Reward Gateway's unique net salary deduction technology scheme, SmartTech™, allows employees to buy white goods and consumer technology products instantly and affordably, with free financing from their employer.
Whether an employee faces the need to urgently replace white goods or is looking for the latest fitness tracker or laptop, employees can choose from over 5000 products from our trusted partner Currys and spread the cost via simple, convenient deductions to their net salary from their employer.
For some businesses, footing the upfront costs that SmartTech necessitates when their employees make a purchase can create cashflow issues – which is why we are delighted to be able to provide an alternative financing option through our partner, Akira Financial.
With this financing option, clients can spread the costs of employee purchases and therefore match the expenditure to the income received from employees; making the purchases cash neutral to the business.
Akira Financial was established in 2006 to provide specific financing for the HR community. Whilst Akira has grown into other areas of finance, its roots firmly remain in employee benefits. Akira has financed over £110m of assets all using its own balance sheet.
Below is shown a general overview of the process:
- Once the needed paperwork is signed by the Client and Halfords, the Client is introduced to Akira. The latter will make the necessary checks on their end in order to begin the process. Paperwork needs to be signed between the Client and Akira once the checks are completed.
- Reward Gateway will invoice the Client and they will be dealing with Akira so the invoice can be covered.
- Akira charges 7.5% interest on their loans which is paid for by either the employer or the employee depending on which option is chosen by the employer when setting up the solution.
- The interest will be added on top of the amount of the LoC. While the LoC value is deducted from the employees' Gross salary, the interest will be deducted from their net salary.
For more information on the Akira financing option for SmartTech™, please speak to one of our Client Success Managers who will be happy to help.
For more information, see SmartTech™: Net Salary Deduction benefit vs. Salary Sacrifice benefit.