The Spanish startup payflow It was born during the confinement, at a time when companies began to digitize en masse.
Today we live in a world where the immediate. We can rent an office for days, or a car for minutes. We can sign up for or delete ourselves from a streaming platform such as Netflix whenever we want, or buy 24 hours a day. But salary is collected once a month.
payflow offers companies a new way to benefit their employees: it allows collect salary on demand. At any time, the employee may request collect your salary earned up to that momentand receive it in your checking account instantly.
Is the employee himself the one that becomes your salary manager. With an app on your mobile you can see how much you have earned up to that day, and you can collect it instantly, or set it to charge daily or weekly.
This payment in real timeeither charge on demandwhat do you call it payflowdoes not have any cost or interest for the employee, who can dispose of his salary earned so far instantly in his account, whenever he wants.
In addition, the Payflow app includes a section with financial tips to manage your money, and a virtual piggy bank to learn to save
payflow was created in 2020 by Avinash Sukhwani and Benoit Menardo, two students from the Massachusetts Institute of Technology (MIT), and in just one year they already have more than 100 client companiessome with thousands of employees, such as Covirán, who already allow their employees to collect their salaries on demand.
What Payflow does is integrate this system with the companies’ payroll software. It is compatible with the most important ones, such as SAP, Sage or A3 Software. The company does not have to change its payment method, and at all times it knows what an employee has already received, and what remains to be received within the month.
Our colleague Adrián Francisco Varela, from Business Insider, has interviewed Borja Vázquez, the CEO of Scalpers, one of the companies that already uses Payflow.
It ensures that “We have noticed changes in productivity and motivation, which we believe are mainly due to the reduction in financial stress that comes with having a service like Payflow“.
Being able to have their salary whenever they want employees are more motivated and have less stress, because they can face unforeseen expenses such as car repair, or better manage themselves, if they just make ends meet. And allows not depend so much on bank loans, and credit cards.
Payflow has set itself the goal of reaching 50,000 employees with salaries on demand, by the end of the year.