In the modern workforce, managing finances can be challenging, especially when unexpected expenses arise before the next payday. Employment Hero, a renowned software platform aiding Australian businesses with HR, payroll, employee engagement, and benefits management, offers a convenient solution called Instapay Australia Pay Advance. This service allows employees of subscribing companies to access a portion of their earned wages before payday for a nominal fee. In this comprehensive review, we will delve into the key features, pros, and cons of Employment Hero InstaPay, shedding light on its potential benefits and limitations.
What Is Instapay Australia Pay Advance?
InstaPay Australia Pay Advance is a convenient banking pay-on-demand application offered by Employment Hero, an HR and payroll platform for Australian businesses that allows employees access up to 50% of their earned wages, to a maximum of $250 per transaction, before their regular payday. With seamless integration into the Employment Hero app, InstaPay offers swift approval and funds disbursement directly into the employee’s bank account within two business days. This service helps individuals manage unexpected expenses without resorting to high-interest payday loans, providing a flexible and responsible approach to short-term financial needs.
Features of Instapay Australia Pay Advance
Some of the unique features of instapay Australia pay advance that makes it stand out from other wage access providers in Australia include:
- Loan Term and Amount: InstaPay offers employees the opportunity to borrow up to 50% of their wages, to a maximum of $250 per transaction. The borrowed amount is automatically deducted from the next paycheck, eliminating the hassle of separate repayments.
- Employment Hero Subscribers Only: To utilize InstaPay, employees must be associated with a company that has an active Employment Hero subscription. This feature ensures that the service remains exclusive to eligible users.
- Multiple Uses: Employees can access their InstaPay funds in two convenient ways. They can either have the funds deposited directly into their bank account or use them to make purchases within the “Discounts” section of the Employment Hero app.
- Privacy and Deduction Sharing: Employee data and transaction activities remain confidential, with the exception of the total dollar amount of InstaPay transactions. Employers cannot access information about individual purchases or bank account transfers.
- Bank Account Connectivity: The app seamlessly connects to the employee’s bank account, streamlining the process of fund disbursement and repayment.
- Funding Time: Once an advance is requested, the funds typically clear into the employee’s bank account within two business days, providing swift access to much-needed finances.
How Does Instapay Australia Pay Advance Works?
InstaPay works as an Earned Wage Access application that gives users early access to their earned wages before payday. For a $3 fee per transaction, your employees can request up to 50% of their earned wages, which is capped at a maximum of $250 per week, while the minimum withdrawal amount is $100 per transaction. If an employee has earned less than $500 in wages for their pay period, the withdrawal amount available to the employee is half of their accrued wage while the borrowed amount is automatically deducted from the next paycheck.
Employees can withdraw no more than 50 per cent of their next pay – up to a maximum $250 a week – with a fee of around $3. There’s no interest or late fees – but their next pay will be reduced by the advanced amount. Funds transferred via InstaPay Australia pay advance are received almost instantaneously, 24×7, all year round. Instapay users may be individuals, businesses, or government agencies.
InstaPay Partners includes Alipay, AllBank, AUB, Bank of China (Manila Branch) Bangko Mabuhay, Bank of Commerce, Dungganon Bank, East West Bank, East West Rural Bank, Equicom Savings Bank. GPay Network PH (GrabPay) G-Xchange (GCash) Infoserve Incorporated (Nationlink), Producers Bank. PSBank. QCRB Queen Bank. RCBC. Robinsons Bank.
Instapay Pay Advance
Instapay Pay Advance is a valuable financial service offered by Employment Hero, a comprehensive software platform catering to small and medium Australian businesses and providing employees with a flexible and timely solution. Instapay Pay Advance allows eligible users to access a portion of their earned wages up to 50%, to a maximum of $250 per transaction ahead of their scheduled payday. With its user-friendly interface and swift approval process, Instapay Pay Advance serves as a lifeline during unexpected financial challenges.
Instapay Australia Centrelink
Instapay Australia Centrelink is a distinct program aimed at providing financial relief and early access to funds to eligible individuals who rely on Centrelink benefits. Employment Hero, the driving force behind this service, seeks to cater to a broader audience, including those who may not have traditional employment arrangements. This endeavor aligns with their commitment to responsible lending and financial inclusivity.
