EWA in Slovakia
EWA stands for Earned Wage Access, which is instant access to your wages. What is it?
Requests in the app
In the app, the employee requests part of the wage already earned, or a micro-loan with an instalment calculation. Why would they do that?
Review and approval
The request is reviewed by the employer (HR), or approved automatically according to the conditions set. After approval, the money is transferred to the employee’s account immediately or within 24 hours. Can’t picture it? Try our demo.
I have a lot of questions
That is fine. Pay and finances are a sensitive matter. We will be glad to help you and answer your questions.
Frequently asked questions
We have put together the questions most frequently asked by our customers (employers) and by their employees:
What does the service cost the employer?
You pay a monthly/annual administration fee and a percentage of every loan provided. Tax optimisation is also possible
Does the employee pay anything?
No
How does the app integrate into the company?
The app can be integrated with your system via an API, or the data can be imported manually. Even simpler, the employee just registers, or you invite them.
How does loan approval work?
Approval can be automatic (if the employee meets the conditions, e.g. contract length, not serving notice) or manual, by the HR department
Who carries the risk of non-repayment?
Loans are provided by the employer from its own resources. The risk of non-repayment is carried by your company; NidBo is currently not liable for it.
What are the benefits for the company?
Your company saves the time spent on advance requests, earns a percentage of the loans, can partially eliminate the transaction tax and gains a benefit for its employees
Can the loan terms be customised?
Yes, you can set the interest rate for employees, as well as the maximum micro-loan amount, or tie it to the size of the wage
Data security and GDPR?
Answer: NidBo takes care of encryption and secure data transfer. An integration has to deal with the GDPR side of transferring wages and sensitive data. Our legal team prepares the documents and the framework agreement
How long does implementation take?
Implementation is quick. With a ready integration, we can connect to your attendance and payroll system within a few days. If you do not want to import data, even better: you set up the company profile yourself and can invite employees within minutes.
Mobile device support?
Yes, the app has a mobile design for employees. The web interface is mainly for HR, so mobile access is key
What happens when an employee leaves?
The system approves loans only for employees who are not serving notice and have a long enough contract. Once they leave and everything is settled, you simply disconnect them from the company account
What support does the company get?
We provide a dashboard for the owner with overviews of profitability and loans. Client support is planned with a response within 48h
Advance vs. micro-loan: what is the difference?
An advance is an early payment of part of the wage, due in the same month. A micro-loan is a longer-term loan with gradual instalments
Who handles the financial transactions?
Loans are funded by the employer. NidBo provides the administration, but payments and payroll deductions are handled directly by your company
Is NidBo legally compliant?
NidBo is an administration platform. Loans are provided by the employer, who is responsible for compliance with the law. EWA is different
Minimum number of employees?
None
Loan limits and duration?
The employer sets the maximum loan amount or ties it to the wage. Instalments run for 1–N months
What reports does the employer get?
The owner gets a dashboard with an overview of loans and profitability. Automated monthly reports for invoicing are also planned
How is it different from traditional advances?
NidBo automates the administration of advances and micro-loans. It gives the employer the option of charging interest, and offers flexible instalments
Supported app languages?
Currently Slovak and English
Does the employer save anything on tax?
Yes, the employer can save on tax thanks to the services that an app like NidBo offers.
Advances and micro-loans are an exception in the tax law.
“The whole implementation process was smooth, and the platform is very easy to use for both employees and our administration. Micro-loans through NidBo have become a welcome benefit for our analysts.”
Jozef Zuzik customer Didn’t find your question?