InstaPay
An Earned Wage Access product that gives users on-demand access to their earned wages before payday.
No interest or hidden costs, just one fixed fee.*
InstaPay is a Swag Money feature available to employees of organisations using Employment Hero HR and connected Payroll.
InstaPay is an Earned Wage Access product 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.
InstaPay was created by the team behind Employment Hero to help employees access their earned wages on-demand. InstaPay offers an alternative to high-interest credit cards, Buy Now Pay Later and costly payday loans.
Payroll managers do not need to do any admin. When a user requests InstaPay, Employment Hero funds that request to the users nominated account. Any withdrawals are then automatically registered as a deduction within the compatible payroll connection within the next pay cycle.
For information on what Payroll Administrators should be aware of, please read our guide below.
Users pay a $3 fee to draw down an InstaPay amount into their Swag Spend account. Drawdowns into an external bank account incur a $4 fee.
Why did we create InstaPay?
Employees get real-time payments for the work they’ve done, which promotes better budgeting and reduces reliance on short-term credit to bridge the payday gap.
Historically, we’ve been paid weekly, fortnightly or monthly because of administrative headaches like paper-based processes, payroll tax, compliance and regulation, bank management and liaising with accountants.
Thanks to leaps in digital technology InstaPay enables employees to be paid in real-time, as soon as they’ve earned it.
With limits set and calculations based on their unpaid net pay owed, your employees cannot take out more money than you can afford. The minimum withdrawal is $100 and the maximum is $250 per week, up to 50% of an employees owed pay.
Terms & Conditions
InstaPay may not be available to all users, depending on what level package your employer has with Employment Hero. Access to InstaPay is via the Swag app only.
Instapay is not a credit product, and there are no related interest charges.
InstaPay fees are $3 per withdrawal into a Swag Spend Account and $4 per withdrawal into an external bank account.
If an employee has a termination date entered into the Employment Hero payroll system, InstaPay will be disabled.
50% of your unpaid net pay owed is eligible for InstaPay, with a weekly withdrawal limit of $250. The minimum withdrawal amount per transaction is $100. InstaPay will show as a payslip deduction on your next payslip.
InstaPay ‘Available funds’ is an estimated total amount of money eligible for withdrawal, based on the amount of time you have worked, but have not yet been paid for in the current pay period. For salaried employees, InstaPay calculates as a proportion of your salary for the total number of days worked in the pay period.
InstaPay terms and conditions are here.
InstaPay FAQs for employees can be found here.
InstaPay processing instructions for payroll can be found here.
*InstaPay transactions into a Swag Spend Account incur a $3 fee, InstaPay transactions into an external bank account incur a $4 fee.
**Any general advice or factual information we provide has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for you. Before making any decision about whether to acquire one of Employment Hero’s products, you should obtain and read the relevant terms and conditions relating to that product and also seek independent financial, legal and taxation advice.
