Frequently Asked Questions
Get answers about SenAvance
What is SenAvance ?
SenAvance is a benefit that employers can offer to their employees to help them overcome financial needs between paydays. With SenAvance , employers can directly invest in their most valuable asset – their employees. On the Senavance platform, employees are able to access a portion of their already earned but currently unpaid salary with zero interest rate. They can perform bank transfers, do cash withdrawals, and pay their utility bills.
SenAvance acts as an agent between the employers and their employee and advances salaries on behalf of the employer.
How does a business offer SenAvance to their employees?
SenAvance partners with employers to deliver financial wellness services to their employees. The employer agrees to offer SenAvance as an employee benefit. No integration is needed. Highest security standards are followed. The service can go live within 48 hours.
Any business can offer Senavance financial wellness service to its employees.
Are there additional charges for the SenAvance service?
No. Employees can access financial services at a nominal transaction fee and use the savings tool free of cost.
Is there any interest charged by SenAvance ?
No. SenAvance is not a credit solution and there is never any interest charged or paid by the employee.
Is SenAvance a consumer loan provider?
No. SenAvance is a purely a technology solutions provider for employers. It is not a credit solution.
Is there any cost for an employer to offer the SenAvance service to their employees?
No. There are no costs for the employer.
Does SenAvance process payroll?
SenAvance does not process payroll. The employer or their designated payroll provider processes payroll.
Does SenAvance integrate into an employer’s HR or payroll system?
No, SenAvance does not require any system integration with any of the employer’s systems. The employer simply signs up to SenAvance and will then receive a username and set a password to access the platform. Once an employer is enrolled, all employees automatically qualify to use SenAvance services.
Does SenAvance have an impact on an employer’s cash flow?
No. SenAvance fronts the cash to the employees on behalf of the employer. SenAvance acts as an agent between the employer and employee. SenAvance records receivables and the employer records corresponding payables for each salary advance that is processed. Advances and fees are then paid by the employer to SenAvance during the salary cycle at the end of the month. The employee receives his usual salary less the advances and fees.
How secure is the data provided to SenAvance?
All the data is hosted in the cloud. Data is encrypted at rest and in transport. PCI standards are used to maintain the highest level of data security. Please refer also to Senavance privacy statement.