Every day, one company joins NovaPay’s salary projects: what financial services does it offer to businesses

A year ago, NovaPay launched salary projects for businesses and individual entrepreneurs as a simple, cost-effective way to pay employees. Since then, 422 companies have joined the service, and more than 16,000 people now receive their salaries via NovaPay.

On average, 30 new companies joined NovaPay’s salary projects each month. Moreover, 85% of employees chose to have their salaries credited to their NovaPay accounts.

‘The total amount of payments within salary projects is steadily growing, and businesses are actively using the solution as an alternative to traditional bank salary programmes – without complicated registries and commissions,’ said Yana Levada, Director of Business Development at NovaPay.

Among NovaPay* services for businesses is ‘Salary Urgent’ — a loan for employees of companies connected to the NovaPay salary project. It is most in demand by those who need additional funds before their usual payday but do not want to overpay for the loan. Over the course of a year, 12,400 customers used this service, taking out loans totalling UAH 94 million. The average cheque increased by almost 40% – from UAH 7,600 to UAH 10,500.

As a reminder, NovaPay offers companies and individual entrepreneurs a payroll project that allows them to pay salaries quickly and without commissions. Employers do not need to create separate registers for different banks — all payments are made through a single list, and creating the register takes only a few minutes. Companies need only a minimum set of documents to connect: an application to open an account and join the salary project. Employees submit their applications via the NovaPay mobile app and send them to their accountant in a convenient way – without paper applications.

‘Salary Urgent ’ is a service for customers who receive their salary on a NovaPay card as part of the salary project. It allows them to receive funds before the main salary payment date. Access to the service is granted after one month of salary payments. The limit amount depends on income level and ranges from UAH 1,000 to UAH 100,000, with a 1-month loan term. The actual annual interest rate is 0.00001%, with no fee. The debt can be repaid early through the NovaPay app or at Nova poshta branches.

NovaPay is an international financial services provider from the NOVA (Nova poshta) group of companies. It has been providing convenient financial solutions to individuals and businesses for over 13 years, operating both online and offline across more than 3,600 branches throughout Ukraine. The NovaPay app is a unified financial platform with separate profiles for personal and business needs. Today, the service is used by nearly a million customers, tens of thousands of entrepreneurs, and hundreds of companies nationwide.

* Loans are provided by NovaPay Credit LLC. The financial company’s licence was reissued by the NBU on 12 March 2024