Deel rolls out new cash advance feature, allowing remote workers to determine when they get paid
SAN FRANCISCO – (COMMERCIAL THREAD) – Deel, a payroll and compliance platform for businesses to hire anyone anywhere, announced today 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 functionality is the latest addition to Deel’s suite of solutions that makes remote working accessible and desirable.
Modernize payments for remote workers
Remote work is built around talented people, each with unique financial needs. While the traditional model of paying workers on a bi-weekly or monthly schedule maintains clean business accounting for employers, it fails to deliver the flexibility some workers want and need.
Deel Advance modernizes the way workers are paid, allowing them to harness their income, when and how they want. In today’s unpredictable and unprecedented environment, urgent or unforeseen expenses can force people to rack up credit card balances with high interest rates. With Deel’s Advance feature, workers can access 100% of their income up to 30 days before their set payday for a fixed amount.
How it works:
- Eligibility: Any Deel user who has worked with the same customer for more than three months is eligible for this feature. A credit check and other lengthy and complicated approval procedures are not necessary.
- Costs: It is completely free to withdraw cash advances of up to $ 50 and one-time flat fee thereafter.
- Refund: The advance is refunded as soon as the next installment arrives, however long it takes. No composition.
âOur platform gives remote workers and their employers new flexibility and the new Advance functionality extends that flexibility to paydays. We help put money in the hands of the people who have earned it, when they need it, âsaid Alex Bouaziz, co-founder and CEO of Deel. âDeel Advance has absolutely no interest charged on the amount borrowed. So whether you pay us back in 9 days or 9 months, the amount stays the same.
Deel experienced explosive growth in 2020. Since May, Deel has raised $ 44 million in Series A and Series B funding and its customer base has doubled. The payroll and compliance platform supports more than 500 companies and thousands of employees on their teams in more than 140 countries with more than 100 currencies. Integrating and paying workers across borders is complex, with specific currency and labor law requirements varying by country. Deel provides contracts and templates – legally verified and compliant – to use for tax forms and localized contracts, automated payment, invoicing and receipts, and customer support. Independent contractors and full-time employees are supported by Deel technology.
Deel is the first payroll platform for remote teams that connects compliance and localized payments into a single record system. The platform helps businesses of all sizes (from SMEs to state-owned enterprises) hire anyone anywhere, as an independent contractor or full-time employee. Deel can perform payroll in over 100 currencies and has partnered with over 200 labor law and accounting experts to create and deliver a library of localized contract templates that can be used to legally onboard international employees, in just a few minutes. minutes. Find Deel online: https://www.letsdeel.com/