Employee engagement can severely suffer if their financial wellness is overlooked. Employers often struggle with employee burnout and fail to retain talents due to poor access to their earnings. DailyPay identified this loophole and committed to securing the financial wellness of the organizational workforce. Integrating into employees’ payroll, time, and attendance systems, this company allows employees to voluntarily access their hard-earned money. Rightly acknowledged as one of the ‘Innovators of the Year 2024,’ DailyPay is driving innovation in a new manner.
A Tale of Financial Wellness
DailyPay, as a leader in earned wage access, partners with leading employers to bring disruptive change in the way people are paid. Leading organizations leverage DailyPay to hire faster and retain longer for improved employee productivity. Stacy Greiner emphasized DailyPay’s relevancy in today’s fast-paced business environment, where Millennials and Gen Z are expected to make up 60% of today’s workforce by 2030. With DoorDash around the corner, we are not hungry anymore. We are streaming on Netflix for entertainment, and for a ride, Uber is right at our doorstep. Then what is the thing people wait for in life, which matters to them the most? It’s their pay.
DailyPay found this unfair and embarked on a voyage of supporting the financial wellness and security of the millions of Americans living paycheck to paycheck, accounting for 65% of today’s workforce. Its journey commenced with a simple concept of partnering with employers to provide employees access to their earned wages. Employees utilize the benefits of DailyPay to manage their cash flow by monitoring their earnings and picking extra shifts to earn more. In three ways, employees can transfer their money with DailyPay: free next day via ACH, free instant transfer to the DailyPay card, and instant transfer to an account of their choice with an ATM-like fee. Clearly enough, employees love DailyPay as it saves them around $650 per year to avoid overdraft fees or around $1000 per year if they opt for a payday loan.
CEO at a Glance
Stacy Greiner majored in aerospace engineering at Iowa State University and did her internship with a professor of computer science in her college. It was at that time her professor showed her how she could exercise her skills outside of the aerospace industry, paving her way to the world of software development in Silicon Valley. Her professional journey allowed her to work with leading tech companies like IBM and Cisco to her current position as the CEO of DailyPay.
A Thoughtful endeavor
The fleeting rate of inflation and rise in the cost of essentials have put American workers in a challenging financial position, where 1 in 4 workers living paycheck to paycheck lack savings. In this scenario, DailyPay is providing transformational financial wellness benefits to employees of leading firms like Target, Hilton, and Kroger. Through seamless integration of the platform, employees are paying bills on time and meeting unexpected expenses without late fees, overdraft fees, and up to 400% of loan interest. By empowering employees to have control of their pay, DailyPay’s platform is offering an advanced, accurate, and friction-free pay experience.
Services in a Nutshell
As an undisputed leader of employee-activated earned wage access, the DailyPay team’s unwavering dedication and experience ensure world-class services for clients and employees. The company has over 100 partnerships and integrations with leading payroll and timekeeping solution providers, who make DailyPay’s deployment easy and timely. Additionally, the company partners with clients after launching the service to develop employee engagement programs and content on their behalf. Lastly, with a fine customer success team to support the clients and employees, the firm has achieved enormous success.
A Win-Win for Employers and Employees
Employers seeking a competitive edge savor the game-changing benefits of DailyPay. DailyPay isn’t just about getting paid quicker. It’s like having a personalized platform for managing money, tracking expenses, and planning – all in one place, right in your pocket. This approach boosts the employer-employee relationship as it rises beyond money, bringing peace of mind.
“We are the leader in the earned wage access industry, and it’s delivered meaningful and impactful results for both workers and employers.” DailyPay is more than just an EWA provider. Its unique funding way, personalized client support, and focus on employee experience prove it to be a strategic partner for businesses handling workforce challenges.
Fostering Innovation and Technology
“We are laser-focused on innovating our worktech platform to serve more of the daily worker needs.”
With this mission, the company is rolling out new products and solutions to its work-tech platform to support workers in and out of the office. From credit health to savings, these products are joining the award-winning earned wage access platform. With the DailyPay Visa® Prepaid Card, users are allowed to transfer a portion of their wages to the card without any fee if the card is updated with their direct deposits. The business is exploring technology by announcing an International Remittances feature with Visa. This feature allows users to send money to family and friends worldwide through a single app.
Infusing innovation and disruption in its DNA, DailyPay is constantly seeking new innovative ways to support clients. Exploring the power of financial technology, the firm is doing wonders in making financial services more accessible and affordable. At the press of a button, one can open a bank account, avail loans, move money worldwide, and access earned wages with DailyPay.
Stacy fosters a culture of innovation by balancing risk-taking with the company’s mission. The company takes pride in prioritizing secure, scalable, high-availability infrastructure and a 24/7 control approach to monitor and test every aspect of the integrated product suite.
Projecting the Future
The dramatic change in today’s workforce’s requirements is recognized as Work-Tech as opposed to HR-Tech by the company. This Work-Tech, encompassing employee engagement, well-being, and experience, is the driving force behind DailyPay’s relationship expansion with the Daily Worker. The company plans to develop an updated work-tech platform grounded in Daily Workers’ needs.
Piece of Advice
As the company is continually asking questions on how they can change people manage financial wellness, Stacy has come up with a piece of advice for future entrepreneurs and innovators.
One piece of advice is to always be pushing through barriers and consistently ask why something is not possible. Because in answering these questions, you find the path forward.
