PYMNTS MonitorEdge May 2024

CloudPay Offers Workers Instant Payslip Access

CloudPay, payslips

Payroll solutions company CloudPay has introduced in-app digital payslip functionality.

“Accessed via the employee experience app CloudPay NOW, the new capability allows employees to seamlessly view, manage, and download their payslips anytime, anywhere,” the company said in a Monday (June 10) news release.

The new functionality, the company said, is designed to streamline and simplify several payroll processes, while also letting employees independently access their payslips, thus easing the burden on payroll departments.

It also lets employees access and download year-end tax documents within the app, as well as gives extended access for people who have left a company so they can collect payslips and tax documents, the report added.

“This launch is a testament to CloudPay’s commitment to simplifying payroll processes, enhancing transparency, and delivering a seamless pay experience,” said Matt Hillier, CloudPay’s executive vice president of product.

“By enabling immediate access to payslips and tax documents, alongside our pay-on-demand service, we are empowering employees and employers alike with unprecedented control and flexibility. Our mobile-first strategy takes a stride towards redefining employee engagement and satisfaction in the digital age, setting a new global standard for the payroll industry,” he added.

The rollout comes as workers of all stripes are looking for ways to better manage their earnings, a topic explored in the recent PYMNTS Intelligence/Ingo Payments report  “Generation Instant: How Freelancers Use Instant Payments to Reduce Financial Hardship.”

“Ask the average consumer why they prefer instant payments, and speed and convenience are the most common responses. (We know because we’ve asked them),” PYMNTS wrote. “But when you ask freelancers and contract workers why they prefer instant payments, they are much more likely to say instant payments mean instant relief from financial angst.”

According to the research, 37% of freelancers — 15% more than the sample average — said instant payments eases financial stress in their lives.

Other data points in the study underline the popularity of instant payments among freelancers. Thirty percent said instant access to their funds helps them stay on top of their bills, while 28% report instant payments are simply cheaper than other alternate payment methods.

Twenty-three percent — 18% more than the average consumer — said that receiving funds instantly lets them avoid borrowing money (and this also saves them money indirectly by saving them on interest payments).

“Those who hire freelancers, contractors and consultants and want to ensure they stay on the payroll should take note: 89% of consumers who have done freelance work say they are very or extremely satisfied when they were paid instantly,” that report said. “That share is 10% higher than the satisfaction rate among those who were paid through non-instant means.”

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