Over the last six years, DailyPay has revolutionized the way Americans are paid. Traditional pay cycles are becoming a thing of the past as on-demand pay technology empowers employees to get paid as they need it.
DailyPay’s latest innovation is called CYCLE: a game-changing product that is revolutionizing the payroll industry by helping employers and employees across the country save millions of dollars each year. This feature will allow the disbursement of electronic off-cycle payroll payments, eliminating the need to wait for a paper check to be processed, distributed and cashed.
After a year of piloting this product with a number of blue-chip, forward-thinking companies, CYCLE hits the market today with the mission to relieve payroll professionals from much of the time-consuming and costly burden of handling off-cycle payroll payments. This labor-intensive process often entails the creation of paper checks for bonuses, termination pay, payroll errors or making other necessary payments to employees outside the established pay schedule. The creation of the paper check and the costs to send it to the recipient through overnight mail, as required in many states, can cost upwards of $50 per check.
In this time when companies are prioritizing optimization of every dollar, those costs are simply wasteful. For the employees, many are forced to utilize predatory check-cashing establishments, which carry a high surcharge. Not to mention the margin of error this process leaves for mail theft, lost checks, misprints and other mishaps that require the entire procedure to be repeated. The use of paper checks also creates unnecessary environmental waste, which can be eliminated by using CYCLE instead.
CYCLE supports all direct deposit accounts, including bank accounts, pay cards and general purpose reloadable (GPR) cards. Employers can send off-cycle payroll payments via CYCLE to any employee, whether they are enrolled in DailyPay or not. New CYCLE features have also been added for batch payments and second approver functionality. CYCLE amounts are funded by DailyPay, so there is no need to pull these amounts from company operating accounts before the next payroll is run.
Rebecca Jarbo, Payroll Manager for Wireless Vision, who was given early access to CYCLE, said:
“Before DailyPay introduced CYCLE, we were cutting a handful of manual checks per day for off-cycle payments. Not only was this time-consuming, but we were also paying an average of $12-$50 to overnight mail each one. CYCLE has been an absolute blessing on our end in helping us to take care of people efficiently, and we’ve had positive feedback from our employees as well.”
If you want to read more about Wireless Vision’s success with CYCLE, you can download their case study here.
You can also schedule a no-obligation demo to see how CYCLE can help your company save time and money.Get a free demo