Jason Lee, CEO of DailyPay, founded the company in 2015 after realizing the profound need for working Americans to have access to their earned pay that would give them financial freedom. The current American payroll system is designed to benefit employers and restrict employees from having control over their pay and their lives. When employees are short on money to pay their bills or when emergencies pop up, they have no choice but to rely on predatory lenders and other expensive methods. So, DailyPay started offering an on-demand pay solution, which enables employees to have access to their earned pay at any time. Since then, DailyPay has expanded to build an unrivaled ecosystem called the PayExTM Platform featuring a unique “pay experience” that benefits the employee and the employer. They have also developed a unique solution for payroll and HCM companies by developing the ExtendPX solution.
As a trailblazer in the on-demand pay industry, DailyPay introduced many businesses to a new pay concept and garnered much interest from employers. But, there was still a lack of understanding and knowledge about on-demand pay. So for the first couple of years, DailyPay focused on educating the public, press, and employers on what an on-demand pay solution is and how it could benefit companies and employees. DailyPay also started releasing joint studies highlighting the benefits of DailyPay. To ensure that DailyPay provides the gold standard solution, it kept producing innovative solutions and services to ensure that its clients have the most seamless, compliant experience and still do to this day. And with time, more companies knowingly started approaching DailyPay. Today, DailyPay is the recognized gold standard in the industry and facilitates early pay transactions for millions of workers, offers valuable research, and partners with over 80% of the Fortune 100 companies offering on-demand pay.
While COVID was challenging for so many reasons, it also shined a much-needed spotlight on hourly and essential workers who kept America running while often struggling to make it to the next paycheck. Americans finally saw the widespread need for flexible pay and employers responded with record adoption of the on-demand pay benefit. Recently, DailyPay has been recognized as one of the 50 Innovative Companies of the Year 2021.
DailyPay was founded with this core mission – to support American workers by offering them unprecedented control over their pay with an on-demand pay benefit. DailyPay didn’t want to disrupt one industry or a specific group of people. The company wanted to transform and modernize the entire payroll system. So, DailyPay has been targeting all companies, industries, and employees at every level.
It was crucial for DailyPay to have its foot in the HR and payroll industries and build relationships with the companies’ c-suite team since the decision to implement a DailyPay solution would ultimately fall to them. DailyPay curated specific stories, reached out to HR and payroll publication trades, and attended a wide range of events in these spaces to make our name known. With the launch of its revolutionary PayExTM Platform, PayExTM, which focuses on providing a unique, frictionless, digital pay experience at every stage of the employee lifecycle, DailyPay is gaining more recognition in the fintech, finance, and payments spaces.
Being one of the pioneers of the on-demand pay solution worldwide, it was only a matter of time before DailyPay was recognized globally.
Businesses are searching for a viable recovery solution that offsets the loss in revenue and workers. As companies prioritize operational efficiencies, offering a benefit that is transformational for both the employer and employee results in a win-win for all. DailyPay’s CYCLE product allows payroll teams to disburse digital off-cycle payments anytime, from anywhere with no extra burden. Many companies are relying on an outdated system that requires the payroll team to manually create paper checks and mail them out. Now with the outbreak of COVID, this current system cannot stay afloat. Digital, contactless payments are in demand and employees can’t wait for their paychecks. According to a DailyPay case study, CYCLE is estimated to save up to $47,196 in paper check printing and mailing fees annually. Many companies also struggle with high turnover rates, which are very costly for businesses. Research shows that companies using DailyPay see a 50% reduction in turnover among DailyPay users, while 74% of users say they have less financial stress, making them more productive at work. The study also indicates that 56% of employees that use DailyPay were motivated to pick up more shifts. Offering DailyPay is such a powerful benefit that it enables companies to fill open positions in half the time – equating to millions of dollars in savings.
“DAILYPAY WAS FOUNDED WITH THIS CORE MISSION – TO SUPPORT AMERICAN WORKERS BY OFFERING THEM UNPRECEDENTED CONTROL OVER THEIR PAY WITH AN ON-DEMAND PAY BENEFIT.”
One company that has benefited from DailyPay is Wireless Vision. Wireless Vision was cutting a handful of manual checks per day for off-cycle payments and dropping an average of $12-$50 per employee to mail overnight off-cycle checks. This was not only costly but time-consuming. As soon as CYCLE launched, Wireless Vision decided to implement DailyPay’s CYCLE solution. With DailyPay, Wireless Vision is estimated to save 210 hours of time per year and save employees up to $3,146 in check cashing fees annually. Captain D’s, a U.S.-based chain of fast-casual restaurants, has always had a tight labor market and with the increasing competition from other chains, was in desperate need of a creative solution to recruit and retain staff. So, they decided to implement DailyPay at a couple of locations and saw employee turnover decrease by approximately 72%. With a customer and user-first mindset, DailyPay created a zero-cost, first-class, well-rounded pay experience system- dedicated customer support, white-glove service, top-tier security and financial literacy resources.
Recently DailyPay launched the announcement of its upcoming solution, REWARD, which enables managers to instantly and effortlessly incentivize their staff with on-the-spot payments for everything from bonuses for exemplary work to special incentives for picking up additional shifts. This is a unique solution that will revolutionize how employees are rewarded. REWARD is another solution to increasing employee engagement, boosting hiring and retaining the best employees.
There are 131 million working adults in America, all of whom could use some feature in our product set. The future of DailyPay is not just a valuable tool within the payroll marketplace. DailyPay can own the entire financial experience of a worker from the time she logs her first hour of the day to the time she pays her bills and saves what is left over in her paycheck. At DailyPay, the team works on creating breakthrough technology that employees proactively want to embrace.
DailyPay understands the Millennial and Gen Z workforces’ priorities and has been dynamically shifting the payroll industry onto a digital platform. To maintain the gold standard position in the industry, DailyPay is constantly improving its products and creating solutions to solve the many challenges within the payroll industry. DailyPay has exciting new solutions planned out to roll out this year- one of them being REWARD. Also, there is a tremendous market opportunity for this service, and DailyPay is positioned as the clear number-one player in the market we created. In five years, DailyPay expects that at least 75% of U.S. businesses will offer a daily pay benefit by working with them, the gold standard in the industry.
Learn more about DailyPay: DailyPay
Learn more about Jason: Jason