Wagestream App Reviews 2023: How does Wagestream work and Login?

Wagestream is a financial technology company that provides an innovative “paid as you earn” service for employees and employers. Through its mobile app, employees can access their earned wages whenever needed, allowing them to address immediate financial needs without resorting to costly payday loans.

The process is straightforward: employees register with Wagestream through their employer’s partnership, download the app to track their earned wages, and can then request withdrawals of up to 50% of their monthly earnings with the money instantly transferred to their account.

A flat fee of £1.75 is charged per withdrawal, and the remaining pay is received on the regular payday. Moreover, Wagestream offers additional benefits such as financial education resources and a “rainy day pot” for automatic savings, promoting employee financial wellness.

What is Wagestream?

Wagestream is one of the most affordable salary advance options available for employees as it helps them avoid expensive payday loans, quickly and instantly resolving issues such as employee advances, loans and employee stress. The platform offers a “rainy day pot” where part of an employee’s salary is put aside automatically, making it easier to save and taking away the temptation to spend the money saved for emergencies.

However, it doesn’t loan out money to employees. Many of Wagestream’s competitors offer loans as an option where repayments are automatically taken from the employees’s salary. These employee loans have an interest but are typically lower than traditional loans.

Wagestream App

Wagestream app is a financial technology application that offers an innovative wage advance service for employees in Australia. It allows employees to access a portion of their earned wages before their regular payday through the Wagestream app. The app charges a fixed fee per withdrawal, and the remaining pay is received on the usual payday.

How does Wagestream work?

At the touch of a button, the Wagestream app allows you to access a portion of your earned income – every hour of every day. Log into the app to view your accrued wages, then instantly select the amount you wish to stream directly into your bank account. The application works for employees and employers in very easy ways as follows:

For employees

Once you’ve registered with the service, you can download the app and see how much you’ve earned so far for the month. If you need to, you can withdraw up to 50% of your monthly earnings. Once you’ve made the request, the money will be instantly transferred to you and you’ll be charged a flat £1.75 fee for each “stream” when you receive your remaining pay. You’ll also be able to access tips and articles on financial wellness that Wagestream has created with the Money Advice Service.

For employers

Wagestream says that setting up the service typically takes 7–10 working days and that it’ll provide training to all your staff who need it. There are 3 plans you can opt for with wagestream with pricing between £1.50 and £5 per employee. It won’t affect your cash flow because Wagestream will be covering the payments from the moment they’re taken out, and payday. Your company’s credit score will be checked (Wagestream says that this is “for compliance reasons”), but the service is interest-free.

Is Wagestream Safe?

Wagestream is a safe and secure financial service for employees and employers. The platform allows employees to access their earned wages when needed, without incurring debt or affecting their credit scores. While employees can withdraw up to 50% of their monthly earnings, there are safeguards in place to prevent excessive spending and potential financial pitfalls.

What is Wagestream App?

Wagestream is a financial technology app that allows employees to access their earned wages before their regular payday. It enables employees to withdraw up to 50% of their monthly earnings through the app whenever they need funds for emergencies or unexpected expenses. The app charges a fixed fee of £1.75 for each withdrawal, and the remaining pay is received on the usual payday. Wagestream’s service aims to provide a cost-effective and convenient solution for employees to manage their finances without having to rely on expensive payday loans or employee loans.

Wagestream Alternatives

When considering alternatives to Wagestream, there are several options available for individuals seeking similar services. Here are a few alternatives to consider:

1. Commbank AdvancePay, a popular pay app in Australia just like Wagestream, lets you access up to $750 of your expected pay before your next payday without involving your employer. Simply answer a few questions and meet lending criteria to apply, with repayment automatically deducted from your account on the chosen pay date. Fees vary based on the requested amount, with an upfront fee of $5 for every $500.
2. ZayZoon, one of the top wagestream alternatives, provides access to earned but unpaid wages, helping users manage cash flow and unexpected expenses between paycheques, with different payment options available for convenience. However, it requires an existing agreement with your employer to be utilized. When requesting a cash advance, you can access up to $200 at a time, depending on your earned but unpaid wages.
3. MyPayFast offers a confidential and hassle-free way to access up to 25% of your salary in Australia before payday, with a maximum advance of $350, and a flat 5% fee for the service. No need to involve your employer – just provide your details and verify your identity through Australia Post.
4. Beforepay – Among the array of apps similar to Wagestream in Australia, Beforepay app stands as one of the most sought-after options. This popular platform offers borrowers the convenience of obtaining loans ranging from $50 to $1500, giving them access to a portion of their next pay just before payday arrives.
5. Wagepay is also on the alternative list for Wagestream in Australia, providing early access to earned wages for employed Australians. The application process takes just a few minutes, and once approved, users can receive their wage advance within 60 seconds. To qualify, you must be an Australian citizen aged 18 or above and receive regular income in a personal bank account. The approved amount can be up to 25% of your wage in line with your pay cycle, with a maximum of $2,000, and the minimum withdrawal per advance is $100.

Wagestream Reviews

Wagestream is a service that allows you to access wages you’ve already earned prior to payday so as to avoid overdraft fees, credit card fees, or payday loans, and to budget by tracking your wages throughout your work week.

71% of users check the app weekly to track their wages in real-time so that they can stay on course. When employees can see the direct impact their work is having on their paycheck, they’re naturally going to work more hours.

The easy-to-use app also enables you to build up a rainy-day fund straight from your pay along with educational resources on financial wellness. The application gives employees the financial independence to control their finances and when they are paid. Reduces financial stress caused by long pay cycles. Strives to eliminate the need for incurred overdraft fees, credit card debt, or worse, a payday loan.

