Which on demand pay provider is best for your business: Wagestream vs Access EarlyPay

Understanding the costs: transaction fees, license fees, and tiered options

Wagestream is a UK-based company that was founded in 2018. The company works with employers to offer on demand pay to their employees. Wagestream charges a flat fee to the user (employee) of £1.75 per withdrawal, but has tiered costs to businesses depending on how much they want from the platform. £1.50 per employee per month is the standard entry with the premium offering coming in at £5 per month per employee. Access EarlyPay does not have tiered options and the costs to the employer are 20p per month per employee with a transaction fee of £2.75 to the end user.

Both Wagestream and Access EarlyPay offer a maximum withdrawal of 50% of the accrued salary, which can be amended by the employer if they should chose to do so. Wagestream offers a maximum of £1,000 per month and Access EarlyPay allows a maximum of £500 per pay period.

Access EarlyPay, is another UK-based company and is part of the larger Access Group company. With Access EarlyPay, the drawn-down funds are available instantly when the geography allows Faster Payments, and within one business day when it does not. Access EarlyPay is mobile-based and perfect for anyone using any Access software, although it can also be used in a standalone instance. Wagestream offer integrations with third party software companies such as Workday and Xero.  

Funding differences

One of the main differences between the two services is the way the draw-downs are funded. If you are a smaller company, the Wagestream platform expects companies to self-fund, meaning the company itself will need to have an account from which their employees draw down. With Access EarlyPay, The Access Group fund the drawdowns throughout the month and reconcile and collect the total after your scheduled payroll date. 

Considering employee and employer needs

Both Wagestream and Access EarlyPay offer similar features, such as the ability to track earnings and withdrawals through a mobile app. They also both work with employers to offer on demand payments as a benefit to their workforce. However, the costs to both employee and employer are different, which may make one service more appealing than the other depending on the needs of the employee. 

Both offer valuable benefits for improving financial stability

In conclusion, Wagestream and Access EarlyPay are two companies that offer on demand pay services with many similarities. The differences lie in the logistics of the service and reconciliation of drawn-down wages. Ultimately, the choice between the two services will depend on the needs of the employee and the employer. However, both services provide a valuable benefit that can help employees manage their finances and improve their financial stability.