Terms of Service
Last updated: April 5th, 2020
These terms of service (“Terms of Service”) constitute a legal agreement between you and FlexxPay FZ LLC, incorporated and registered in Dubai, UAE with license number 95198 whose registered office is at in5 Tech Building, PO Box 500690, Dubai, UAE (“FlexxPay”) and operates the registered trademark (“Alheen”). As used in these Terms of Service, the words “you” and “your” refer to you, the user of FlexxPay’s Platform, as the party agreeing to these Terms of Service. The words “we”, “us”, “our” and any other variation thereof refer to FlexxPay.
You are currently subject to (1) a contract of employment or a service agreement with your employer or (2) a pensioner in your country. The details of your employer or government entity will be set out on the Platform. Your employer or respective government entity has entered into a contract with us to provide payroll services, namely access for employees and pensioners to our platform to get access to a portion of their already earned income at any point of time and in accordance with the terms set out herein – in this respect we will be the employer’s or government entity’s agent.
These Terms of Service govern:
- your use of all websites, devices or mobile applications that we operate, including any pages within each such website, device, or application, any equivalent, mirror, replacement, substitute or backup website, device, or application, and pages that are associated with each such website, device, or application (hereinafter referred to as the “Platform”); and
- the services we provide through the Platform including your ability to receive a portion of your earned income or pension from your employer or government entity earlier than you otherwise would be able to.
The use of the word “including” in these Terms of Service when referring to specific examples, will be construed to mean “including, without limitation” or “including but not limited to” and will not be construed to mean that the examples given are an exclusive list of the topics covered.
What do these Terms of Service cover? These Terms of Service are the terms and conditions that govern your access to, and use of, the Platform.
Why should you read these Terms of Service? These Terms of Service create a legally binding agreement between you and us. By accessing or using the Platform, you are accepting these Terms of Service.
You confirm that you can enter the agreement. You confirm and promise to us that you have the right, authority, and capacity to enter into these Terms of Service.
Which provisions of the Terms of Service should you pay particular attention to? The key terms that you should consider in particular detail are:
Acceptance of Terms
PLEASE READ THESE TERMS OF SERVICE CAREFULLY. BY ACCESSING OR USING THE PLATFORM, YOU AGREE TO BE BOUND BY THE TERMS OF SERVICE. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS OF SERVICE, YOU MAY NOT ACCESS OR USE THE PLATFORM.
You may not use the Platform, or accept these Terms of Service, if:
- you are not of legal age to form a binding contract with FlexxPay;
- you are prohibited by law from using, or receiving the services provided by, the Platform; or
- you have not yet passed your probation period with your current employer.
FlexxPay may modify this Terms of Service from time to time. Any and all changes to these Terms of Service will be posted on the FlexxPay.com Platform.
The Terms of Service will always indicate the date it was last revised. In addition, we will send you an email informing you of any changes in the Terms of Service prior to posting those changes. When you use the Platform after those changes are posted, you are deemed to have accepted the new Terms of Service and agree to be bound by any changes to the Terms of Service.
Appstore terms also apply
- Your use of any application we provide is also controlled by the Apple Media Services Terms and Conditions / Android Appstore Terms and Conditions for your applicable jurisdiction, available here: http://www.apple.com/legal/internet-services/itunes and here: https://play.google.com/intl/en_ae/about/play-terms/index.html.
Operating System Requirements
To ensure the safety and privacy of your data, all communications are securely encrypted. Therefore, any mobile application we provide requires either
- an iOS device running iOS 11.0 or higher, or
- an android device running Android 7.0 or higher, and any website we provide requires a web browser with support for TLS v1.2, such as Google Chrome 30+, Mozilla Firefox 27+, Microsoft IE 11+, or Apple Safari 7+.
Privacy and your personal data
Registration Information & Accounts
In this section and these Terms of Service, “Account” means:
- the secure online area of the Platform which contains information about you; and
- your relationship with us.
- For the avoidance of doubt, your Account is not a bank account or an electronic money account or any other sort of payment account. In order to use the Platform and activate your Account, you must provide certain information about yourself as prompted by the Account verification form you will access through the link sent to your email address by FlexxPay. You agree and understand that you are responsible for maintaining the confidentiality of the combination of your login ID and password, which together allow you to access the Platform. That login ID and password, together with any profile information (including, as applicable, your name, physical address, salary, pension, job position, mobile number or other contact information) and Bank Account Information (as defined in section 12.3), form your “Registration Information.”
