The once-a-month paycheck is gone. That's according to the founders of Advanto, an app that lets employers let employees decide when, how much and how often they want their paycheck sent to their account. In the two years or so since Advanto's inception, nearly 40 companies have adopted the system.
Leading enterprise systems provider Seyfor, whose solutions are used by thousands of domestic employers, now works with Advanta to make payroll available at any time, almost on the click of a button in its Vema payroll system.
"We perceived a high demand from companies for payouts available at any time, so we decided to simplify the process of introducing Advanta as much as possible. Approximately 8,000 Slovak and Czech companies using Seyfor's Vema payroll and HR system can now implement Advanto with a few mouse clicks," says Peter Vilem from Seyfor.
One of the first companies to integrate Advanto onto their enterprise system, Seyfor's Vema, is Plasma Place. "Advanto performed the turnkey integration without complicating the work of our IT department," says Plasma Place CFO Lukas Bouma.
"At Advanto, we know that employers have their hands full and that implementing and enjoying an anytime payroll must place minimal demands on their IT, accounting and cashflow. Advanto is therefore designed to take care of everything. From the integration to the payment of the money that employees collect before the regular payday," explains Jan Kölbl, one of Advanto's founders and CTO.
"Vema supports easy integration of new functionalities and innovations into its enterprise systems. It is very clear that the future is in flexibility and personalisation. The integration of Advanta on Vema is a great example of this," says Peter Vilem from Seyfor.
Complex times call for innovation, especially among work benefits
Martin Fortelny, the second of Advanta's founders, says that one of the main purposes of payout anytime is to increase people's financial stability. More frequent payouts, he says, improve people's overview of their income and expenses, and in cases of unfavourable financial situation, Advanto is meant to serve as a kind of "safety net in case of an unexpected expense", the reimbursement of which does not wait until the proper payout date.
"Unfortunately, if people have a larger amount of money in their account once a month, they tend to spend more and then go broke. In the worst case, a major unexpected expense comes up that won't be paid until the next paycheck, and there's nothing left to do but take out an expensive loan. This is exactly the kind of situation that Advanto can help with, as it allows you to not wait for a proper payday and withdraw the money you've already earned interest-free. This can prevent going into debt or even foreclosure later on," explains Fortelny.
Seyfor's Vilem adds that this socially beneficial dimension of anytime payouts was one of the main reasons Seyfor decided to make the integration of Advanta onto its enterprise systems as simple as possible. "The price and energy crisis is posing an unprecedented challenge to people's financial budgets. Both the experience Advanto has already gained during the covid crisis and the experience of our clients who are implementing pay-at-any-time confirm that this is an innovation that helps people maintain financial stability or avoid more serious financial problems," Vilem emphasizes.
The article was published on Trend.sk