How do I repay the Summary of ReadyWage Deductions?

Sprout will generate a Summary of ReadyWage Deductions (SRD) to your company detailing all successful ReadyWage transactions of your employees and its respective fees completed on the latest pay cycle.

It’s important to note that ReadyWage is not considered as part of your company’s payables. This is because it is automatically deducted from the salary of your employees. Your company’s role is to facilitate the handover of the deducted amount to Sprout.

1. Sprout will send the Summary of ReadyWage Deductions (SRD) before the payroll payout. Collections and repayments will either be monthly or bi-monthly, aligned with your company’s scheduled payroll setup in Sprout Payroll.
   
   The SRD will be sent to you based on your payout configuration. For Semi-Monthly configurations, Sprout will provide the SRD five (5) days before the payroll payout. For Monthly payout setups, Sprout will send the SRD after the payout date specified in Sprout Payroll.

2. You will check and validate by performing the reconciliation to identify discrepancies on the repayments due with Sprout’s Billing & Collections team via ([e-mail]) before remitting payment.
   
   
3. Once finalized and notified by Sprout you will remit the payment using online bank transfers to Sprout's designated account and will be indicated as the invoice due date.
   
   For Semi-Monthly payout schedules, payment must be made within five (5) calendar days after the payroll payout to Sprout’s designated account. For Monthly payout setups, payment must be remitted within seven (7) calendar days following the payroll payout.
   
   Repayments made after this threshold will be tagged as late but will not incur penalty fees.

What will happen if I don’t repay on time?

Clients are allotted a maximum of five (5) days upon receiving the Summary of ReadyWage Deductions (SRD) to repay. Failure to do so will result in the immediate deactivation of their ReadyWage, thereby prohibiting access.

Any Summary of ReadyWage Deductions (SRD) that remains unpaid for thirty (30) days will result in a 4% late payment charge and the suspension of your Sprout HR and Payroll access.

Sprout HR and Payroll services will remain suspended, and a 4% late payment charge will be applied every thirty (30) days until ReadyWage invoices have been repaid and cleared.

Upon repayment and clearance of ReadyWage invoices,Sprout's HR and Payroll services will be reinstated, but Sprout will determine whether you will be able to reactivate their ReadyWage.

For more information on cases where you have resigned/terminated employees with existing ReadyWage balances, please refer to our detailed guide here.