- If you believe that your Registration Information or a device that you use to access the Platform has been lost or stolen, that someone has gained access to your Account without your permission, or that an unauthorised transaction has occurred, you must notify us IMMEDIATELY at support@FlexxPay.com
- Subject to payment of all applicable outstanding Fees, Early Income Payments and Net Salary (defined below), you can de-activate your Account at any time, for any reason, by following the instructions on the Platform and in section 12 (Your use of the Platform) below. At this point, we should remind you that we also have certain rights to suspend or terminate your Account, these are outlined in section 16 (No Unlawful or Prohibited Use).
- You can contact us by writing to us at support@FlexxPay.com, or by post to our trading address at FlexxPay FZ LLC, PO Box 500690, Dubai, UAE or FlexxPay Saudi, PO Box 11234, Riyadh, KSA. If we have to contact you, we may do so by telephone or by email to the address provided by you
When we use the words “writing” or “written” in these Terms of Service, this includes emails. For contractual purposes, you:
- consent to receiving communications from FlexxPay by email; and
- agree that all communications that we provide to you by email satisfy any legal requirement that such communications would satisfy if it were provided in hardcopy writing by post.
Accuracy of and changes to your information
You agree to promptly update your profile information and bank account details and let your employer or government entity know of any update to your Registration Information whenever the information provided to us is no longer accurate. If you need help in changing your information, please email us at support@FlexxPay.com.
We are not responsible for any payment processing errors or Fees or other Platform-related issues arising from your failure to keep your employee profile and Registration Information updated.
Access to the Platform
Subject to these Terms of Service (in particular, the restrictions described in section 16 (No Unlawful or Prohibited Use)), FlexxPay grants you a licence to use and access the Platform on the basis that this licence is:
- not a commercial licence – you can only access and use the Platform for your own personal, non-commercial uses (i.e., not for your business);
- non-transferable – you can’t pass this right to someone else;
- non-exclusive – other people can access and use the Platform;
- revocable – we have the right to remove your ability to use the Platform in accordance with these Terms of Service; and
- limited – the licence does not extend beyond what has just been described above.
- Subject to these Terms of Service (in particular, the restrictions described in section 16 (No Unlawful or Prohibited Use)), FlexxPay grants you a licence to use and access the Platform on the basis that this licence is:
- Through the Platform, you are able to access and view your accrued but unpaid salary and your FlexxPay balance that is available for withdrawal (the “Platform Services”).
Early Income Payment services
- FlexxPay is acting as agent for and on behalf of your employer or government entity. Any Early Income Payment is done for and on behalf of your employer or government entity. FlexxPay is only the Platform provider.
In this section and these Terms of Service:
- “Early Income Payment” means, following the acceptance of your Request, the payment of a portion of the amount of accrued but unpaid Income set out in your Request, earlier than the relevant Pay Day to your bank account, pre-paid card or other means offered on the Platform;
- “Payment Cycle” means the period time in which the Income is paid to you by your employer or government entity – in most cases the Payment Cycle is monthly;
- “Request” means a request made via the Platform to your employer or government entity to be paid a proportion of your accrued but unpaid Income earlier than the relevant Pay Day to your bank account;
- “Income” means the salary or commission payment made by your employer to you for work carried out during that Payment Cycle, as its employee, or your monthly pension paid to you by the government entity; and
- “Pay Day” means the day upon which the full amount of your Income for that Payment Cycle would be paid to you;
- Through the Platform you are able to send Requests
- Your employer or government entity in its sole discretion will decide whether it wants to accept each Request. If the Request is accepted, the Platform will execute the corresponding Early Income Payment. FlexxPay is under no obligation to process your Request. We have no liability to you for any losses you incur as a result of us not processing a Request from you.
- We can terminate your right to make Requests and access the Platform and the associated information at any time and for any reason, including upon your employer’s or government entity’s request.
If you have received any Early Income Payments prior to the Pay Day of a particular Payment Cycle, on the Pay Day for that Payment Cycle you will receive your “Net Income” which means your Income for that Payment Cycle less:
- the total of Early Income Payments executed in that Payment Cycle; and
- the Fees accrued in that Payment Cycle (please see section 11 (Fees) for more information).
- You specifically allow your employer or government entity to deduct the Early Income Payments plus the Fees from your respective monthly Income.
