Wagepay launches new wage advance platform tailored to support small business needs
Wagepay, an Australian early wage advance provider with 330,000 users worldwide, recently launched Wagepay for Business – a business wage advance platform designed specifically for small businesses to meet their employees’ needs for early wage access.
Wagepay has been working on the business platform mostly under the radar since late 2023 and has already onboarded more than 760 Australian businesses. “We know the economic environment is quite tough for both small businesses and their employees at the moment, especially in the construction, retail, and hospitality sectors, which make up the majority of the businesses already signed up on the platform,” explained Tony Chan (pictured), the Founder and CEO of Wagepay. “Our product design is well-suited for the 2.5 million small businesses in Australia because the sign-up process is simple and does not require system integrations or even payroll process changes.”
The platform is currently free for businesses to use and is accessible via mobile apps or through the business web portal. It allows businesses to offer early wage access to employees, enhancing employee retention by boosting employee satisfaction and reducing turnover rates. In addition, the use of early wage access services by employees is kept confidential from employers, ensuring the privacy of employee financial decisions.
Furthermore, Wagepay is actively exploring integration with multiple leading payroll service providers in Australia to better serve mid-market clients. “Onboarding and management will be more streamlined for businesses once this is done,” said Tony Chan.
Wagepay envisions a world where individuals are compensated in real time for their work, liberating them from the constraints of traditional pay cycles. The company has already expanded into Canada and is actively exploring other markets. It combines bank transaction data, payroll data, and credit bureau data to perform highly sophisticated credit risk management.
