What Are The Steps of Choosing An Earned Wage Access Provider?
Selecting the right Earned Wage Access (EWA) provider is a critical decision for employers aiming to support their workforce’s financial wellbeing without compromising on operational efficiency. Earned Wage Access services allow employees to access their earned wages in real-time, helping them avoid financial stress without turning to payday loans or high-interest credit options. But not all Earned Wage Access providers are created equal.
This blog will walk you through the key steps to choosing an Earned Wage Access provider that aligns with your organisation’s goals, values, and operational needs.
Shortlist Certified Providers
It’s essential to start by identifying Earned Wage Access providers who meet industry standards. To ensure you’re selecting a trustworthy and ethical partner, look for providers certified by the Earned Wage Access Code of Practice.
This certification guarantees that the provider follows best practices regarding compliance, data security, fair usage, and employee protection. Working with certified providers ensures you maintain the integrity and trust of your workforce while minimising potential risks.
Align with Your Company’s Values
Every organisation has its unique culture and values, and your Earned Wage Access provider should complement them. Employers are increasingly scrutinising the practices of Earned Wage Access providers, prioritising those that promote financial wellbeing and flexibility without introducing financial risks.
For instance, some providers offer debt alongside Earned Wage Access services. While this may seem like an added convenience, it could contradict your company’s values if financial wellness is a top priority.
At Level, we’re proud to operate as a debt-free Earned Wage Access provider. Our platform empowers employees with access to their earned wages, reducing the need for traditional credit lines. By choosing a provider with similar values, you can genuinely make a positive difference in your employees' financial lives.
Prioritise Personal Service
Every organisation is different, and so are its employee needs. Personalisation is key when choosing an Earned Wage Access provider that can meet your specific business requirements. A highly tailored service ensures better integration into your operational processes and maximises the benefits for your employees.
One of the most valuable customisation features? A named client success manager. At Level, every client is assigned a dedicated success manager who guides them through the entire partnership. Whether it’s implementation, training, or answering questions, having a go-to contact ensures a seamless experience.
Automation Matters
When adopting an Earned Wage Access solution, the main objective is to enhance employee benefits without burdening your payroll or admin teams with additional workloads. This is where automation plays a crucial role.
Ask providers whether they can streamline processes like wage reconciliation, reporting, and integration with your existing payroll systems. Automated reconciliation ensures accuracy and saves significant time for your teams.
Level, for example, prioritises automated processes to ensure companies can offer Earned Wage Access and maintain operational efficiency. Our solution is designed to be simple, allowing your teams to focus on their primary responsibilities without unnecessary headaches.
The Bottom Line
Choosing an Earned Wage Access provider is more than just picking a tool; it’s about selecting a partner who aligns with your business values, streamlines operations, and supports employee financial wellness.
By following these key steps:
Shortlist providers certified by the Earned Wage Access Code of Practice for quality assurance.
Ensure their practices align with your values and commitment to employee well-being.
Evaluate the level of personalisation they offer to meet your specific needs.
Check for automated processes to keep operations efficient and trouble-free.
When you work with the right Earned Wage Access provider, the benefits ripple across your company – from reducing employee financial stress to improving retention and productivity.
If you’re ready to take the next step, explore Level's Earned Wage Access solution and see how we can transform financial wellness at your organisation.