Contracts/Pricing
Who in the legal department do you send redlined contracts to?
Alana, copy Chris, Alex, and Chrissy
Is OnDemand a payday loan?
No, this is not a loan. We are here to stop employees from needing to take out a loan. By using rapid! OnDemand, employees are simply transferring earned income into their bank account, debit card, paycard, or picking up cash. Employees can only transfer wages that have already earned, but that has not yet been paid.
How much of their pay can an employee access?
100% of the estimated net earned wages after company policies are in place.
What is rapid! OnDemand?
rapid! OnDemand is the new financial wellness feature enabling employees to better manage their cash flow by accessing a portion of their earned wages prior to pay day. This reduces financial stress and promotes financial wellness by providing a low-cost, no interest solution. rapid! OnDemand improves employee engagement and retention. This will decrease recruiting and training costs due to lower turnover.
Can a company decide how much employees can access?
Yes, Employers establish policies governing the percentage of net wages available and frequency of accrual access.
How many agreements do you send an Employer offering OnDemand & Disbursements?
6
How much does it cost to sign up for OnDemand?
There is no cost for the employer to offer OnDemand to their employees and employees only pay a small fee that is capped to access earned wages
Will the employee's paystub look different?
yes, rapid! OnDemand pay transactions are uploaded to payroll as an after tax deduction line item, the OnDemand transaction fee is also deducted as a separate line item providing full reconciliation and an accurate paystub.
What are 3 benefits to the Employer if they offer rapid! OnDemand?
Promote financial wellness, attract talent, improve attendance, productivity, employee engagement, and retention.
How are salaried employees handled?
We know the salaried employees are based on a 40-hour week so rapid! will calculate it out to be an hourly rate. The employee will be able to accrue 8 hours of wages each day. We do like to see a few weeks history of their time so that we know what deductions to adjust for.
What is the Bi-Weekly Fee Cap for companies that have over 5,000 employees offering 2+ transactions?
$6
How are payments sent?
The employee chooses the pay out method of their choice to a rapid! PayCard, any US Debit Card, ACH to a bank account or Cash Pickup at any Walmart
What is the rapid! Disbursements platform?
rapid! Disbursements is a modern payment solution that replaces slow and costly traditional pay methods with affordable and secure digital payments for payroll. It complements payroll systems and does not replace them. A single platform for employer payout needs including OnDemand, Per Diems, Bonuses, Tip Pay, Incentives, Terminations, and Correction Pay
How does OnDemand work on the employer side?
rapid! OnDemand utilizes a daily intake of payroll/time data to provide the most accurate net earned wage access accrual calculation. Integration consists of employee census file, time data, and payroll data making implementation and timing is easy and straight forward.
What are 2 ways OnDemand uniquely benefit employees?
OnDemand pay is a benefit that will help employees gain financial wellness by enabling them access to a portion of their already worked hours, in the case they need them. This will help the employee stay engaged in their work and also they will be more dedicated to stay at their job.
How much does it cost Employers to offer OnDemand?
0, nada, zilch, el nothing
How does the employee request OnDemand Funds?
Once the client program is enabled for OnDemand. The employee creates a profile in the rapid!Pay app or by going to rapidwages.com to see their available wages based on the policies that Employer has elected. Once the employee has determined how much of their available wages they would like to access, they choose their method of payment.
Is there a minimum transfer amount for OnDemand?
$50
What is the difference between Disbursements and OnDemand?
OnDemand allows employees access to accrued wages with convenient delivery options while Disbursements allows an employer to push wages instantly to an employee for off cycle payments, termination pay, travel expenses, bonuses, corrections or tips.
What happens when an Employee receives a garnishment?
Garnishments are sent over with the payroll data to be included in the net payroll calculated rate. Once all garnishments are factored in to the OnDemand pay rate, then the Client policy is applied. As new garnishments are received by the client, the payroll data will send that information over to rapid! to be included in subsequent EWA calculations.
What is the monthly subscription fee for an Employer offering only Disbursements that has 2500+ employees?
$1,500
What happens if an employee forgets to clock-out?
FIRE THE DUMMIE!- No-If an employee does not clock out the system will not send over that day's data to rapid!. We also get the full pay period at a time, so that if there are any corrections to the timecard for past days that have been sent to rapid, the available wages can be adjusted and available for the employee.
Who funds the OnDemand transactions?
rapid! provides both an employer funded model or vendor funded model
How do you address a client that fears the employees will not have funds on payday if they offer this?
With company controlled policies in place we are seeing employees have access to only 30-40% of their estimated net calculations and most are not pulling their funds everyday. With the policies in place this gives the employee access when they need it.
What happens if I terminate an employee?
Since the OnDemand system works based on wages earned rapid! would no longer receive hours and data for that employee but the employer does have access to mark an employee not eligible for OnDemand in admin portal.