Veep is on-demand pay service that easily integrates with a company’s Human Capital Management systems, Work Force Management Systems and Financial Institutions. We provide employees early access to their accrued earned pay. This means that employees choose when they want to get paid.
If you have a Veep service from your employer, you will see hours worked and your current earnings in the app and you can transfer the accessible amount to your bank account, or debit card.
Every pay period, you can access a portion of what you’ve already earned, up to % , and transfer to your bank account, or your debit card . The maximum accessible % is determined by employer settings. Our software uses an algorithm that prevents you from taking out more money than you have.
Yes, I need a bank account.
No, as Veep is not a lending service, there is no impact on your credit score.
No, this is not a loan. We are here to stop you from needing to take out a loan. By using Veep, you are transferring your accrued earned income into your bank account or debit card. You can only transfer money that you have already earned, but that has not yet been paid to you.
Since we are using the ACH banking network, transfers to bank account are next day.
The cut-off time is 12pm and the time zone is based on the Funding bank location. The default time zone is 12pm EST.
It will show as deductions on your next paycheck.
Veep can provide you with many benefits: Freedom to access, use, and manage your earned money whenever you want, Access to your earned pay so you can pay bills on time, Access to your own money in case of an emergency, Seeing how much you earn each day, which makes it easier for you to budget.
We use bank-level security to encrypt and secure all your personal information. We also have the highest security certifications in the industry to ensure that your information is protected.
Veep uses time and attendance data to provide earned wage access to employees.
We do. Veep fronts the cash to the employees. There is no income or expense impact for the employer.
Employers or designated payroll providers process payroll. Services within the Veep program are independent of payroll and associated taxes.
Veep has API’s integration processor with time and attendance system. Highest security standards are followed.
Only employee name, employee ID, and clock-in clock-out information is needed.
Yes, we are compliant. Earned wage access (EWA) or “on-demand pay” has been surging in popularity, especially over the last year. Recognizing the growing demand for earned wage access, the Consumer Financial Protection Bureau (CFPB) has released guidance and greater clarity on best practices for the industry Regulation Z: (Regulation Z Advisory opinion – November 30,2020 CFPB).
Key Points | Veep |
---|---|
Contract with Employer | ✅ |
There is no cost to access EWA’s | ✅ |
The amount of the EWA does not exceed an employee’s earned wages for the pay period | ✅ |
The EWA is recovered through payroll deduction | ✅ |
Provides the recommended disclosures in its terms | ✅ |
Limited legal and contractual recourse | ✅ |
Does not use credit reports | ✅ |
There is no liability to the employee | ✅ |
Employee won’t be collected on | ✅ |
All the payment mechanisms (Venmo, PayPal , Apple Pay) allow contactless payments at merchants and to associated users but they all must interact with a debit or credit card to load or monetize funds.