Eligible individuals, who may face financial constraints while waiting for their Centrelink payments, can now access Instapay Australia Centrelink.
How To Apply For Instapay Australia Pay Advance
Accessing InstaPay is a straightforward process designed to provide employees with quick and convenient access to salary advances when needed. To take advantage of this service, employees should follow these steps:
- Check Employment Hero Subscription: First and foremost, employees must ensure that their employer is subscribed to the Employment Hero platform. InstaPay is exclusively available to employees associated with companies that have an active Employment Hero subscription. If unsure about the subscription status, employees can reach out to their human resources or payroll department for confirmation.
- Verify Eligibility Criteria: While InstaPay offers a valuable financial tool to employees, not all individuals may qualify for salary advances through this service. Eligibility criteria may vary depending on the company’s policies and the specific guidelines set by Employment Hero. To determine eligibility, employees should directly inquire with Employment Hero or refer to the company’s documentation regarding InstaPay.
- Application Process: Once eligibility is confirmed, eligible employees can proceed with the application process. They can access the InstaPay service through the Employment Hero app or website, depending on the platform’s availability. The application process is typically user-friendly, and employees may need to provide some basic information for verification purposes.
- Select the Desired Amount: During the application, employees can choose the amount they wish to borrow through InstaPay. The borrowing limit is typically up to 50% of their earned wages, with a maximum cap of $250 per transaction. It is essential to select an amount that aligns with the specific financial need without compromising the ability to repay the advance on the next payday.
- Await Approval: After submitting the application, employees will need to await approval from the InstaPay system. The approval process is generally swift, given the service’s focus on providing timely financial assistance. Once approved, the employee will receive confirmation of the approved amount and the expected repayment date.
- Funds Disbursement: Once approved, the InstaPay funds will be disbursed directly into the employee’s registered bank account. This disbursement process typically takes around two business days, ensuring that the funds are available for use without undue delay.
- Repayment Process: Repaying the InstaPay advance is seamless and hassle-free. On the next scheduled payday, the borrowed amount will be automatically deducted from the employee’s regular salary. This automatic deduction ensures that employees need not worry about making separate repayments, reducing any chances of missing the repayment date.
- Responsible Usage: While InstaPay can be a helpful tool for managing unexpected expenses, it is crucial for employees to use this service responsibly. As InstaPay is not intended for long-term finance solutions, it is advisable to utilize it only for genuine emergencies and not as a regular source of income. Responsible usage will prevent the accumulation of debt and ensure financial well-being.
Pros and Cons Instapay Australia Pay Advance
Some of the pros and cons of Instapay Australia Pay Advance you should consider before making any decisions includes:
- Quick Access to Salary Advance: InstaPay enables employees to access a portion of their earned wages before the designated payday, offering financial flexibility during urgent situations.
- Lower Costs than Traditional Payday Loans: Unlike traditional payday loans with exorbitant interest rates, InstaPay imposes a flat fee, starting at $2 per transaction, making it a more affordable option.
- Multiple Transactions per Month: Employees can access InstaPay funds up to two times per week, allowing greater financial flexibility when unforeseen expenses arise.
- No Interest Charges: The service operates on an interest-free model, alleviating concerns about accruing debt due to high interest rates.
- No Credit Checks Required: InstaPay does not subject users to credit checks, making it more accessible to individuals with varying credit backgrounds.
- Limited Borrowing Amount: The maximum borrowing limit of $250 may be insufficient for some individuals facing significant financial challenges.
- Not a Long-Term Finance Solution: While InstaPay offers short-term financial relief, it should not be relied upon as a long-term financial strategy.
- Possible Budgeting Impact: Frequent use of InstaPay may affect an employee’s budgeting and financial planning if not managed responsibly.
Instapay Australia Pay Advance Fees And Charges
Instapay Australia pay advance fees and charges apply to employees and employers differently, kindly review the write up below to get more information:
- Transaction Fee: A flat fee, starting at $2 per transaction, applies to each use of the InstaPay service.
- No Interest: InstaPay is an interest-free service, eliminating concerns about interest charges on borrowed amounts.
- No Ongoing Fees: There are no administration or monthly fees for employees utilizing InstaPay.
- Standard Subscription: Employers can subscribe to Employment Hero for a standard fee of $7 per employee per month (minimum $99 per month).
