Deel, a payroll and compliance platform enabling companies to hire anyone anywhere, today announced Deel Advance, a new feature that allows Deel users to access their earnings up to 30 days in advance, without interest rates or traditional credit scoring. The new feature is the latest addition to Deel’s suite of solutions that make remote work accessible and desirable.
Modernizing payments for remote workers
Remote work revolves around talented individuals, each with unique financial needs. While the traditional model of paying workers on a set biweekly or monthly schedule maintains clean business bookkeeping for employers, it falls short in offering the flexibility that some workers want and need.
Deel Advance modernizes how workers get paid, enabling them to tap their earnings, whenever and however they want. In today’s unpredictable and unprecedented environment, emergency or unexpected expenses can force people to run up credit card balances with high interest rates. With Deel’s Advance feature, workers can access 100% of their earnings up to 30 days before their set payday for a fixed fee.
How it works:
- Eligibility: Any Deel user who has worked with the same client for more than three months is eligible for this feature. Credit check and other complicated, lengthy approval procedures are not required.
- Fees: It is completely free to withdraw advances up to $50 and a one-time fixed fee thereafter.
- Payback: The advance is paid off as soon as the next payment arrives, regardless of how long that takes. No compounding.
“Our platform gives remote workers and their employers newfound flexibility and the new Advance feature extends that flexibility to paydays. We help put money into the hands of the people that earned it, when they need it,” said Deel co-founder and CEO, Alex Bouaziz. “Deel Advance has absolutely no interest applied on the sum borrowed. So whether you pay us back in 9 days or 9 months, the amount remains the same.”
Deel has seen explosive growth in 2020. Since May, Deel has raised $44M in Series A and Series B funding and its customer base has doubled. The payroll and compliance platform supports over 500 companies and thousands of employees on their teams in more than 140 countries with over 100 currencies. Onboarding and paying workers across borders is complex, with specific currency and labor law requirements that vary by country. Deel provides contracts and templates – legally vetted and compliant – to be used for tax forms and localized contracts, automated payment, invoicing and receipts and customer support. Both independent contractors and full-time employees are supported by Deel’s technology.
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