Dayforce Wallet is a modern way to pay employees. An extension of Dayforce Payroll, it provides employees access to their earned wages on-demand, with an intuitive mobile app and accompanying prepaid card. Dayforce Wallet can be used for on-demand pay requests, regular payroll using the Dayforce Prepaid Mastercard®, as well as other off-cycle payments.
1 Ceridian Analysis Jan-June 2021
Over 40 per cent of Canadians cite paying for basic necessities, like food and rent, as their biggest financial worry2. High-interest credit cards and payday loan vendors only make it more difficult to get ahead. On-demand, early access to net pay with Dayforce Wallet can help.
2 Canadian HR Reporter (May 2021)
Dayforce Wallet can be implemented in a matter of weeks, not months. Enabling Dayforce Wallet does not add steps to the pay cycle or funding process, and is included for free with Dayforce Payroll.
Dayforce Wallet is included with Payroll, meaning no additional cost to employers and no monthly fees for employees.* *Standard message and data rates from your wireless service may apply.
We’ve made payroll simpler by combining payroll and WFM in a single system. Pay is calculated in real time, allowing employers to enable access of up to 100% net pay.
On-demand pay is a feature of the Dayforce Wallet solution. On-demand pay enables employees to request a payout of their earnings any time† during the pay cycle.
The Dayforce Prepaid Mastercard® can be used for purchases, bills, and ATM withdrawals.
The Dayforce Wallet mobile app§ provides employees access to their net pay, allowing them to action requests, manage transactions, and transfer funds to associated bank accounts.
Employees can start using the Dayforce Prepaid Mastercard® from day one. Access the card details# from the Dayforce Wallet mobile app to add to a mobile wallet or to make purchases online.
Dayforce Wallet will not add steps to the payroll process or funding schedule. Every on-demand request is treated as a regular payroll and taxes are remitted automatically on the employer’s behalf. On-demand payments generate their own earning statements and are recorded on the standard earning statement generated for the pay period. Dayforce’s continuous calculation engine ensures that all taxes, garnishments, and deductions are accounted for in full and reflected in the employee’s Available Pay figure. Employers can enable access of up to 100% net pay knowing that the figure is accurate.
Dayforce Wallet is easily configurable to allow for tolerance levels regarding the frequency and amount of pay that can be requested at any given time. In fact, Wallet offers an effective alternative to other costly, riskier mechanisms for accessing pay early, such as payday loans and high-interest credit products. Instead, Dayforce Wallet provides employees access to their own net pay for free and without the 2-3 business day turnaround. With a configurable rules engine governing how and when employees request their pay, your people benefit from greater control over their finances while adhering to internal payroll best practices.
Dayforce Wallet can be implemented quickly with minimal disruption to your current operations. The feature can be turned on and configured in a matter of minutes and rolled out to the organization in weeks, not months. The average implementation takes 2-4 weeks, and employees follow an intuitive guided process to set up and activate their Wallet accounts independently.
Dayforce Wallet is simply an extension and benefactor of the always-on, continuous calculation engine used to process regular payroll in Dayforce. Taxes, garnishments, and deductions are always accounted for. Employees must satisfy all required deductions and garnishments before earnings can be made available in the mobile app.