- Premium Subscription: Premium subscriptions are available at a cost of $10 per employee per month (minimum $99 per month).
- Platinum Subscription: Employers can opt for platinum subscriptions for $14 per employee per month (minimum $199 per month).
How can I qualify for Instapay Australia Pay Advance?
To qualify for Instapay Australia Pay Advance, you must be associated with a company that has subscribed to the Instapay Australia service. Not all employees may be eligible, so it’s essential to verify your eligibility with the service provider.
Is Instapay Australia Pay Advance available to everyone in Australia?
No, Instapay Australia Pay Advance is only available to employees of companies that have subscribed to the service. It is not a public service accessible to all individuals in Australia.
Can I use Instapay Australia Pay Advance for long-term financial needs?
No, Instapay Australia Pay Advance is designed for short-term financial relief during emergencies. It is not intended for long-term financial planning or as a regular source of income.
Instapay Australia Pay Advance Review
InstaPay Australia pay advance is a wage access provider that allows employees of businesses that are signed up to the service to access funds from their salary ahead of payday. Unlike a payday loan , which have potentially high fees and costs attached, InstaPay payday advance only charges a flat fee starting from $2 to employees using its service. Employers that are signed up to the platform pay a monthly subscription of either $7, $10, or $14 per employee per month.
With Instapay Australia pay advance do not perform credit check on users, nor do the platform charge interest or late fees and their turnaround time is instant. However a major disadvance with this pay on demand service is its low maximum amount of $250. Also it is only available to employees using Employment Hero.
Reviews from Real Customers of Instapay Australia
Poor Experience with Insta Pay
When I first heard about Insta Pay I was very excited as the company seemed to offer competitive benefits and lower fees than similar competitors.
Unfortunately I was extremely let down with their services. I have had account setup issues since last month and have had very little luck getting a response or in contact with anyone in the company for further assistance. I actively try to call the number on the website, send emails to support, and even attempt to use their chat function their website but get no response every time. Whenever I get in contact with someone they direct me to call or email a different address which I get no response from. Very frustrating.
This is very disappointing as their business model seems appealing on paper but without any support when something goes wrong, it defeats the purpose.
Hoping Insta Pay can eventually help resolve my issues so I can change my outlook on this company but as of right now I can only give them 1 star due to the communication and complications I have encountered so far.
Date of experience: 29 May 2021
Instapay not Instant
There is nothing instant about InstaPay. Stick to Zelle or other transfer services. Here’s my experience.
I just borrowed money from a family member to cover some emergency expenses.
Normally we use Zelle. Since I saw this new InstaPay service, my family member decided to try it.
There is nothing instant about InstaPay. First, you have to sign up to InstaPay to receive the money. They don’t make this obvious before you send the money.
After you sign up, you have to enter your card number—after which you will receive a notice that your card is ineligible to receive the money that was sent to you.
They don’t say why either.
Luckily, you do have the option to receive money with your checking account.
That works—except that it doesn’t, because it takes 2 to 3 days to receive the money that you needed right now.
Terrible, terrible, terrible service from Altura. The service is misleading, dishonest, and slow. Avoid under-developed services like InstaPay.
Date of experience: 14 April 2022
Completely Incompetent Company
Completely incompetent company. This week alone they have incorrectly billed my company 3x. They can’t even be bothered to verify a company name that they are billing before they send out invoices. Invoices mind you that have sensitive billing and banking information contained on them. I personally wouldn’t want my companies financials leaked that way. On top of this no one ever answers their accounting line and a voicemail never picks up (although I wouldn’t hold my breath on ever getting a response).
I waited on hold for 20 mins a few separate times this week and was never connected a person. I followed up with emails and screen shots showing they were billing my company incorrectly and they were never answered or responded too. I finally managed to get through when I hit a different ext (the sales one, surprise surprise they have no issue taking your money) and the gentlemen could not have been ruder or more unpleasant to speak with.
I calmly expressed my displeasure at the situation and that maybe they should take a closer look before they send out invoices. To that end I was hung up on. Would have been nice to actually get an acknowledgement on an email that it had been fixed.
I would be very careful giving this company your financial information. I can only imagine with them at the helm how much of an accounting nightmare it could turn out to be.
Date of experience: 20 July 2021