DailyPay - Getting Paid Made Easier & Simpler

 December 3, 2020 10:19 am



 Terms and conditions

California

 Privacy Policy



Leaders Thoughts

News

Conferences



Editors Choice

Newsletter

Press Releases

Magazines 

Contact Us







DailyPay - Getting Paid Made Easier & Simpler Any CDO or CTO knows that an evolving tech stack is a key to providing business advancements that improve the company’s bottom line. In today’s HRIS environment, resources are often stretched, so innovation is in great demand. DailyPay delivers on that challenge by offering a fullservice on-demand pay platform that reduces turnover, increases productivity, and enhances employee satisfaction, all at zero cost to companies. Through on-demand pay, companies have the potential to save millions of dollars a year without having to change their payroll system.

After implementing DailyPay, companies have found that their turnover rate decreased by 45%, while 56% of their employees were more motivated to pick up additional shifts.

With DailyPay’s real-time earnings tracking technology, employees can access up to 100% of their earned pay anytime, so they can pay their bills on time without resorting to predatory loans and overdrafts. As a full-service provider, DailyPay facilitates early pay transactions for millions of workers and produces valuable insights that impact how over 80% of the Fortune 500 companies offering on-demand pay run their business.

“

“In five years, we expect that at least 75% of U.S. businesses will offer a daily pay benefit and of course we expect that they will work with us, the gold standard in the industry.”

Jason Lee Founder And CEO www.dailypay.com

Unlike other providers, DailyPay provides an award-winning payments ecosystem to ensure that its partners and their employees are given a unique, digital pay experience that translates into growth and revenue. By supporting every aspect of the employee’s pay experience with white-glove service—from seamless payroll integration to 24/7 call center

Jason Lee Founder And CEO

support— DailyPay unlocks employees’ ability to enjoy control and choice over their earned income, without an additional lift from their employer.

Alternatively, payroll and HCM platforms tend to follow a selfservice model for their on-demand pay bene ts. They rely

upon the existing payroll infrastructure to make the bene t possible. This can be more taxing on payroll teams in terms of time and cost (e.g., punch approvals, funding reconciliation, and manual processing) instead of the full-service model, enabling companies to outsource the main functions of funding, risk management, and reconciliation to the third-party vendor.

Revolutionizing the Payroll Industry DailyPay is the gold standard in the on-demand pay industry and has been at the forefront since its founding in 2016. Five years ago, the company CEO Jason Lee had a revelation. He realized that many Americans were spiraling into debt and di cult nancial situations for a straightforward reason: they lacked immediate access to their pay. Jason set out to revolutionize the payroll industry by introducing on-demand pay. Since its founding, DailyPay has provided millions of people access to their earned pay before payday, partnered with over 200 companies, and is the leading provider of on-demand pay for the Fortune 500 companies. “We are a fullservice on demand provider which differentiates ourselves from other payroll providers. Most recently, DailyPay released an innovative product, The PayEx Platform, which delivers a unique pay experience for employees that is complemented with functionalities for employers,” says Jason.

With over 15 awards, DailyPay has been recently recognized as the winner of the Aite Group Digital Wallet Innovation Awards 2020: Value-Added Services Category. The C-suite has also won numerous awards, and this September, Jason was announced as the Gold Winner award for “Innovator of the Year” for this year’s CEO World Awards, and CMO Jeanniey Walden has been chosen as one of the “Top 25 Women Leaders in Financial Technology” of 2020 by The Financial Report. DailyPay has been inclusive from the start after forming three Employee Resource Groups: DailyWomen, DailyNoire, and DailyGay. Today, each group consists of 60+ members and continues to grow.

Lastly, DailyPay revolutionarily structured the wage receivables asset class to provide full transparency for investors. Over the past ve years, wage receivables have become one of the emerging asset classes that have attracted a broad spectrum of investors. Wall Street’s strong interest in its asset class continues to grow with the inclusion of the DailyPay bene t to more of Corporate America.

jason-lee.co

Flexible, Frictionless, and Compliant Pay Experience They have taken the most complex elements of getting a payment and making it seamless and easy. Instead, the uphill journey from the time clock to the manager into and out of the payroll system, the federal reserves, the bank, and nally into the hands of the employee – DailyPay has given all employees nancial control and choice at the click of a button.