- Typically, Early Income Payments will be executed within four hours of each Request provided the Request was posted on the Platform before the cut-off time for bank transactions set by the Central Bank of the country where you are employed.
- We, or your employer or government entity, may limit the total number or amount of Requests you can make at any given time or over a period of time. We may refuse to permit Early Income Payments, if we reasonably believe such refusal is necessary or advisable for legal or security reasons or to protect the Platform or FlexxPay.
Note that the beneficiary of any Request made on the Platform has to be yourself, i.e. Early Income Payments can only be made to your own account(s). In case that a Request is made by you and processed to an account that is not in your name, the payment might:
- be rejected by the beneficiary bank. Any costs associated to this and/or deductions made from the amount requested, will have to be borne by you; OR
- be credited to the account that is not in your name. We are not responsible for such incident and it will be your responsibility to recover the relevant amount from the beneficiary and cover all costs associated to this. The Request will be treated as if you have received the respected Early Income Payments and the deduction from your Income will be done according to clause 10.6.
You specifically accept and confirm that any amounts you receive from your employer as an early commission payment will be subject to the following conditions:
- The final commission amount is subject to change at the sole discretion of your employer.
- In case the final commission amount is reduced, you undertake to fully or partially return the received amounts to your employer (the “Claimed Amount”).Your employer may deduct the Claimed Amount from your compensation which include your salary, the monetary value of your leaves balance, and end of service reward. In the event your compensation is insufficient to cover the Claimed Amount, you will be fully responsible to immediately pay the missing amount to your employer.
- In this section and these Terms of Service “Fees” means the fixed sum (in the lawful currency of the country where you are employed) applicable to each Early Income Payment, as agreed by your employer or government entity with FlexxPay from time to time.
- In order to process Early Income Payments, we need to carry out work including executing each Early Income Payment and adjusting your employer’s or government entity’s records to pay you less money on the Pay Day. Making provision for the execution of Early Income Payments is over and above what the employer is required to do in accordance with your employment contract or the government entity is obliged to do in accordance with applicable laws. Accordingly, you are required to pay a Fee for each Early Income Payment. By agreeing to these Terms of Service and making Requests you agree to pay such Fees.
- Please contact your employer or government entity for further information on the amount of such Fee. The Fee will also always be displayed in any Request for Early Income Payment that you post on the Platform.
- The Fees shall accumulate during each Payment Cycle and shall become due and owing to us on the relevant Pay Day.
- Other than as set out in these Terms of Service, there are no set-up or enrolment fees, no monthly or recurring costs for our services and no termination fees, except if otherwise agreed between you and us from time to time.
Your Use of the Platform
- Your right to access and use the Platform and related services is personal to you and is not transferable by you to any other person or entity, and you may only access and use the Platform for lawful purposes.
- You warrant that the Early Income Payments are just and due and that you have not already received a payment for the Early Income Payments or any part of the Early Income Payments. You further warrant that if you receive payment for the relevant Early Income Payments, including by your employer or the government entity, you will transfer those payments, or permit those payments to be transferred to FlexxPay.
Accurate records enable us to provide our services to you. You must provide your employer or government entity (or FlexxPay, if applicable) with true, accurate, current, and complete information about your accounts maintained at third party bank accounts or other sites (“Bank Account Information”), and you may not misrepresent any Bank Account Information.
In order for the Platform to function effectively, you must also ensure your employer or the government entity has Bank Account Information that is up to date and accurate. If you do not do this, the accuracy and effectiveness of the services provided to you pursuant to these Terms of Service will be affected. You represent that you are a legal owner of, and that you are authorised to provide your employer or the government entity with, all Bank Account Information and other information necessary to facilitate your use of the Platform according to these Terms of Service.
- In order to allow you to use certain services on the Platform, we and/or your employer or government entity may be required to verify your identity. You authorise us to make any inquiries we consider necessary to validate your identity. These inquiries may include asking you for further information, requiring you to provide a resident identification number, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report, or verifying information you provide against third party databases or through other sources. If you do not provide this information or we (or your employer or government entity) cannot verify your identity, we can refuse to allow you to use the Platform.
- Your access and use of the Platform may be interrupted from time to time for any of several reasons, including the malfunction of equipment, periodic updating, maintenance or repair of the Platform, or other actions that FlexxPay, in its sole discretion, may elect to take. You acknowledge and agree that FlexxPay will have no obligation to provide you with any support or maintenance in connection with the Platform.
