Written by Renee Hart
Recovery from the COVID-19 pandemic still concerns many Americans in the workforce. Employers are searching for candidates to fill vacant positions, but workforce employees are demanding quality assurance with the pay to match. Financial wellness is a goal everyone desires to achieve. The problem some people have is that the traditional pay schedule does not work for the financial goals they are trying to reach. This results in them seeking out secondary jobs and lending products to maintain their lifestyle. It is time to reimagine the way money moves and create financial empowerment towards a successful future. The future of sustainable employment will be earned wage access.
Jason Lee is a fintech entrepreneur and the Founder and CEO of DailyPay, the current market leader in the on-demand pay software sector. The financial platform was founded in 2015 with a mission to build a new financial system that works for everyone and rewrite the invisible rules of money. DailyPay focuses on financial inclusion and equity, enabling millions of American workers the ability to access their earned pay as they earn it. Many no longer must resort to payday loans, which disproportionately plague underserved communities with the power of choice and control of their pay.
DailyPay is the pioneer of the daily pay benefit where employees can receive real-time access to earned wages. Its technology exists as an overlay on top of payroll and time management systems and requires no change to a company’s current payroll process or timing of payroll funds. Employers offer this as a perk for employees to control the timing of their pay, empowering them to pay bills on time and avoid late fees. With a tap of a button, employees can receive their earned but unpaid wages instantly to any bank account, prepaid card, or pay card.
Lee spent nearly two decades on Wall Street as a financial engineer creating numerous new products and markets to manage risk areas. His disruption of the calcified world of payroll processing grew into a premiere enterprise software company that is employee-centered. This idea allows people to build on their financial wellness instantly, making every day feel like payday. The value of disciplined financial management was instilled in him at a young age because of his parents. Their example was the key to building a confident financial profile. It was not until he ordered pizza that he discovered a common issue in pay that needed to be addressed.
Lee recounted an experience when a restaurant chain was unavailable through a popular New York City online delivery service app. He decided to visit a local restaurant instead and had a chat with the owner, who was a friend of his. Their conversation revealed the inconsistencies in pay schedule, payroll, and payment. Many people live paycheck to paycheck and struggle to pay bills, save for the future, take care of their household, and are not receiving money when they need it. Lee decided to use his knowledge from Wall Street to bridge the financial gap by creating disruptive technology that will change the way money is accessed.
DailyPay’s vision was to create products to deepen the relationship between the employer and employee. We accomplish this by offering a revolutionary pay experience through the DailyPay Digital Wallet Solution that is simple, flexible, and compliant. The DailyPay Digital Wallet Solution encompasses four products to provide the most advanced, accurate, and frictionless on-demand pay experience.
DailyPay Digital Wallet Solution for Employees
PAY: Gives employees access to up to 100% of their earned wages at their request, whether instantly or the next day, with transparent fees.
SAVE: A 100% free saving experience tool that offers employees three unique ways to save at their convenience.
Employees benefit from seeing their pay in real-time from the moment they begin work, during the hours worked, until they are off work for the day. This provides accurate information to the employee to make decisions sooner on how they will divide their funds.
DailyPay Digital Wallet Solution for Employers
REWARD: An on-the-spot incentive program that acknowledges hard work, commitment, and accomplishments into an employee’s real-time account in a compliant way.
CYCLE: Eliminates the hassle of issuing off-cycle payroll payments.
Employers are seeking innovative ways to retain and recruit talent. DailyPay has made a significant impact to help employers pivot to the change employees are seeking. Employers who advertise DailyPay as a benefit on a job ad fill 53% of those postings.
One of the company’s core values is See the Circle. Lee says, “Everything that we do at the company and everything that happens in society is all connected.” Access to pay has revolved around the employer, and in return, the employee bears the consequence. For instance, if an employee receives an unexpected bill but does not have access to instant funds, they may potentially borrow funds from someone, a payday loan, or incur overdraft fees from their bank account. Now their debt has increased, which takes away from them supporting local businesses or restaurants. Thus creating a lower gross product for that community resulting in lower real estate prices, and the cycle goes on. Change the scenario and add immediate access to those funds. Now that employee can pay their bill, potentially save money, and support that local business or restaurant. It is easier to see the company’s integral role as they connect the user to a simple solution.
DailyPay continues to look for partners who believe in its mission. A seamless experience is at your fingertips. Visit www.dailypay.com for more information.