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Pay Me Today Ltd (Copious Capital)

Pay Me Today is a value-added wage advance service that gives workers instant access to up to 90% of their earned wages before pay day.

We work with employers, recruitment agencies and payroll providers, delivering the funding for the advances and the underwriting engine that looks at each application on a case-by-case basis. And if the advance is not repaid, Pay Me Today takes the hit.

 How does it work?

The Pay Me Today service is simple to set up and use and is compatible with any payroll system – it pays a portion of money or wages already earned directly into a worker’s bank account on request.

The worker can use the easy-to-use Pay Me Today web portal at any time to calculate the portion of wages they would like. The service is fully integrated with the payroll system, with the portal providing a seamless and instant decision process. This means the applicant simply logs into the payroll portal and applies for an advance on a portion of the pay they have already accumulated.

Once their application is successful, the money is transferred directly to the worker’s bank account, typically within 5 minutes. 

The wage advance is deducted from the worker’s next pay slip together with the small administration fee.

How do the charges/fees work?

An administration fee is charged to the applicant for each advance. This fee is transparently communicated and agreed prior to taking out a Pay Me Today advance.

Is it a loan & are there any regulatory issues?

Pay Me Today is not a payday lender – this is a major misconception. Pay Me Today is not regulated by the FCA.

The advance is for wages already earned; it is not a loan, and there is no interest charged. The service is merely speeding up the payment process for wages that the worker already has a legal right to.

Is a credit search needed?

As there is no increase in indebtedness, a credit search is not required. No credit history footprint is left and future credit ratings will not be affected.

How does it work with existing payroll set-up?

Pay Me Today requires the following two simple functions in place to allow the service to work:

• The Pay Me Today IT system needs to be connected or synchronised with the existing payroll system

• Payroll staff need to be trained by the Pay Me Today team so they can answer questions from workers about the service

What are the benefits to organisations offering Pay Me Today?

You can offer this new value-added service at no risk to your business.

By offering the Pay Me Today Service, worker satisfaction and retention increases.

Furthermore, the fact that an advance can be made within 5 minutes upon successful application, means the number of phone calls made to the payroll support team is significantly reduced.

No risk we provide the money

No cost you do not have to pay for a thing

No fuss we manage the transactions

Providing wage advances in a fair and responsible fashion

Pay Me Today is often mistaken for a new style of pay day lending; this is wrong.

• We do not increase the indebtedness of the individual

• We do not loan or lend money

• We do not charge any interest

• We do not perform any credit checks

• We do not fall under FCA regulation

• We agree maximum advance amounts and frequency with each company

We are simply speeding up the process of an individual getting paid for the work they have already done. In return, we are asking for a small administration fee. However, we

are just as keen to make sure that the individuals taking advantage of the service fully understand the process and the cash flow impacts.

A responsible ethical approach

To date, the average advance is £150. The Pay Me Today system calculates individual’s average net wage, ensuring that the more recent payslips are given more credence.

The maximum advance can be up to 90% of the net average weighted wage. It is imperative for all parties that the individual does not apply for an improper wage amount.