The once-a-month payday is on its way out. That's according to the founders of Advanto, an app that lets employers leave it up to employees to decide when, how much, and how often they want their earned wages sent to their account. About two years after Advanto's founding, almost 40 companies have adopted the system.
Leading business systems provider Seyfor, whose solutions are used by thousands of domestic employers, has now teamed up with Advanto to make wages available anytime possible to roll out almost at the click of a button within its Vema payroll system.
"We've seen high demand from companies for wages available anytime, so we decided to make the process of introducing Advanto as simple as possible. About 8,000 Slovak and Czech companies that use Seyfor's Vema payroll and HR system can now roll out Advanto in just a few clicks," says Peter Vilem from Seyfor.
One of the first companies to integrate Advanto into its Vema business system from Seyfor was Plasma Place. "Advanto carried out a turnkey integration without complicating things for our IT department," says Lukáš Bouma, CFO of Plasma Place.
"At Advanto, we know employers already have plenty on their plate, and that rolling out and using wages available anytime has to place minimal demands on their IT, accounting, and cash flow. That's why Advanto is designed to take care of everything—from integration to paying out the money employees withdraw ahead of the regular payday," explains Jan Kölbl, one of Advanto's co-founders and CTO.
"Vema supports the easy integration of new functionality and innovations into its business systems. It's completely clear that the future lies in flexibility and personalization. Integrating Advanto into Vema is a great example of that," says Peter Vilem from Seyfor.
Challenging times call for innovation, especially among workplace benefits
Advanto's other co-founder, Martin Fortelný, says that one of the main goals of wages available anytime is to increase people's financial stability. According to him, more frequent access to pay improves people's overview of their income and expenses, and in cases of financial difficulty, Advanto is meant to serve as a kind of "safety net for an unexpected expense" that can't wait until the regular payday.
"Unfortunately, when people see a larger sum appear in their account just once a month, they tend to spend more and then scrape by. In the worst case, a larger unexpected expense comes up that can't wait until the next payday, and there's nothing left to do but take out an expensive loan. This is exactly the kind of situation where Advanto can help, because it means not having to wait for the regular payday and being able to withdraw already earned money interest-free. That can prevent people from falling into debt or, later, even facing debt enforcement," explains Fortelný.
Vilem from Seyfor adds that it was precisely this socially beneficial dimension of wages available anytime that was one of the main reasons Seyfor decided to make integrating Advanto into its business systems as simple as possible. "Rising prices and the energy crisis represent an unprecedented challenge for people's household budgets. Advanto's experience gained during the COVID crisis, as well as the experience of our clients rolling out wages available anytime, confirms that this is an innovation that helps people maintain their financial stability or avoid more serious financial problems," Vilem emphasizes.
This article was originally published on Trend.sk
