What is Floatpays?
Floatpays is a financial wellbeing platform offered as a voluntary employee benefit to provide a safe and responsible method for improving employee financial resilience. When employees no longer have to deal with finance-related stress, it results in higher productivity, retention, and engagement.
Floatpays allows employees access to a portion of their earned but unpaid wages on-demand should an emergency arise. The access to a percentage of this earned income prevents them from being exploited by high-interest payday lenders as a result of cash flow timing issues.
Access to wages can be in the form of cash or critical care services vouchers.
We have partnered with Standard Bank to deliver money via bank transfer or instant money voucher. We charge a small transaction fee for each cash withdrawal.
We partnered with NetcarePlus, a newly established brand under the Netcare Group, to offer all employees registered with Floatpays access to quality healthcare at an affordable price. No medical aid is required. There is no fee or markup on the cost of the product.
We also offer employees the option to buy mobile airtime and data and electricity to help with those life challenges when money is tight in the month. There is no fee or markup on the cost of the product.
All registered employees gain access to our free in-app budget & financial planning tool to help them navigate the complexities of day-to-day money management, stay up to date with upcoming expenses, and keep track of spending habits.
The budget tool is complemented by a free comprehensive in-app financial education training platform that equips employees with the knowledge to make better money decisions.
There is no cost to you as the employer to offer this employee benefit. You can however opt to subsidise a portion of the cash withdrawal transaction fee as an added benefit to your employees.
There is no obligation on employees to ever withdraw any money from the service, access to our training and budget tools are always free, we strive to make a positive sustainable change in how employees view and manage their money.
How it works
Floatpays integrates directly with your payroll system to synchronise employee data ensuring a seamless, secure, and fully auditable process of any transaction data. Floatpays manages all funding and money movement for employee advances and synchronises with the payroll system daily to ensure any advances taken by an employee is processed as a salary deduction and uploaded to an employees’ payslip. This is a fully automated process with no input needed from payroll staff reducing the amount of time spent processing pay advances.
We have built in configurable rules that allow you as the employer to manage the delivery of the platform to your employees, you are always in control. The system can be updated at any time via our employer portal and you have access to all data related to your employees using the service.
There is no impact on cash flow and the Floatpays service is completely free to employers. Employees are invited to use the Floatpays smartphone or USSD app from a fully managed employer portal. We manage the entire journey, from on-boarding, to transactions and queries via our customer service desk. We are there via in-app chat, email, and phone to help with any employee queries.