ReadyCash Frequently Asked Questions (FAQs)

GENERAL FAQs

What is ReadyCash?

Sprout Solutions brings a new way for employees to get emergency funds the quick and easy way! Sprout ReadyCash is a salary advance service for companies using Sprout’s HR and Payroll software platform.

Simply put, ReadyCash is a financial wellness benefit that helps employees with emergency funds when they need it the most!

How is ReadyCash different from ReadyWage?

ReadyCash is different from ReadyWage’s Earned Wage Access which offers employees access to a portion of their earned salary, reflecting the days they've worked. ReadyCash is a salary advance solution that gives your employees access to emergency funds when they need it most.

How does ReadyCash work?

ReadyCash works easily as 1, 2, 3! Here’s a quick walkthrough using the Sprout Mobile app, you can also access ReadyCash in the Sprout HR Dashboard. 

How much does ReadyCash cost?

Apart from the convenience fees per transaction, ReadyCash is 100% free for your company! It allows you to provide clear, transparent, and proactive financial assistance to your employees.

How can my company apply for ReadyCash?

To initiate your ReadyCash application, kindly contact your assigned Customer Success Manager. They will endorse you to one of our Success Consultants, who will arrange a personalized demo to provide you with a comprehensive understanding of ReadyCash.

For Admins

Which employees can use ReadyCash? 

Only regular, full-time employees who are at least 18 years old, have no termination, separation date, or expected separation date, and are onboarded with Sprout HR and Payroll by their employers can utilize ReadyCash once activated.

Additionally, there’s no need to enroll your employees. Once you have been activated for ReadyCash, simply log in to your Sprout HR account and access the ReadyCash widget from the dashboard or the Mobile app.

What is the minimum and maximum amount an employee can borrow?

Employees can borrow a minimum of Php 3,000 and up to a maximum of Php 50,000. However, not all employees will be eligible for the maximum amount, ReadyCash's smart limits help prevent users from borrowing more than they can repay.

How is the available credit limit computed?

The available credit limit is calculated based on each employee’s average salary from previous pay periods, ensuring that the salary advance amount aligns with their earnings for responsible borrowing.

What is the ReadyCash Admin Dashboard?

Once ReadyCash has been activated for your company, nominated users are now capable of overseeing ReadyCash usage and monitor applications more effectively through the ReadyCash Admin Dashboard.

See everything at a glance: 

• Monitor your company’s overall ReadyCash usage

• Track the salary advances made by your employees

• Have a clear breakdown of outstanding, requested, paid, and canceled ReadyCash transactions

How can I add users to the ReadyCash Admin Dashboard? Is there a limit?

To nominate users for access to the ReadyCash Admin Dashboard, please contact your assigned Customer Success Manager. There's no limit to the number of users you can request, and any member of your organization can be added, regardless of their employee type.

For Employees

Where can I use ReadyCash?

For Web, log in to your Sprout HR account, and access the ReadyCash widget on your account dashboard. Choose your preferred amount, and if this is the first time you’re applying for a salary advance, you’ll have to upload any government-issued ID, and submit your application!

For Mobile, log in to your Sprout HR mobile app and head to the homepage. Tap on the ReadyCash icon and get started, we’ve made sure that your experience with ReadyCash on Mobile will just be the same as when you used it on the web.

How much does a cash advance from ReadyCash cost?

ReadyCash is free of charge to both employers and employees. However, transactions are subject to a convenience fee to process your availment. You’ll be able to see the breakdown of the total repayment amount and the convenience fee before proceeding.

Why do I need to input my reason for applying for ReadyCash?

As a valued customer we want to know what your needs are so that we can improve our services. Indicating the reason for applying for emergency funds will help us to create and set new features in the future that could cater to your specific needs.

How long does it take for my cash advance request to be approved, and how soon will I receive the funds?

ReadyCash works as fast as 2-3 minutes! Afterward, your salary advance will be instantly credited to your designated Sprout Payroll account. 

Where can I track and view my cash advance status?

Just log in to your Sprout HR account and your latest status is automatically displayed in the ReadyCash widget. As a borrower, you can also view your previous transactions on the History page.

How many times can I apply for ReadyCash? 

You will have to wait until you have fully paid your previous transaction before you can apply for another salary advance. 

What are the payment terms, and how do I repay my ReadyCash?

ReadyCash provides flexible payment terms, allowing repayments over 1 payroll period (half a month), 2 payroll periods (1 month), 4 payroll periods (2 months), or 6 payroll periods (3 months) all automatically configured by our system. Since ReadyCash is fully integrated with Sprout Payroll, repayments are conveniently processed through automatic salary deductions by your company.

SUPPORT FAQs

I wasn’t deducted the required amount for my repayment, what should I do?

