WIIZ BUSINESS SOLUTIONS PRIVATE LIMITED

In their own words

SALARY ACCESS APP Employees often need to access money before they are paid People used to expect frequent pay packets and cash was the order of the day. Weekly pay meant living expenses were easier to manage. Employees only had to wait a short time till they got paid - and being paid in cash made it easier for some people to manage their money. But then, companies all over the world wanted to manage cash more efficiently. Payroll systems were introduced. - The real prize in terms of helping employees is connecting to a person's salary and giving them access to draw down their wages when needed - Monthly payroll has become the norm across many businesses but it creates problems for families who are running to tight budgets - Banks and so-called payday lenders (loan sharks) extort excessive fees and interest from the hardest up in society *Introducing the Salary Access App: Bringing Pay into the 21st Century* Gives employees access to draw on salary they’ve earned but not yet received Each ‘access’ requires employee to pay a fee, typically £1.50 - £2.95; It’s not a loan, it’s an advance - permitted by HMRC Because it’s not a loan we dont need to be regulated as a lender would Employees will typically use it 3 to 8 times per month It’s cheaper than authorised and unauthorised overdraft fees, it’s not like an extortionate payday loan or doorstep finance. It fits with the trend of how financial services are being digitised and App-based.

Written by the company on its public Startup India profile. Not verified by us.