Picture this: you are a good and hardworking employee who has been working at your company for years. Suddenly, there is an emergency and you are left with a huge debt or bills to pay.
You urgently need cash, but your salary is only scheduled to be paid two weeks from now. You don’t qualify for personal loans, and moneylenders have steep interests to pay. Borrowing from your family and friends is also out of the question.
What can help you now?
The answer is Earned Wage Access.
Earned Wage Access (EWA) is the ability for employees to access wages that they have earned but not yet received. It is not a loan—hence no accrued interests, late fees or any other hidden charges applied on top of the withdrawn amount.
How does this work? First, the employer will have to sign up on GetPaid. Afterwards, employees need only to register via the email invite, log into their account, check the available funds and simply enter the desired withdrawal amount before confirming the transaction.
The request will take one business day to complete and the monies credited directly into the registered bank account they have on file with the employer. Employees may withdraw as many times as they wish with a minimum amount of $1. A flat fee of 3 percent is applied on each transaction regardless of income and withdrawn amount.
Since there are also no registration and membership fees for using GetPaid, it is the most sustainable solution for employees with urgent financial needs.
Brand image for GetPaid
GetPaid From passion to mission
Mr. Mitchell’s inspiration to create his startup began when he was still a social worker. As someone who always has an interest in fintech with a social angle, he ended up switching careers and going into the world of finance.
His undying passion to help others further led him to research about EWA and landed him to where he is now. He mentioned that this mission to help others is very rewarding in and of itself.
“It drives you because, you know, being a founder is very tiring and [there’s] a lot of things you don’t know and a lot of the things that are unexpected. Having the mission behind it driving you towards the goal… that’s very important, in my opinion.”
Of course, his journey isn’t always smooth-sailing. There were times where he was hit with rejections—mainly from HR staff who thought EWA is just another moneylending scam.
“Definitely a lot of objections,” Mr. Mitchell recalled, “but I think this is natural when you are talking about something new. Not only new, but something big, because it does change how they operate to some degree from the payroll perspective. But again, it’s about being patient.”
Aside from skepticism from employers, he also faced funding difficulties. Fortunately, he has wits and determination that often help him. He mentioned about one interesting story when he was looking for investors.
Mr. Mitchell Goh, founder of GetPaid
Nevertheless, he decided to approach him and packaged his pitch to offer his company as diversification from said angel investor’s main business. He said yes within 15 minutes.
EWA as the future of pay
He believed that, traditionally, employees were paid once a month due to the cost attached to the payroll system. There were checks to be drawn, pay slips to be issued and other organizational considerations.
However, with technological advances, these costs are drastically reduced or even completely eliminated.
Despite all these, EWA remains a new concept that needs to be socialized in Singapore. That is the reason why he strives to make his company look more credible by way of good branding and marketing.
Login page of GetPaid for employees
He and his team reached out to associations, employers and HR department staff. They further engaged social media platforms that are fintech-related to help make EWA understandable to the general public.
They also tried getting as many pilot joiners as possible. So far, he has gotten a lot of responses from many different industries, namely: logistics, F&B, marketing agencies and financial services.
Mr. Mitchell believes that now is a great time to introduce and socialize about EWA and his company since people are getting used to changes [due to the pandemic] and that there is a huge shift in the paradigm in terms of critical thinking.
“This is the time to challenge companies to be more open towards financial well-being.”
The importance of building a good team
Mr. Mitchell stressed on the importance of building a good team as a message he wanted to share to others who aspired to build their own startup.
“I think one of the most important things is to build a good team. I have co-founders, but also a team around that.”
“I think it is a very good feeling when you have a group of people that are running towards the same goal and have the same mission.”
We couldn’t agree more.
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