Payment Splitting
Payment splitting offers employees greater flexibility and control over their finances. It helps them manage their money more effectively.
Streamlining payroll processes for employers with PayCaptain’s fully outsourced payroll, payment splitting automates the sending of net pay to multiple accounts, based on the employee's preference.
Payment splitting can be set up simply and quickly in the PayCaptain payroll app.
Benefits of payment splitting
Eliminates risk
Ensures that essential bills are paid on time by sending it direct to the payee.
Saves time
Eliminates the pain of having to move money around after getting paid. Payments for mortgages, landlords and household bills are automated.
Reduces stress
Automatic transfer from net pay gives the employee the confidence their commitments will be met, backed up by clear detail on their online payslips.
Flexibility
Lets the employee set up automatic payday payments in the app, directly from their net pay.
Improves financial resilience
Employees can build payroll savings by sending money direct from net pay to savings accounts, ISA, crypto, personal or joint bank account.
Improves credit rating
Paying bills on time, managing loans and credit cards and avoiding missed payments all contribute to a healthier credit profile.
Putting employees in control of their pay
Payment splitting direct from PayCaptain’s HMRC-recognised payroll solution promotes financial wellbeing among employees. Payment splitting makes sure essential bills like mortgages, rent, utilities and loan payments are never missed. Helping employees make these payments reduces their stress and increases their financial wellbeing. When employees aren’t preoccupied with financial worries, they focus better on work, leading to increased productivity and efficiency in the workplace.
Offering payment splitting as an employee benefit demonstrates the employer cares about their employees’ financial wellbeing. It helps increase loyalty and reduce staff turnover. Employees appreciate the convenience and peace of mind that comes with payment splitting, leading to higher levels of job satisfaction and morale.
Payment splitting from PayCaptain helps employees eliminate the risk of missing important payments, while building financial security and increasing independence for the future.
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