Paytime offers an Earned Wage Access (EWA) solution that allows employees to access their earned wages in real-time, eliminating the need to wait for traditional paydays. This service addresses the financial stress faced by employees living paycheck to paycheck, reducing reliance on high-interest loans and improving employee retention and productivity.
Funding
$4.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees face financial stress due to the mismatch between traditional pay cycles and immediate expenses, leading to reliance on high-interest loans and impacting productivity. Over 50% of workers live paycheck to paycheck, making them vulnerable to unexpected costs.
Solution
Paytime offers an Earned Wage Access (EWA) solution that allows employees to access a portion of their earned wages on-demand, providing immediate financial flexibility. By integrating with existing payroll systems, Paytime enables employees to withdraw a percentage of their already-earned wages, reducing dependence on costly loans and overdrafts. The platform advances the funds to the employee and manages the withdrawal and fees within the payroll system, ensuring a seamless process for employers. Paytime also offers financial wellbeing tools, including financial education, budgeting resources, and access to financial counselors, to promote better money management.
Target Audience
Paytime targets employers looking to improve employee retention, reduce turnover, and enhance financial wellbeing, as well as employees seeking flexible access to their earned wages to manage expenses and avoid financial stress.
Features
- Integration with existing ERP, payroll, and timekeeping systems via API for real-time data synchronization
- Mobile app for employees to visualize, track, and withdraw earned wages
- Employer dashboard to set company-specific guardrails and track EWA usage
- Funds advanced by Paytime, eliminating impact on employer cash flow
- Automated logging of withdrawals and fees in the payroll system
- Financial wellbeing tools, including budgeting resources and access to financial counselors
- Support for OSKO, Australia’s real-time payments platform, for near-instant transfers
- Customizable withdrawal limits to encourage responsible spending