With Wagestream you can instantly access your earned wages by streaming a percentage of your earning directly to your bank account in seconds. You can also access up to 30% of your earned contractual basic pay (up to a maximum of £300 per pay period and stream up to 3 times per pay period.

“Wagestream has been amazing for our people. By offering a range of charity-backed financial wellbeing tools built around pay, we’ve been able to empower them to build better financial health – all managed through one smart app.” – Katie Duxbury, Head of Payroll Services

I like being able to see how much you’ve earned as the week progresses. Its a motivator to keep going and also allows you to check your hours too! – Chloe, Wagestream user

The rainy day pot is the best feature for me. I struggle to put money away once I see it. It’s a lot easier for me to budget what I get on payday without worrying how much I can put away. The rainy day pot does it all for me! – Nikita, Wagestream user

My favourite feature is the coaching section with the financial tools. There’s things on there you’d have never known. I’ve learnt a lot from the articles. – Becca, Wagestream user

Unique Functions of Wagestream

• • Track: Track your contractual basic pay in the app in real-time, review your activity history, and set monthly reminders to ensure you never miss a payment.
  • Save: The in-app Safestream pot feature lets you save money direct from your salary and be in with a chance of winning cash prizes each month!
  • Stream: Stream up to 30% of your contractual basic pay (up to 3x per pay period & at a maximum of £300 per pay period) directly into your bank account for a small, fixed fee of £1.75.
  • Learn: Click on Insights for access to our learn section containing tips, tricks and short in-app courses to help you discover how to manage your money better.

Wagestream Login

You can give your employees the flexibility to access, track, build and better manage their pay by login into Wagestream and getting started. Simply go to the Wagestream login page and register in five minutes. To sign up and login as a new customer click here. Then click register and you can sign-up automatically using Xero or add your details as follows:

• • First name
  • first name is not valid.
  • Last name
  • last name is not valid.
  • Phone number
  • phone is not valid.
  • Email address
  • email is not valid.
  • Password

If you are an existing customer, simply fill your registered email and password and you will be login to the Wagestream page to start trasacting. If you forget your password, ypou can click the recover password button and get a link to reset your password.

Steps to Login to the Wagestream Platform

Cash Advance Apps Australia

Some of the best cash advance apps in Australia includes MoneyMe, Nimble, Wallet Wizard, Ferratum, Cash Train and Cash Converters among others.

Wage Advance Apps Australia

Some of the most popular wage advance apps in Australia includes Earnd, Beforepay, WisrPay, FlexWage, Wagepay and MyPayFast among others.

Who are the owner and managers of Wagestream?

Wagestream is a charity-backed organisation that gives over 250,000 UK employees the tools to help them manage their everyday finances and build greater financial resilience. Their aim is to help you make smarter and healthier choices about money. Wagestream works with over 100 employers across the UK – from healthcare, the
leisure industry, to local councils, including the NHS, Bupa, Greene King, and David Lloyd.

What wages can I access through Wagestream?

Wagestream lets you access up to 30% of your earned contractual basic pay you have already earned but not yet been paid, up to a maximum of £300 per pay period. Your contractual basic pay is the basic pay defined in your contract of employment. This amount will exclude allowances and variable pay such as additional hours and
overtime.

What is the cost to use Wagestream?

Each stream incurs a convenience fee of £1.75, no matter the amount; that is the only cost. At the end of the pay period, any of your net salary not already accessed will be paid as normal, minus any convenience fees. You will also receive a monthly statement detailing any activity you have made.

Will I be charged a fee if I don’t stream?

No — if you don’t stream, you don’t pay any fees. You can use all of the other features Wagestream has to offer for free, such as tracking your wages in real time, setting payment reminders, utilising our financial well-being learning tool or savings program, and more.

Is Wagestream right for everyone?

Wagestream provides financial education, but not financial advice. Colleagues experiencing debt issues or long-term money problems may want to reach out to a Stepchange advisor free of charge. Stepchange is the leading professional and confidential debt charity helping over 600,000 people a year deal with their debt issues. If you think your well-being is suffering because of financial stress, you can also get free confidential counseling through Lifeworks.

How much can I withdraw using Wagestream?

With Wagestream, employees can withdraw up to 50% of their earned wages before their payday. The app provides a flexible option for users to access their money whenever they need it most.

Does Wagestream require involvement from my employer?

Yes. Wagestream is a third-party benefit provider that works with your employer to allow you access to your earned wages as you earn them.

Wagestream operates in partnership with employers. To use Wagestream, your employer must have an agreement with the service, allowing employees to access their earned wages in advance. Wagestream allows employees to get instant access to their earned wages, without making any changes to your normal payroll process.

Benefits of Wagestream

• Wagestream can guarantee, with use of employer data, to reduce the number of leavers in your business by 16%, in less than 12 months.
• Employees who are actively using Wagestream can feel a stronger link between their work and what they earn, therefore have done, on average, 22% more hours per month.
• 57% of employees said that they felt less financial stress as a result of being able to access their wages when they need it. It means that your employees can come to work with less stress on their minds and be more productive.

Are there any fees associated with using Wagestream?

Yes, Wagestream charges a fixed fee of £1.75 per withdrawal transaction when accessing earned wages in advance. This fee is deducted from the employee’s remaining pay on the regular payday.

Is Wagestream safe and secure?

Yes. Wagestream takes data security and user privacy seriously. The platform employs secure encryption and follows industry best practices to protect users’ personal and financial information. Additionally, Wagestream adheres to relevant financial regulations to ensure compliance with Australian laws.

Conclusion

Wagestream offers an attractive solution for employees to access their earned wages before payday. It provides financial flexibility, enabling users to manage unexpected expenses and avoid costly borrowing options. When you offer Wagestream to your staff, they get the platform’s market-leading smartphone app made up of four separate products that put them on the road to financial wellbeing.