FAQ

For Employers

What is Elemental?

Elemental is a B2B2C open credit platform offering payroll advance and unsecured consumer lending tools to financial institutions and enterprise clients.

Does Elemental Process Payroll?

No. Your designated payroll provider will process payroll as normal as we are not a payroll processing company. Elemental processes payroll backed loans, such as instant payroll advances.

Does Elemental change my existing payroll process?

Well, that depends. If your payroll software provider has APIs to enable integration, Elemental can automate and streamline the deduction process for you, decreasing work on payday.

What if I don’t have payroll software with APIs?

Elemental can either help you find a partner payroll solution provider that fits your needs anywhere in the world or we will simply send you a PDF summary on the day you designate before payday, tracking and automating loan calculations in the process.

How does a business offer Elemental Financial Services to their employees?

Elemental partners with employers to deliver financial wellness services as a benefit to employees.

Who determines the amount my employees can request from their salary for instant payroll advances?

You as the employer will determine a discretionary percentage allowance based on employee salary and repayments are automated during the regular pay cycle of the business.

Is there a cost to use Elemental?

Elemental offers two options for its services. The Enterprise Lite edition is free with limited features and Enterprise is a monthly subscription with additional features such as dedicated support and custom integrations.

What are the benefits of using Elemental?

Elemental provides employees with a financial benefit which directly provides your company with a productivity benefit and indirectly a financial benefit. Elemental services offer income flexibility which is proven to reduce staff turnover by 40%. Employee retention reduces acquisition and training time, enhances employee morale and increases overall productivity and efficiency, saves you money and positively impacts your company’s status as an attractive place to work.

Will Elemental impact my revenue or expenses?

There is no expense impact to your company unless you opted for the monthly subscription edition (Enterprise). There is a revenue opportunity for your company where you have the option to be a lender or package and sell the lending opportunity where new revenue can be derived from attractive employee loan options.

How secure is the data provided to Elemental?

Elemental uses industry standards to encrypt its data both at rest and in motion and complies with international data protection standards. See our Privacy Policy for more information.

What happens if my employees access funds and their employment is terminated afterwards?

Elemental offers greater security as instant payroll advances are linked to your employees next paycheck and not their last. This means if your employee is fired, laid off or quits, whatever amount of funds they have requested will be deducted from their remaining salary that is still owed to them by you, the employer.

Do I pay any membership fees to use Elemental services?

No, there is no recurring or enrollment fee. You only pay a fee when you choose to use our services.

Why would I use Elemental?

Elemental allows you to access a portion of your earned but unpaid income at your disposal. You benefit from having the ability to meet your daily financial needs and the comfort of having funds readily available for unforeseen expenses at a fraction of the cost.

Can I incur additional debt using Elementals services?

No. instant payroll advance repayments are linked to your payroll date and as such, there are no associated late fees.

How do I know the amount I can request for instant payroll advances?

Your employer decides how much you can request as a portion of your salary which is displayed to you in your personal account with Elemental when making a request.

Can I request more than 1 instant payroll advance?

Yes. You can request as many times as you wish once you are within your limit set by your employer.

How do I receive my requested funds for an instant payroll advance?

How quickly do I receive my requested funds?