Important
InstaPay is rebranding to Earned Wage Access (EWA). You may see both names used over the next couple of weeks as we change the name in the app and online.EWA lets you access up to $1,000 per week from your already-earned salary, deducting any withdrawn wages in advance from your next pay.
This article contains:
Introduction to Earned Wage Access (EWA)
EWA gives you access to your money as you earn it, instead of waiting for payday, giving you greater control over your finances. It is available exclusively to employees of organisations using the Employment Hero Payroll platform, accessible through the Swag app.
When you withdraw your wages in advance through Earned Wage Access, the amount will be deducted from your next pay. This service is not a credit product and does not incur interest or late fees. Earned Wage Access amounts are limited to 50% of an employee's unpaid net pay owed, with a weekly cap of $1,000.
Important considerations:
- Ensure you have enough funds for your financial obligations.
- Employment Hero is not liable for any losses or financial hardship resulting from accessing your pay early.
Follow the instructions in our article: How do I set up Earned Wage Access?
There is a small fee for each Earned Wage Access transaction:
- 1.3% of the transaction amount if you choose to have your funds sent to your Swag Wallet account.
- 1.5% of the transaction amount if you prefer to have your funds sent to another bank account.
When you access Earned Wage Access for the first time through Swag, a one-off email notification is sent to the payroll administrator of your organisation, informing them that the feature is being used.
After this initial notification, administrators can view all EWA transactions within payroll, both under the employee’s pay run inclusions and in the organisation’s pay run inclusions report. There are no additional compliance requirements for processing EWA transactions.
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Financial Flexibility: you can access their earned wages when they need them, helping to cover unexpected expenses or emergencies without relying on high-cost loans or credit cards.
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Reduced Financial Stress: having the ability to withdraw a portion of their earnings before payday can reduce financial anxiety, improving overall well-being and productivity.
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Avoidance of Debt: EWA services provide an alternative to payday loans or credit options that often come with high-interest rates and fees, helping employees avoid debt cycles.
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Improved Savings Habits: with immediate access to your already-earned funds, you may be more inclined to manage your money better, increasing financial literacy and encouraging healthier savings habits.
Employment Hero has also achieved ISO 27001 compliance and uses two-factor authentication (2FA) for key actions within its platform to minimise fraud risks. For more details, visit our Security Centre page on the Employment Hero website.
Employer responsibility
Payroll managers do not need to do any admin. Any Earned Wage Access withdrawals are automatically deducted by Employment Hero from the next pay cycle.
See this article for detailed information about EWA from an employer and manager perspective.
Support and help
Submit a request via the Employment Hero support team. Get in touch with us here.
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