Third-Party Links & Content
- The Platform may contain links to third-party websites and services, and/or display content or advertisements for third parties (collectively, “Third-Party Links & Content”). Where the Platform contains links to Third-Party Links & Content, these links are provided for your information and convenience only. We have no control over the contents of those sites or resources. FlexxPay does not review, approve, endorse or make any promises with respect to Third-Party Links & Content.
- You use all Third-Party Links & Content at your own risk, and should apply a suitable level of caution and discretion in doing so. When you click on any of the Third-Party Links & Content, the applicable third party’s terms and policies apply, not these Terms of Service.
Modification to Platform or Related Services
- FlexxPay reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, the Platform (in whole or in part) with or without notice.
- We reserve the right to change the services related to the provision of Early Income Payments, including applicable Fees, in our sole discretion and from time to time. Fees are always clearly displayed to you whenever you post a Request for Early Income Payment. If you do not agree to the then applicable Fees, do not execute the Request. Your use of such Early Income Payment services or of your Account with the then applicable Fees will constitute your agreement to such Fees.
- You agree that FlexxPay shall not be liable to you or to any third party for any modification, suspensions, or discontinuance of the Platform or Early Income Payment services (or any part thereof).
Rights You Grant to Us
By submitting information, data, passwords, usernames, PINs, other log-in information, materials and other content to FlexxPay through the Platform (including through your employer or government entity) or other related services provided by FlexxPay, you are licensing that content to FlexxPay solely for the purpose of providing the Platform and related services.
FlexxPay may use and store the content for the purpose of providing the Platform and related services to you. By submitting this content to FlexxPay, you represent that you are entitled to submit it to FlexxPay for use for this purpose, without any obligation by FlexxPay to pay any fees or other limitations.
By signing up to the Platform and activating your Account, you consent to your employer or government entity sharing employment data with FlexxPay required for us to perform our obligations under these Terms of Service and the service you have requested, including providing you with Early Income Payments. This includes but is not limited to (i) name, (ii) employee or pensioner’s identification number, (iii) contact information (email and/or mobile phone number), (iv) gross and net Income, (v) bank account and routing number for purposes of payment remittance (vi) job role and position (vii) employment or pension start date. You further consent to your employer or government entity having the right to be informed about your usage of the Platform. Your employer or government entity has the right to restrict your access or usage of the Platform at his own discretion.
No Unlawful or Prohibited Use
- As a condition of your use of the Platform, you represent and warrant to FlexxPay that you will not use the Platform for any purpose that is unlawful or prohibited by these Terms of Service.
You agree that you will not:
- license, sell, rent, lease, transfer, assign, distribute, host, or otherwise commercially exploit the Platform, whether in whole or in part, or any content displayed on the Platform
- use the Platform in any manner that could damage, disable, overburden, or impair the Platform, or servers or networks connected to the Platform, or violate the regulations, policies or procedures of such networks;
- obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through the Platform;
- upload, transmit, or distribute to or through the Platform any computer viruses, worms, or any software intended to damage or alter a computer system or data;
- access the Platform by any means other than through the interface that is provided by FlexxPay for use in accessing the Platform;
- use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Platform;
- attempt to decipher, decompile, disassemble, or reverse-engineer any of the software comprising or in any way making up a part of the Platform; or
- you shall not access the Platform in order to build a similar or competitive website, product, or service.
- Unless otherwise indicated, any future release, update, or other addition to functionality or content of the Platform shall be subject to these Terms of Service. All copyright and other proprietary notices on the Platform (or on any content displayed on the Platform) must be retained on all copies thereof.
If FlexxPay, in its sole discretion, believes that you may have engaged in any activities restricted by these Terms of Service or by law, we may take various actions to protect FlexxPay, other users, and other third parties from fees, fines, penalties, and any other liability. The actions we may take include the following:
- we may close, suspend, or limit your access to your Account or ability to use the Platform or related services;
- we may update inaccurate information you provided us;
- we may refuse to allow you to use the Platform or related services in the future;
- we may report you to law enforcement authorities;
- we may take legal action against you; and
- we may hold you liable to FlexxPay for the amount of FlexxPay’s damages caused by your violation of these Terms of Service.
