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Worksmile has been granted Small Payment Institution status. From now on, cash becomes a benefit

The Worksmile ecosystem is currently used by over 180,000 users who have access to numerous services and products, as well as innovative solutions that support building an engaging organizational culture. However, the creators of the platform decided not to limit their cafeteria system only to classic benefits. Last year Worksmile applied to the Office of the Financial Supervision Authority to get the rights to exchange the funds accumulated by the users for a cash equivalent. By the decision of the Financial Supervision Authority, the process of applying for permission to provide services under the MIP was successful.

New dimension of benefits

Although it may seem that employee benefits by definition should take the form of non-wage benefits, Worksmile has given them a new character. Thanks to receiving a status of a Small Payment Institution, employers may provide their employees with a possibility of exchanging funds accumulated on their accounts into a cash equivalent. As Tomasz Chaciński, CEO of Worksmile, emphasizes:

  • Until now, we have focused our attention on expanding the platform and providing users with a broad and self-sufficient benefits cafeteria. However, we noticed that many of them don’t fully use available resources for benefit solutions offered by us. This is how we came up with the idea of introducing a new functionality, which would allow us to pay out funds obtained from employers and allocate them to individual needs of employees.

Implementation of the new solution required the company to obtain the status of a Small Payment Institution. Worksmile has also become such an entity since January 2022. As Tomasz Chacinski recalls:

  • The introduction of the new functionality was a process that we started by drawing up an action plan. In subsequent steps, we completed the required documents and adjusted the platform to fully meet the MIP requirements. This is a new challenge for us, which enabled us to stand out from the competition and offer users yet another form of using the budget allocated by employers for employee benefits.

Employee – you decide!

How does the new functionality work? The transfer of funds takes place with the consent of the employer and on the basis of predetermined conditions, in accordance with applicable regulations. Employees will decide for themselves whether they want to exchange funds for BLIK checks or transfer them to an individual account. Interestingly, people who choose the first option do not need to have a bank account. After determining the denomination, the user orders a BLIK check in the platform’s cafeteria system, gets the number and password, which he enters at any ATM and receives cash. The user has up to 14 days to do so, and it can be withdrawn at most ATMs in Poland. On the other hand, the transfer of funds to the bank account takes place after placing an appropriate order on the Worksmile platform and is executed like a traditional transfer even on the same day (or on the next working day). As Tomasz Chaciński emphasized:

  • Both of the forms of cash equivalent payment we propose are fully secure and undemanding. Once again, we are giving our users a choice, as they will decide whether they want to enter their data or whether they prefer to get paid on the basis of a generated password. It’s also an opportunity to make full use of the funds allocated by employers for employee benefits.

The new feature on the Worksmile platform was launched in March. Still, the decision to make it available to employees will rest with employers. The innovative form of employee benefits introduced by Worksmile is the first such solution on the Polish market.

Not only benefits

Possibility of payment of funds in a form of cash is a function, which goes beyond the area of employee benefits. It can also be used to settle business expenses, e.g. business trips, meetings with clients, company outings or purchase of office equipment. Thanks to the integration of this functionality with the panel for generating applications and reports, employers, managers and HR departments gain a huge advantage: the process of accounting and posting business expenses is not only significantly simplified, but also greatly automated. In addition, the new function enables seamless reimbursement of funds incurred by employees e.g. as part of business trips, without the need to wait for compensation until the time of checking, settlement and payment of the equivalent.

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