Making On-Demand Pay work for you

Emma Potter

 · 06/30/2022  · 06/30/2022

We’re used to getting paid on a monthly basis. It’s just how it is, right? But we all know what it feels like to see our bank balance dropping, and payday stretching way out ahead of us. Isn’t it time we took control of the money we’ve already earned? Here at Revolut, we have a solution.

That’s where On-Demand Pay comes in 💯

We’ve introduced On-Demand Pay to help improve financial wellbeing for our customers. Built to help you tackle unplanned expenses and reduce stress, On-Demand Pay lets you access your own money in advance of payday.

Withdraw a portion of your earned wages for a flat fee of £1.50 per withdrawal, no matter how much you take out. So whatever your needs, from car repairs, to grabbing lunch with a friend, spend your own money.

Access your earnings, any time, instantly, and track your wages in real-time to see where you’re at throughout the month. On-Demand Pay helps you to manage unexpected costs with full visibility of your base income.

How Payday helps to improve your financial wellbeing 🧘‍♂️

Dealing with one-off expenses or unexpected purchases (ever lost a wireless earbud and had to face the morning commute without your daily podcast?) doesn’t have to be a cause for concern.

Take Sophia, for example. She’s a full time employee and a mother. Life’s pretty full on for her, but she works hard to cover her costs as well as to enjoy living life. Sophia’s son has a milestone birthday on the way and she knows just what to get him, but on top of the day-to-day expenses that can sometimes sneak up on all of us, she’s finding it tricky to afford the perfect gift.

She could put it on her credit card, but is wary about incurring monthly interest charges, or she could consider a payday loan, but Sophia doesn’t want to go into debt if she can help it. If only she could just borrow a little of the money she’s already earned...

That’s where On-Demand Pay comes in. With On-Demand Pay, there’s no need to turn to high interest loans or rely on credit cards. In a VISA EWA (earned wage access) survey, 79% employees said they are willing to switch to an employer who offers EWA.

Additionally, On-Demand Pay gives you access to the earned wage tracking feature, which gives you complete visibility of the money you’re earning in real time. So, even if you don’t need to withdraw anything, On-Demand Pay can help you to plan your budget in advance, relieving money worries.

But what about paying the rent? 💸

We know you have monthly commitments, and On-Demand Pay is designed with this in mind. We don’t want you to keep having to withdraw from next month’s pay check in order to cover this month’s bills. That’s why we’ve built in smart limits designed to help protect you.

You won’t be able to withdraw the entirety of your wages; it’ll be capped by default at 50% of your available earnings so you’ll still be able to cover your bills and expenses next month. Your employer will also have some control over these caps, and we’ll let you know if we think you’re at risk of over-using On-Demand Pay.

We charge a flat fee of £1.50 per withdrawal, which means you don’t have to pay more, even if you need to take out a larger chunk of cash. Withdrawals are, of course, completely secure, safeguarded by regulated banks and protected by bespoke security systems.

How does it work? 📊

On-Demand Pay requires sign-up from your employer before you can get access. For your company, it’s easy to integrate and completely free; we’ll even help you get in touch with them. All you have to do is make sure your Revolut app is up to date, then go to On-Demand Pay in the Hub. Search to see if your company is offering On-Demand Pay already, and get in touch with us if they’re not.

Let’s get you signed up to On-Demand Pay.

  • In the Revolut app, go to the Hub > Salary
  • Search for your company and select your employer
  • Enter your work email address
  • Enter the authentication code we send you via email
  • If you haven’t switched your salary, you’ll be prompted to do so, but you can choose to skip it and do this later

That’s it! You’ll be able to see how much you’ve earned in real time instantly.

It’s a win-win solution 🥇

So, hopefully you’ll agree by now that On-Demand Pay seems like a great benefit for you, but what makes it so good for your employer? Well, our aim at Revolut is to help businesses optimise productivity with a win-win accrued pay solution. Surveys show that access to earned wage access products improve employee satisfaction, which has been proven to lead to a boost in engagement, plus a decrease in employee turnover.

As we mentioned, On-Demand Pay is free for employers to integrate, with no changes to payroll or existing processes. Plus, access to this benefit can help to attract great team members that want to stay on board for longer.

Once an employer’s on board, we’ll work with them to get On-Demand Pay integrated. It’ll take between 2-4 weeks depending on the company’s technical integrations and preferences, and we’ll help them get the message out to their employees as well to ensure their team benefits from instant access to their earned wages. We’ll support the company through everything from mobilisation and set-up, to testing and communications.

Read more about On-Demand Pay by Revolut on our On-Demand Pay webpage.

What’s next? 👀

On-demand pay seems pretty good, right? All that’s left to do is get in touch with your employer to get them signed up to On-Demand Pay (if they haven’t already done so).

And if you’d like to learn more about how to improve your financial wellbeing, why not check out our Saving money to help ease financial stress blog?

The content of this page is for general information purposes only and does not constitute financial advice. If you have any questions about your personal circumstances, you should seek professional and independent advice. Revolut is not a financial adviser.