Where every day is pay day

EARNED wage access provider Paytime claims there has been a 600% spike in enquiries for its services due to rising inflation, with miners some of its biggest customers.
Where every day is pay day Where every day is pay day Where every day is pay day Where every day is pay day Where every day is pay day

Paytime app interface

Paytime's free technology plugs into employer's existing payroll software, with users paying an ATM style fee to withdraw their pay early.

Workers get access to their earned wages on-demand, as opposed to having to wait two to four weeks for payday.

The system is not a loan facility, it advances wages already earned.

Paytime co-developer and CEO Steven Furman said more than 50% of Australian workers lived paycheque to paycheque and were forced to wait for a set payday, determined by their company, to receive their earned money.

"So, we set about creating technology that makes life less stressful, by creating an on-demand pay app that gives employees instant access to the pay they've already earned, leading to a more engaged workforce and reduced staff turnover," he said.

Furman said the days of employees having to wait for a fixed payday each week or fortnight was quickly becoming outdated.

"Employees, especially millennials, are demanding a solution that allows them to access a portion of their earned pay at any time in the month," he said.

"It's important to note they can only access pay they've already earned, we are not loaning them money."

Furman said the mining industry was an early adopter of the technology, given the amount of contract and shift workers.

Mt Isa labour hire company Addex Group uses Paytime to give workers instant access to their pay.

Addex manager Lisa McConachie said the system was introduced three months ago with 80% of staff already signed up to use it.

"Our miners are using it to cover themselves for unexpected expenses," she said.

"It's giving them access to their money for shifts they've worked already that they might not get paid for straight away."

McConachie said previously workers would be approaching her weekly asking for an advance on their pay.

"So it's saved me a lot of work no longer having to run payroll early or set up payroll deductions for loans," she said.

"I think they use it for random bills that come up or if they unexpectedly have time off, they've got funds they can access."