FlexxPay’s Intellectual Property Rights
- Except for the Registration Information, all content included or available in connection with the Platform, including any and all materials, information, text, data, contents, names, trade names, trademarks, trade dress, service marks, layout, logos, designs, images, graphics, illustrations, artwork, icons, photographs, displays, sound, music, video, animation, organization, assembly, arrangement, interfaces, databases, technology, and all intellectual property of any kind whatsoever (collectively, the “Content”) and the selection and arrangement thereof is owned exclusively by FlexxPay or the licensors or suppliers of FlexxPay. All rights are hereby reserved. Neither these Terms of Service, nor your access to the Platform, transfers to you or any third party any rights, ownership or similar interests in or to such intellectual property rights, except for the limited access rights expressly set forth in section 8 (Access to the Platform). There are no implied licences granted under these Terms of Service.
- If you provide FlexxPay with any feedback or suggestions regarding the Platform (“Feedback”), you hereby transfer to FlexxPay all rights in such Feedback. You also agree that FlexxPay shall have the right to use and fully exploit such Feedback and related information in any manner it considers appropriate.
Except as expressly set out in these Terms of Service, and to the maximum extent permitted by applicable law:
- the Platform, services, information, data, features, and all content provided by FlexxPay are offered and made available on an “as is” and “as available” basis;
- FlexxPay makes no representations or warranties of any kind, whether express of implied, as to the accuracy, reliability, completeness or operation, or continued availability of the Platform, any content on the Platform and/or any related services; and
- FlexxPay makes no representation, warranty, or guarantee, whether express or implied, that the content that may be available on or via the Platform or related services is free of bugs, defects or errors, or any viruses or other code or computer programming routines that contain contaminating or destructive properties or that are intended to damage, surreptitiously intercept or expropriate, any program, system or data.
- You acknowledge that the Platform has not been developed to meet your individual requirements, and that it is therefore your responsibility to ensure that the facilities and functions of the Platform meet your requirements.
FlexxPay is not responsible or liable for:
- any delays in payment due or related to the intervention of any third party (including any delays caused by banks, failures or errors in payment or communications systems other than the Platform itself, or for regulatory purposes);
- any delays in payment due or related to the occurrence of an administrative or technical error, or an event, which results in disruption (of a technical or system-related nature) to FlexxPay’s treasury or payment operations preventing FlexxPay from performing its payment obligations under the Terms of Service, or from communicating with you in accordance with these Terms of Service, and which is not caused by, and is beyond the control of, FlexxPay; and/or
- your employer or government entity restricting your access or usage of the Platform.
- The Platform is not intended to provide legal, tax, or financial advice. FlexxPay is not a financial planner, broker, or tax advisor. To the extent you use a Platform for banking or other financial services, the Platform is intended only to assist you in your financial organization. Before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.
- FlexxPay does not assume any responsibility for the timeliness, accuracy, deletion, non-delivery, or failure to store Registration Information. Any information made available through the Platform will only reflect the information that was most recently uploaded to the Platform by your employer and/or you, and as such, may not reflect activity that occurred after your employer’s and/or your last update of the Platform or any pending transactions. Please contact your employer in case of inaccuracy of any information made available through the Platform, including information related to worked hours and Income.
- Except as expressly set out in these Terms of Service, and to the maximum extent permitted by applicable law:
Limitation of Liability
- Subject to the rest of this section 19 (Limitation of Liability), if we fail to comply with these Terms of Service, we are responsible for loss or damage you suffer that is a foreseeable result of our breaching these Terms of Service or our failing to use reasonable care and skill, but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time these Terms of Service are entered into both we and you knew it might happen. The employer or government entity shall not be held liable for any interruption from time to time for any reason, including the malfunction of equipment, periodic updating, maintenance or repair of the Platform.
- As noted above, we only make the Platform available for your domestic and private use. If you use the Platform for any commercial, business or re-sale purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
- We will not be responsible for any loss or damage incurred as a result of unauthorised access to your Account which is not within our reasonable control, including where you fail to comply with these Terms of Service.
Nothing in these Terms of Service shall limit or exclude our liability for:
- death or personal injury resulting from our negligence;
- fraud or fraudulent misrepresentation; or
- any other liability that cannot be excluded or limited by English law.
Term and Termination
- Subject to this section 20 (Term and Termination), these Terms of Service will remain in full force and effect while you use the Platform. FlexxPay, in its sole discretion, reserves the right to suspend or terminate your rights to use the Platform (including your Account), for any reason (including any use of the Platform in violation of these Terms of Service) and at any time, with or without notice to you.
