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Greensill launches Pay App to help employees to be paid when they want

Tuesday 21st January, 2020

Greensill, a leading provider of working capital finance for businesses and people globally, is revolutionising the way wages are paid with its new app that allows workers to be paid as soon as they finish a day’s work, and at no cost to them.

Greensill Pay allows employers to connect their payroll and financial reporting systems to Greensill’s tech platform. The data they share provides a guarantee of repayment and allows Greensill to pay workers daily if they choose.

Lex Greensill, Greensill founder and CEO, said: “When you wait for your wages you are providing your employer with free credit and as a result often have to take on costly debt. This is just not right. Reliance on credit in this way is a function of outdated technologies and systems and is a blight on too many businesses and people.”

The app is based on the same technology and expertise as the company’s proven working capital finance business. Greensill believes all workers are suppliers – providing their employers with time and skills. There is effectively no difference between Greensill making an early invoice payment to a supplier and making an early salary payment to a worker.

“Stop the Wait”, an in-depth analysis of the financial and social cost of waiting to be paid, will be unveiled at the World Economic Forum in Davos, Switzerland and can be downloaded here.

Lex Greensill added: “Why should people pay fees and interest to access cash they have earned but have not yet been paid? Greensill Pay saves workers money by reducing the need for expensive debt.”