Duct tape and the two-week pay period were invented at about the same time. One of those has seen innovation applied to create new colors, designs, types and sizes as a way to expand its usefulness and relevance while the other one has remained pretty much the same — until now.
The emergence of on-demand pay, often referred to as earned wage access (EWA), is a result of needing to modernize the pay process that began in the early 1940s.
As one of the leading on-demand pay technology inventors, DailyPay continues to deliver new capabilities that empower employees with financial visibility and control. Employers providing employees with DalyPay are seeing increases in the number of applications they receive and increases in employee retention directly attributable to having the on-demand pay benefit.
As one DailyPay customer points out, the program has been a “game changer” for their employees and company.
Fueled by input and insights from employers and employees using DailyPay, new capabilities are now available that are designed to broaden the financial wellness-enhancing capabilities employers can provide and employees can use.
For employers, the new innovations will empower supervisors and managers to make the on-demand pay benefit accessible to more of their team members using Guided Enrollment.
For employees, the new innovations:
- Enhance detailed pay information with Transfer Summary insights
- Deliver additional convenience for Friday by DailyPay card users:
- Easily replace the Friday Card
- Dispute a transaction
- Activate the Friday Card using the security code
- Access their Friday account from a new device
New Innovations For Employers
Make On-Demand Pay Accessible to More Team Members With Guided Enrollment
There are times when employees would like to enroll in DailyPay but may not have access to the web using a computer or a smartphone. In those cases, supervisors and managers can work alongside their employees and guide them through the enrollment steps to ensure all employees have access to the benefit.
Facilitate the enrollment process alongside your employees, providing a secure, personalized account link that makes it simple to enroll in DailyPay.
Simply log in to a secure web page, enter the employee’s information and a unique link is sent to that employee’s phone.
- Using that link, the employee then completes an expediting signup process to gain access to their DailyPay account.
New Innovations For Employees
Enhance Detailed Pay Information With Transfer Summary Insights
Instant visibility to detailed earnings information enables employees to better plan and budget. The new Transfer Summary insights expands the earnings information employees have access to:
- Details showing how transfers affect their payday
- Provides a summary of total transfers and fees for their upcoming payday
- One-click to view a complete list of every transfer
- Included as part of the paycheck tracker
Deliver Additional Convenience for Friday by DailyPay Card Users
Friday by DailyPay makes on-demand pay accessible to more employees by combining on-demand pay with a general purpose reloadable Visa debit card that doesn’t require a credit check or pre- existing banking relationship. It’s ideal for unbanked employees or for employees that would like a way to limit spending and stay within their budget.
New features provide employees with an expanded set of self-service capabilities to make the Friday card even more flexible and convenient:
- Easily replace a lost or stolen card
- Employees can easily request a replacement for damaged, lost or stolen Friday Cards, for no fee, in the Friday app.
- New Friday Cards arrive in 10-14 business days
- Activate the Friday Card using a security code
- Employees can activate their new Friday Card in seconds using the QR code from their card mailer or the security code (CVV) found on the back of their Friday Card.
- Access your Friday account from a new device
- Cardholders can securely log in to their Friday account from a new device and update their phone number or email they use to log in.
These innovations are just a few examples demonstrating that just like duct tape, DailyPay continues to invest in and deliver innovations that provide employers with a leading financial wellness benefit that they can offer to employees and empower them to unlock the potential of each day.
Learn more about how DailyPay can unlock the potential of each day for your employees and your business.