Payroll partnership to improve hospitality staff’s access to wages 

Wagestream allows employees to get instant access to their earned wages, without making any changes to a company’s normal payroll process.

Under the agreement, employees will be able to see the total amount they have earned in a month via an app, and will have instant access to their pay whenever they need it.

There will be no interest charge for accessing pay, however, withdrawing cash will incur a £1.75 administration fee per transaction - to be paid by either the employee or the employer. 

All payments will be deducted from the normal monthly pay cycle overseen by Fourth, meaning there is no impact to the payroll process or company cash flow.

Fourth CEO Ben Hood commented: “Hospitality employees will now have more control over their cash flow, removing one-off payment pinch points to reduce the negative impact of financial stress and predatory pay-day loan companies, and giving the opportunity to work an extra shift on a Friday to be able to buy the latest Nike trainers being released the next day – the power of this cannot be underestimated. 

“This will make a fundamental difference to the lives of thousands of workers, in doing so generating a more motivated workforce, while reducing sick day frequency and creating a tangible point of difference in attracting and retaining the best staff – particularly among Millennials and Centennials who demand autonomy and control. This is the future of payment and we’re delighted to be at the forefront.”

Wagestream CEO Peter Briffett added: “I firmly believe this partnership will have a long-lasting and material impact on the financial health of UK hospitality workers, who have been preyed on for too long by greedy pay-day loan companies.

“This move will further encourage all employers in the industry to put the financial and mental wellness of their staff firmly at the top of the agenda.”