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Floatpays (Pty) Ltd

Contact Person:Angela Wilson

0636430734

Send Email

http://www.floatpays.co.za

Cape Town

Western Cape

Social Links:

Floatpays is the next generation of employee benefits, enabling employers to attract, retain and engage the best people at all levels within their organisation. Floatpays enhances the employee value proposition with a holistic financial wellness offering. Floatpays helps employees reduce their reliance on debt, save and learn how to better manage their money. Through on-demand earned wage access, paycheck linked savings and financial education, Floatpays empowers employees to build financial wellness. Floatpays (Pty) Ltd is an authorised financial services provider under the Financial Advisory and Intermediary Services Act (Act No. 37 of 2002) (FSP number: 52120)

Full Company Profile:

The Problem Floatpays Solves

1 in 3 South Africans rate their financial stress as medium - high!

Statistics show that most South Africans spend 80% of their take home pay within the first 5 days of the month - with 3/4 of their take home pay going towards paying off debt! To put this in perspective: an employee earning a net salary of R15,000 spends R11,250 servicing debt, which leaves them with just R3,750 to survive until their next payday.This forces them to take on more debt to make it through the month and thus, the debt cycle continues.

Over indebtedness, the lack of savings and income protection, poor personal financial management and financial stress are the hallmarks of being financially unwell.

The lack of financial wellness amongst employees translates into a host of problems in the workplace ranging from absenteeism to reduced productivity. Ultimately, a financially unwell workforce is bad for an employer's bottom line.

Floatpays aims to protecting the employer's bottom line from the impact of a financially unwell workforce by:

Helping employees reduce debt with on-demand earned wage access
Driving a savings discipline amongst employees with an interest bearing, paycheck linked savings account
Enabling financial protection through Standard Bank's Flexible Funeral product
Helping employees improve their money management with free financial education & a budgeting tool

Employees can access Floatpays via an app or USSD.

Floatpays' technology integrates directly with an employer's existing payroll system to deliver its benefits to their employees. No changes are required to the payroll system.

Floatpays comes at no cost to an employer and does not impact cash flow!