Your questions answered: Explore everything you need to know about using Floatpays, whether you're an employer or employee.
All data is stored and encrypted at rest using an industry-standard AES-256 encryption algorithm. Floatpays uses Web Application Firewalls (AWS WaF) that protects our web applications and APIs against exploits that may affect availability, compromise security and data safety. All transfer of data is performed securely over TLS encrypted networks. Third-party application, network penetration tests and CREST-accredited continuous ethical-hacking is performed by CovertSwarm against our entire product suite to ensure we comply with the highest security standards.
Employers are assigned a dedicated Floatpays Customer Success Manager (CSM). Your CSM will be available to you as and when needed to support you with any system queries and troubleshoot any issues. You will also have access to Floatpays’ self-service Employer Portal. Your CSM will train your team on how to use the portal. The portal enables you to directly change your company’s payroll information on the Floatpays system - you can perform actions such as removing employees who have resigned, updating employee contact details, or changing an employee’s pay cycle from weekly to monthly and more.
Your employees will have access to a number of support channels that they can use to chat to us directly. These include: Email: support@floatpays.co.za Whatsapp: +27 64 538 9323 In-app chat Website: www.floatpays.com We will also provide you with digital communication about Floatpays and how it works, which can be shared with your staff via your internal communication channels.
We can work with any payroll system, whether it be fully automated or manual systems. We work with your existing payroll process.
Our fully automated integration process takes no longer than 30 minutes to complete.
Because Floatpays is not a loan, we do not charge interest on any earned wage withdrawals (via cash or voucher). We do charge employees a small once-off transaction fee for cash withdrawals (EFT & Instant Money Vouchers). You can think of this charge as similar to a bank charge for a withdrawal at an ATM. The charges comprise of a flat fee plus a % of the amount withdrawn. The Floatpays savings account does not carry a recurring monthly account fee or set-up fee. When employees cash-out on the pay-out date, a once-off fee of R10.00* applies. (*2024 pricing)
There is zero cost to the employer to offer Floatpays as a benefit to their staff. An employer may choose to subsidise a portion or 100% of an employee’s transaction fees associated with cash withdrawals (voucher withdrawals are fee-free) and/or the cash-out fee of R10.00*, for their employees. (*2024 pricing)
Floatpays gives you, the employer, the ability to: Set the % limit that employees can withdraw Set the number of withdrawals and voucher purchases an employee can make during the pay cycle Set the % limit that employees can save Limit who in your organisation can access Floatpays Configure what Floatpays features your employees can access Access control to withdrawals and voucher purchases based on active auto savings account The rule set required for your business is agreed upon with Floatpays before implementation.
Your withdrawal transactions and/or savings contributions will come off your paycheck at the end of the paycycle. If you are a weekly earner your transactions will come off at the end of the same week that you made them. If you’re a monthly earner your transactions will come off at the end of the same month that you made them in.
Your withdrawals via EFT will be paid into the same bank account that your wages/salary gets deposited into. We use the bank account information that your employer provides us with. If you need to change your bank account details you will need to speak to your employer about doing this.
It can take up to two business days for the money to reflect in your bank account.
An Instant Money voucher lasts 3 years. Please keep in mind that even though the voucher is valid for 3 years, when you withdraw your earned wages using this voucher the withdrawal amount plus transaction fee will come off your salary/wages in the month/week of the withdrawal.
The minimum and maximum amount that you can withdraw is set by your employer and will differ from company to company.
You do not get charged interest on your withdrawals. You get charged a transaction fee per withdrawal.
Earned Wage Access When you withdraw your earned wages using an EFT or Instant Money Voucher, you will pay a once-off fee per withdrawal. This fee is calculated as a flat fee plus a % of the amount you are withdrawing and can vary. When you use your earned wages to purchase any prepaid voucher you do not pay a transaction fee. You only pay for the value of the voucher you are purchasing. Savings There is no monthly account fee or setup fee to create the account. When you cash out your savings on the payout date you will pay a once-off fee of R10.00* only. (*2024 pricing) Free Services You can access free financial education and a budgeting tool on the Floatpays app.
No, you can use Floatpays on any type of mobile phone on the app or using the USSD code.
If you have not received a SMS with your invite token from Floatpays yet (but your colleagues have), please contact your payroll team to check that the cellphone number they have listed for you matches the one you are using. We send your invite token to the number that your employer has on file for you - if it is different, your employer needs to update your details in order for an invite token to be resent to your new number.
