Flipful is an easy way to make every day a payday. It allows you to choose when to receive your earned salary, reducing stress and making you stop asking yourself – when will it be already?
The questions asked by customers (companies) are nothing new, especially if they are about to start something unprecedented. Potential customer frequently asked questions: does this mean that additional information about employees will be needed? What is the difference with an advance payment? Will the employee be able to withdraw more than he earned? How could this work in the current solutions?
As with any business, the Flipful user might meet both benefits and risks. The end user (employee) gets the opportunity to be protected from unforeseen expenses at any place and time. It could be an analogy of using an umbrella that can be activated when needed. This option reduces stress, as the user will no longer have to worry so much about their financial situation. Financial well-being is also improving – research shows that, if a person can handle money more flexibly and receive it more often, then he or she can build up savings more effectively.
A risk that is important to mention (which happens in some cases) is insufficient financial prudence, which can lead to the situation, when all available limits are spent and there is not enough for mandatory bills. To avoid this and other risk situations, Flipful has incorporated financial literacy training in the employees’ mobile app, as well as company-defined amount and withdrawal limits, so that money is spent only for real needs.
The benefit of the company is the opportunity to improve productivity, because employees focus on work, they don’t have to think about finances at that moment.
As well as a very important aspect – loyalty – employees will not be deceived by a salary supplement, if they have the opportunity to handle their salary flexibly. This in turn reduces staff turnover costs and time spent selecting candidates.
And, of course, one of the most important points when choosing a job is the environment in the company and involvement. Feeling that the employee is taken care of, they value their employer, thus also increasing the employer’s own reputation not only in the eyes of existing but also potential new employees.
But considering the risks, if the service is not properly communicated in the company, and the employee feels that it is not money earned, but that he borrows from the employer, then the employee may not understand why part of the salary will be deducted at the end of the month, thus creating a bad impression of the employer.
If this service is introduced for a fee to your employees, they would have to pay for the request and for the withdraw, but if it is not successfully communicated, the employee may be unhappy that he or she has to pay for it. Therefore, it is very important to talk to the employees themselves, as well as the communication must be as transparent as possible, so that if you pay, you know what for. Sounds simple, modern and even exciting, doesn’t it?
What does it take to get started?
Stage 1 – we identify existing processes – how salaries are currently paid, on what date, where they are listed, etc.
Step 2 – we prepare a proposal – how we can provide our service to this company with minimal changes, what will be our role. Preparing a plan on how it will all work.
Step 3 – the implementation phase – when we actually send employees information on where the application can be downloaded and what needs to be done. The company signs a contract and, accordingly, the company’s employees have instructions on further processes.