This article lists some considerations to review before launching Wagestream in a business.
Employees’ basic hours worked are available to stream through Wagestream. Employees will get any additional payments, such as tips, tronc, bonuses etc. in their next payroll.
Starters and Leavers
New starters will receive Wagestream’s 'New Starter' email to support company induction communications.
Termination dates for leavers will sync through the API to Wagestream and will pause the employees' Wagestream accounts. Any streams will be settled back following employees' final/next payroll.
Fourth recommends that employees not receiving their full salary (maternity, long term sickness etc) are paused in the Wagestream Partner Portal.
Any charges for transfers not able to be settled back at the end of the pay period will be the responsibility of the customer.
Once enrolled, employees' bank details in the system will be replaced with their Wagestream account details. Fourth recommends that this is communicated out to managers, so it is not seen as an error. Bank details can be updated in the system in the usual way and these will sync to Wagestream on the next API sync.
Customers eligible for Wagestream are those using Fourth's payroll module to process payrolls. Employees must be attached to a pay basis. UK-based payrolls are eligible. The customer must be using the Fourth Account Service and employees must have a Fourth Account to access the mobile app.
The Wagestream icon in the Fourth app will be activated on go-live day. This will be seen by all employees who have a Fourth Account.
If any bonus/expense or similar payments are made to employees outside of pay day, please flag these with Wagestream so the amounts are not used to pay back streams if not appropriate to do so.
Wagestream requires a payroll calendar as the pay periods, start and end dates of the periods, and pay dates are needed for its configuration. If a revised payroll calendar is created because of a change of pay basis or pay date, please update Wagestream with the amendments.
Fourth assumes that all payroll companies and pay bases are eligible for Wagestream.
Fourth recommends checking that any building societies used by employees for salary payments are able to facilitate Faster Payments - there are a small percentage that do not allow this.
There is a £1000 cap on transfers within a pay period. These can be overwritten in the Partner Portal if needed.
Customers are advised to send Fourth's Bank Letter to their bank prior to going live. This will let them know about partnering with Wagestream and to expect Wagestream accounts with the same sort code in their data - this is not an error! Please see this article for our draft letter that can be used - Wagestream - Bank Letter Template
Wagestream Partner Portal
Each customer will be given access to the Wagestream Partner Portal to see reporting, analytics and employee data. Access to the partner portal is for all locations and employees, and all salaries are visible. Please ensure nominated Wagestream portal administrators have the authorisation to view all salaries for the whole business and portal.
For more information on Wagestream & Fourth, please visit - Wagestream - Article Contents Page