App
Wagestream is yet another application on our list of reputable instant early wage access providers Australia giving access to earned pay at any point of the month. With Wagestream, employees can access up to 50% of their earned pay at any time, including the day before payday. There is no impact on the payroll process when employees access their pay throughout the month and their available balance is updated based on actual shifts worked.
Wagestream allows employees with varying income to ensure cashflow problems do not impact their financial health. Hourly-paid staff especially have fluctuating earnings depending on shift patterns worked which makes budgeting difficult. However Earned Wage Access (EWA) with Wagestream means that fluctuating earnings do not have to mean cashflow problems and can make longer-term financial planning much easier.
6. Wagepay App
Wagepay is another reputable pay on demand application set up to revolutionise the way Australians access their pay, for the better, by giving early access to a portion of your wages before payday. With this platform, you can get a pay advance up to 25% of your pay, to a maximum of $2000, and repay it back in one, easy payment!
7. InstaPay Australia Pay Advance
InstaPay Australia Pay Advance is a convenient banking pay-on-demand application offered by Employment Hero, an HR and payroll platform for Australian businesses that allows employees access up to 50% of their earned wages, to a maximum of $250 per transaction, before their regular payday, while repayment is made at the next paycheck.
InstaPay works as an Earned Wage Access application by giving users early access to their earned wages before payday. For a $3 fee per transaction, your employees can request up to 50% of their earned wages, which is capped at a maximum of $250 per week, while the minimum withdrawal amount is $100 per transaction.
How Does Earned Wage Access (EWA) works in Australia?
Earned Wage Access (EWA). EWA is a solution that is increasingly adopted by many companies globally. Instead of loaning you money that needs to be repaid prior to your next payday, EWA allows you to draw down wages you’ve already earned from your employer (for a small, flat fee, like an ATM fee). Since EWA is not a loan, there’s no interest or other charges either. The amount you withdraw early simply comes out of your next paycheck. It does, however, require your employer to have partnered with an EWA 3rd party provider so you can access this solution.
Early Wage Access Australia is offered by companies to their employees via an app that is seamlessly integrated into payroll softwar e and time-and-attendance systems. The app is able to extract how many hours/days an employee has worked and, therefore, how much wages have been earned at any point in time.
Is Early Wage Access Australia a loan or credit?
Earned wage access providers Australia is not credit: employees access their accrued wages at a fixed cost, reducing their reliance on loans and high-interest borrowing. The funds they can access are a portion of what they’ve actually earned that month to date: Earned Wage Access (EWA) is not a loan or borrowing and no interest is ever paid on funds accessed.
Employees can only access what they have earned and worked for – what is rightfully theirs. Employees who have not worked will not be able to withdraw anything on the Earned Wage Access app as the balance will reflect as Nil.
Why Is Early Wage Access Australia a better option than other payday loan apps?
Early Wage Access Providers Australia is a better option than expensive payday loans since it provides a true way of accessing one’s earned wages before payday. Having Earned Wage Access implemented in your company is akin to having the flexibility to essentially ‘run payroll whenever the employees need/want to access their earned wages’. It puts the power back into the employee’s hands over the way they get paid, so they can make their money work harder and smarter for them
Is MyPayNow an early wage access provider in Astralia?
MyPayNow is one of the best and most reputable early wage access providers Australia you can depend on when you need emergency cash. With this pay on demand platform, you can access up to a quarter of your pay early, each pay cycle. With real-time deposits, you can get the cash you need to get back on track in just 60 seconds! Whatever your situation.
How do I get money before payday in Australia?
When you use an early wage access provider in Australia, you can borrow money before your next payday. You use the service through an app or online portal. You get a limit on how much money you can access each pay cycle. This can vary from a limit on the amount, for example $50 per pay cycle, to as much as a quarter of your pay.
How much can you access on Payactiv?
Access up to 50% of your earned wages at no cost when you set up direct deposit ($200 minimum per pay period) to the Payactiv Visa Card*. And even if you choose not to set up direct deposit, you just pay $1.99 to access your earned wages.
How do I register for an Early Wage Access Providers Australia?
From the employee’s perspectives, it is very straightforward to use Earned Wage Access in Australia when offered by their employers:
- Download the app and register for an account ( under 2min).
- Confirm your employer name and verify your identity.
- Once signed up, view how much has been earned to-date (this is updated daily in real-time) and request a portion of your money when needed.
- Once requested, the funds will arrive in your bank account within minutes.
Conclusion
Employees in Australia want access to their pay when they need it. Unfortunately, 69% of employees do not have enough cash on hand between paychecks to cover unexpected expenses. This financial stress can lead to lower productivity, with almost 40% of employees reporting that it affects their work and can lead to higher turnover. However with the evolution of earned and early wage access digital providers in Australia and around the world, this dynamics has changed.