If you did not get deducted for your cash advance on your payroll, you can first contact and inquire with your respective Finance/Payroll team, one of the possible reasons for this is that your net pay did not suffice to repay the ReadyCash amount due, therefore deferring it to the next pay period. 

For further support, please contact us by sending an email to [e-mail] to create a ticket.

I have completed my previous ReadyCash transaction but my status is not reflected on the ReadyCash widget, what should I do?

If the status hasn’t been updated in the ReadyCash widget, please reach out to your HR or Payroll Administrators to confirm whether the payroll run has been approved, as updates from Payroll are synced to ReadyCash upon approval. 

Alternatively, you may contact us by sending an email to [e-mail] to create a ticket for further support.

I did not receive the money in my payroll account, who should I contact? 

If you experience any issues receiving your salary advance from ReadyCash, please contact us by sending an email to [e-mail] to create a ticket.

Who should I contact if my question isn't answered here?

If you have any questions or concerns, please contact us by sending an email to [e-mail] to create a ticket.

REPAYMENT  FAQs

A gentle reminder that ReadyCash should not be considered part of your company’s payables. This is because it is automatically deducted from the employee’s salary. Your company’s role is to facilitate the handover of the deducted amount to Netbank.

How Will We Determine The Amount That Needs To Be Paid To Netbank? 

• Netbank will assign a Virtual Collection Account (VCA) number to your company that will be used for the payment remittance.

• Within five (5) banking days before the payroll payout, Netbank will send the Statement of Account (SOA) to you. This will occur bi-monthly, aligned with the scheduled payroll payout in Sprout Payroll.

• You will check and validate by performing the reconciliation to identify discrepancies on the repayments due with Netbank via email ([e-mail]) before remitting payment.

• Once finalized and notified by Netbank, you will remit the payment through the assigned virtual collection account (VCA) number using online bank transfer within five (5) banking days from the payroll payout. 

Alternatively, you can review the ReadyCash Admin Dashboard for a comprehensive overview of your transactions. Your Payroll Admin may also check your ReadyCash Transactions by generating the ReadyCash Report from the Sprout Payroll Setup Page.

Step-by-Step Guide: How to Make Payments with Your VCA via E-Wallet or Online Bank Transfer

Step 1: Login - Open your preferred e-wallet or online banking app (GCash, Maya, Unionbank, BDO, BPI, etc.) and sign in using your credentials.

Step 2: Find the Transfer Option -  Locate the option for transferring funds. This is usually labeled "Transfer," or "Send Money to Other Banks."

Step 3: Select Netbank -  Look for the beneficiary bank. In the search bar or list of banks, select "Netbank."

Step 4: Enter Payment Details - Enter the amount you want to pay, your VCA as the account number, and “Netbank” as the account name as the recipient information.

Step 5: Review and Confirm - Double-check all the details you entered, including the amount, recipient bank (Netbank), and VCA  number. Once everything is correct, confirm the transaction.

If We Cannot Remit Payment via the VCA Number, How Can We Repay?

If you cannot remit using the aforementioned standard method, alternative repayment channels are available. Repayments can be done via online or over-the-counter bank transfers, and cheque deposits to the following Netbank account:

• Union Bank

  • Account Name: Netbank (A Rural Bank), Inc.

  • Account Number: 000010124901

• Maybank

  • Account Name: NETBANK (A RURAL BANK), INC.

  • Account Number: 10370070873

NOTE: Other payment methods deviating from the options presented will not be accepted, and cheque pick-up is unavailable. 

What If I Have Resigned/Terminated Employees with an Existing ReadyCash?

In cases of employee resignation/termination, their remaining ReadyCash balance/s will be deducted from their Final Pay.

Simultaneously, You must notify Netbank via email during the reconciliation process if the payment for a resigned/terminated employee with an existing ReadyCash repayment will be delayed for Netbank to update their records and your Statement of Account.

If the Final Pay of the resigned employee is insufficient to repay their outstanding ReadyCash, Netbank will conduct collection efforts directly to the employee.

IMPORTANT REMINDERS FOR REPAYMENT

• You are allotted a maximum of 30 days from the invoice date specified in the Statement of Accounts to repay. Failure to do so will result in the immediate deactivation of ReadyCash, thereby prohibiting access.

• Any Statement of Accounts that remains unpaid for at least 30 days will result in a 3% late payment charge applied every 30 days. Netbank will also initiate collection proceedings directly with the employee, as their transactions have only been deducted from their payroll account and are yet to be repaid.

• To ensure a smooth resolution, you must settle any outstanding balances within 90 days. After this period, if the balance remains unpaid, our Lending Partner may need to involve their third-party collections team to assist in recovering the funds as well as utilize legal remedies available to them.

• Upon repayment and clearance of SOAs, reactivation of ReadyCash shall be contingent upon the approval by Netbank.