The DailyPay PayEx Platform can be accessed online within the app at any time and even offers real-time transactions. It gives users exibility in terms of when and how much a user gets paid. This platform nancially and mentally liberates employees by offering same-day transactions to pay for unexpected costs and help save for future emergencies. DailyPay is compliant in all 50 states and is an outsourced solution that does not interfere with the employer’s payroll process. It’s easy to integrate and comes at no cost to the employer.

PayEx strengthens the employee-employer bond as the most signi cant component of the employee experience, leading to increased employee engagement and retention, at no cost to the employer. “There is one platform in your tech stack that can seemingly work miracles. It can boost productivity and morale, increasing employee engagement by an average of 64%, while reducing turnover by at least 41% and employee nancial stress by 70%,” explains Jason. “By offering employees DailyPay, you give them the power of choice and control over their nances. Employees become more motivated to go to work, lowering absenteeism.” 56% of DailyPay users surveyed were more motivated to pick up additional shifts because of an on-demand pay bene t. A motivated employee who feels valued will work harder, helping to drive revenue at a time when a business needs it most.

The PayEx Platform offers multiple products that can assist in strengthening the relationship between the employer and employee. Employers can build trust by providing timely and instant payments. CYCLE, game-changer feature in the payroll space, creates a payment system with zero wait time, allowing workers to receive same-day payments. With PAY, an ondemand pay bene t that enables employees to access their earned pay, employees are given full control and access over their nances. Workers can log in to see their earnings for the day and have the option to withdraw any necessary amount without waiting for the next payday. The on-demand pay bene t not only decreases nancial stress for employees, but it also leads to higher employee engagement. Employers can also nancially reward their workers on the spot through REWARD, which increases employee engagement and retention.

“When developing any feature, our goal is to build and deliver technology that actually moves the needle and solves for a real pain point our Partners and employee users are facing,” adds Jason. “To execute this, DailyPay holds regular check-ins with Partners and users to learn about their pain points, collect feedback, and gauge where the market is heading.” This is part of the full service that they provide, unlike competitors. “We consolidate these data points to inform our Product Roadmap, which is then re ned through surveys and market research. Before any features are live, we have an internal code requirement mandating that 100% user event tracking and analytics are live, which allows us to review and monitor how employees use the product and ensure there are no issues before rolling out to our full user base,” explains Jason. “Additionally, we run A/B tests on every feature or change to the product before rolling out to all users, which helps to ensure that we only rollout changes that truly improve performance and enhance the user experience.” When features are live, Jason and his team of experts set up customized reporting to gain additional user behavior insights.

Building A Future In one instance, BrightSpring Health Services was searching for a bene t that improved the employee experience and attended to its workers’ needs. It found that DailyPay’s on-demand pay was a solution that could reduce employees’ nancial stress and empower workers to be more productive. Since implementing DailyPay, BrightSpring Health Services’ employees have gained nancial control over their pay. Additionally, the company has seen a decrease in turnover rates from 68%-72% to 58.5%, as many employees want to access DailyPay’s on-demand pay service.

There are 131 million working adults in America, all of whom could use some features in their product set. The future of DailyPay is not just a valuable tool within the payroll marketplace. Still, they can own the entire nancial experience of a worker from the time she logs her rst hour of the day to the time she pays her bills and saves what is leftover in her paycheck.

“We know our users love our product and they are loyal. Think about any consumer nancial company. Their rst interaction with you is to convince you to use their product. With our users, we don’t need to convince them because we’ve already proven to them our loyalty and our dependability. This is what they expect from a full service on demand pay provider,” says Jason. “In ve years, we expect that at least 75% of U.S. businesses will offer a daily pay bene t — and of course we expect that they will work with us, the gold standard in the industry.”

0 Comments

Sort by Oldest

Add a comment...

Facebook Comments Plugin



PREVIOUS Tollos | A Safer, Healthier Future | R William Vogel

NEXT HR Edition Dec 2020

Industry Tech Insights ABOUT US

IndustryTechInsights



Subscribe To Our Weekly Newsletter Email Address

C O N TA C T U S

ADVERTISE WITH US

FEEDBACK FORM

SUBSCRIBE

LINKEDIN

TWITTER

© 2020 Industry Tech Insights LLC. All Rights reserved.