FlexxPay to roll out employee benefit platform in UAE
Companies can now offer salary advances to employees for their already earned income
Dubai-based startup FlexxPay.com is all set to rollout its financial wellness platform that enables companies to offer salary advances to employees for their already earned income.
FlexxPay is the first entity of its type in the GCC to empower employers with an instant and dynamic salary payment platform. The launch of the service in the UAE follows massive success of similar platforms in the US and UK. The services will be launched in Saudi Arabia in the fourth quarter of 2019.
FlexxPay has integrated its system with Abu Dhabi Commercial Bank (ADCB) to enable automated processing of salary advance requests FlexxPay acts as an agent between employers and their employees, advancing through ADCB a portion of already earned salaries on behalf of the employer.
Easing pay day to pay day worries
In a traditional pay cycle, an employee receives a salary at the end of each month. This mode of payment fails many paid workers and more than 50% of workers in the region are living from payday to payday, unable to cover unexpected expenses that may arise during a month. For many, this could mean skipping meals, selling possessions, taking on extra work or contemplating other extreme measures.
FlexxPay is a cloud-based technology solution that employers can offer to their employees to help overcome financial shortfalls between paydays. The solution comes at no cost to the employer and there is no system integration needed.
With FlexxPay, employees can easily access a part of their already earned but currently unpaid salary at zero interest rate, paying a fixed nominal transaction fee. They can perform bank transfers, start a savings plan and more in a safe and secure environment.
Same salary cycle
Advances and fees are then paid by the employer to FlexxPay during the salary cycle at the end of the month, while the employees receive their salaries minus the advances and fees already paid out to them earlier in the month.
FlexxPay was co-founded by successful Dubai-based entrepreneur Michael Truschler who previously launched citrussTV, the leading regional TV shopping channel, and Charbel Nasr who held the role of COO at citrussTV for several years before joining FlexxPay.
Fetchr, a Dubai based, technology driven delivery-business is one of the first companies that is offering FlexxPay to its employees in the UAE.
Major benefits
For employers
No cost, no risk, and no system integration required
No changes to the payroll cycle or impact on cash flow
Increase workforce productivity, retention and happiness
For employees
Ability to access a portion of their earned salary instantly, whenever required
No loan, no interest, only a nominal transaction fee
No credit checks necessary. Automatic eligibility for all employees once employer is enrolled