- Upon termination of your rights under these Terms of Service, your Account and right to access and use the Platform will terminate immediately. You understand that any termination of your Account may involve deletion of the Registration Information associated with your Account from our live databases.
Even after your rights under these Terms of Service are terminated, the following provisions of these Terms of Service will remain in effect:
section 16 (No Unlawful or Prohibited Use), section 14 (Modification to Platform or Related Services), section 17 (FlexxPay’s Intellectual Property Rights), section 18 (Disclaimer), section 19 (Limitation of Liability), section 20 (Term and Termination), section 21 (Governing Law & Forum for Disputes) and section 22 (Miscellaneous).
Termination or suspension of any part of the services provided on or in relation to the Platform, or of these Terms of Service, will not affect relevant payment of Early Income Payments requested and corresponding Income (as applicable), in accordance with the terms of these Terms of Service.
Governing Law & Forum for Disputes
- These Terms of Service are governed by, and shall be construed in accordance with, the laws of England and Wales.
Any dispute, controversy or claim arising out of or in connection with these Terms of Service, including any question regarding its breach, interpretation, scope, existence, validity or termination shall be referred to arbitration in accordance with the arbitration rules of the DIFC¬LCIA (Dubai International Financial Centre - London Court of International Arbitration) Arbitration Centre, which rules are deemed to be incorporated by reference into this clause (the "Rules"):
- The seat of the arbitration shall be the DIFC in the UAE.
- The language of the arbitration shall be English.
- The number of arbitrators shall be three (3), unless otherwise agreed by the Parties in writing.
- Any requirement in the Rules to take account of the nationality of a person considered for appointment as an arbitrator shall be disapplied and a person may be nominated or appointed as an arbitrator regardless of his nationality.
- The award made by the arbitrator shall be final and binding on the Parties to the arbitration and may be enforced in any court of competent jurisdiction.
- If any portion of these Terms of Service is deemed unlawful, void or unenforceable by any court of competent jurisdiction, these Terms of Service as a whole shall not be deemed unlawful, void or unenforceable, but only that portion of these Terms of Service that is unlawful, void or unenforceable shall be stricken from these Terms of Service.
- You agree that if FlexxPay does not exercise or enforce any legal right or remedy which is contained in these Terms of Service (or which FlexxPay has the benefit of under any applicable law), this will not be taken to be a formal waiver of FlexxPay’s rights and that those rights or remedies will still be available to FlexxPay.
- We may transfer our rights and obligations under these Terms of Service to another organisation – for example, this could include another member of our group of companies or someone who buys our business. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under these Terms of Service.
- These Terms of Service are between you and us. No person, other than your employer or government entity, shall have any rights to enforce any of its terms.
Copyright © 2020 FlexxPay FZ LLC. All rights reserved. All trademarks, logos and service marks (“Marks”) displayed on the Platform are our property or the property of other third parties. You are not permitted to use these Marks without our prior written consent or the consent of such third party which may own the Marks.
APPENDIX 1 - Worked example of Early Income Payments, deductions and Fees.
- Your monthly Income is 10,000. Assuming we are in a month with 30 calendar days, on day 9 you have accrued Income of 3,000 (30%).
- FlexxPay will make available to you 50% of that due amount, i.e. 1,500. In case your employer or government entity has set a different limit, then this limit shall apply. The maximum amount available to you in any case will never exceed US$ 900 or the corresponding amount in the currency of the country where you are employed.
On day 9 of that month, you make the following two requests:
- 11am, a Request for 300 to be paid to you and the corresponding Early Income Payment is made (incurring “Fee 1” – for the purposes of this example, 25); and
- 3pm, a Request for 100 to be paid to you and the corresponding Early Income Payment is made (incurring “Fee 2” – for the purposes of this example, 25).
- The combined sum of these two Early Income Payments is 400 (i.e. 300+100).
- The combined sum of the Fees is 50 (i.e. 25 + 25).
- The amount of the Net Income you would receive from your employer on your Pay Day (usually end of month), provided you have not requested any further Early Income Payments (and not accounting for any other commitments you have towards your employer or government entity), would be 9,550. This is because the total of the Early Income Payments (400) and Fees (50) is deducted from your Income.
The above is a worked example of the Platform.