What is InstaPay via Money

InstaPay allows you and your employees to access your money as you earn it and make your money work for you and your needs. InstaPay is available to employees of an organisation that uses the Employment Hero Payroll platform, and you can access it via the Swag app only.

Watch the overview video here

Questions

Answers

  What is InstaPay?  

InstaPay allows you to access your money as you earn it and make your money work for you and your needs. No more waiting for payday. InstaPay is available to employees of an organisation that uses the Employment Hero Payroll platform, and employees can access it via the Swag app only.

Any wages withdrawn in advance of pay day via InstaPay we will deduct from your next pay. InstaPay is not a credit product and does not incur interest or late fees. There is just one small fee of $3 per InstaPay transaction if you get your InstaPay funds sent to your Swag Wallet account. If you get your InstaPay funds sent to another bank account, then the fee is $4 per transaction.

Make sure you have enough money for your financial obligations. Employment Hero is not liable for any loss or potential or actual financial hardship suffered because of accessing your pay early.

  How do I use InstaPay?  

To use InstaPay, follow the below instructions:

  • Go to the Money icon.
  • Tap the Income icon.
  • Tap the InstaPay tile.
  • View the available InstaPay balance.
  • Tap the Get InstaPay button.
  • Select and enter how much of your wage you want to have on-hand.
  • Agree to the fee.
  • Tap the Complete Request button to put your wages in your Swag Wallet.

  What pay is eligible for InstaPay?  

50% of your unpaid net pay owed is eligible for InstaPay, with a weekly withdrawal limit of $250. The minimum withdrawal amount per transaction is $100. InstaPay will show as a payslip deduction on your next payslip.

  How often can I access InstaPay?  

The maximum InstaPay withdrawal amount available to an employee is $250 a week, while the minimum withdrawal amount is $100 per transaction. If an employee has earned less than $500 in wages for their pay period, the withdrawal amount available to the employee is half of their accrued wage. Employment Hero calculates InstaPay weeks as a seven-day period, starting on the first day of your pay cycle.

Important

If an employee’s available InstaPay balance is greater than $250, they will only be able to withdraw a maximum of $250 a week. If they wish to conduct another InstaPay withdrawal, the remaining balance will become available in the next seven-day period, and so on until the end of their pay cycle.

  Why can I not access InstaPay?  

If InstaPay is currently unavailable, this could be for the following reasons:

  • You are about to leave your current position.
  • You have taken leave within your pay cycle which we factored into your available balance.
  • You have not worked for three consecutive pay periods.
  • The organisation you belong to, does not have it enabled.
  • Your organisation does not use Employment Hero payroll.
  • You have not accrued any income during your current pay cycle.

  What are the InstaPay fees?  

The InstaPay withdrawal fee is $3 per transaction if you are using a Swag Wallet account. If you are getting your InstaPay funds sent to another bank account, then it is $4 per transaction.

  Is InstaPay payday lending?  

No, you get early access to your own earned wages without the need to use credit cards, Buy Now, Pay Later (BNPL), or loans. There is no interest or late fees for using InstaPay. There is just one small fee of $4 per transaction to use InstaPay.

  Can an employee who is leaving their role access InstaPay?  

If an employee has a termination date entered into the Employment Hero Payroll platform, we will disable InstaPay for that user.

  Do I need to do any admin for InstaPay as an employer?  

Payroll managers do not need to do any admin. Any InstaPay withdrawals are automatically deducted by Employment Hero from the next pay cycle.

  Can I take out all of my upcoming pay with InstaPay?  

No. 50% of your unpaid net pay owed is eligible for InstaPay, with a weekly withdrawal limit of $250. For permanent employees, your InstaPay balance is based on accrued entitlements from hours already worked. For casuals, InstaPay is only available for hours worked and approved by your employer.

  Can users of InstaPay get into financial hardship?  

No. You can only access money that you have earned and there is a limit of $250 per week for InstaPay withdrawals. Users of InstaPay are responsible for managing and budgeting their money. They should note that any wages withdrawn in advance of pay day via InstaPay we will then deduct at the time of your next pay, resulting in a reduced pay packet.

  What can you use InstaPay for?  

InstaPay allows you to access your money as you earn it and make your money work for you. You can use InstaPay withdrawals for:

  • Managing bills.
  • Emergency spending.
  • Investing.
  • Improving budgeting.
  • Unplanned expenses.
  • Avoiding credit products, pay-day loans, and buy now, pay later arrangements with the associated interest.

  How are InstaPay funds deducted?  

InstaPay payments in a pay period deduct from your bank account in that pay period’s pay run. You will see the transaction reflected on your pay slip as a deduction, with a reference number that corresponds to the InstaPay order number in your InstaPay history.

  How are InstaPay available funds calculated?  

InstaPay available funds is an estimated total amount of money eligible for withdrawal. We base this on the amount of time you have worked, but have not yet received payment for in the current pay period. For salaried employees, InstaPay calculates as a proportion of your salary for the total number of days worked in the pay period.

  When will I receive the InstaPay amount I have requested?  

You will receive your InstaPay funds to your Swag Spend account or your nominated bank account immediately, as Employment Hero immediately deposits the requested funds.

  Where do I get help regarding InstaPay?  

Submit a request via the Employment Hero support team. Get in touch with us here.

  How long does it take to receive my InstaPay funds?  

InstaPay transfers are immediate to either your Swag Spend account or your nominated bank account.

Submit a request via the Employment Hero support team. Get in touch with us here.

Still need help? Request further assistance via the Swag app. 

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