On-demand pay can be a powerful tool for employees, but until recently, only employees with a banking account could take advantage of the benefit—we’re changing that with Friday by DailyPay™ .
When employees have access to their earned pay, they have greater control over their finances. Employees can access their pay when they need it, empowering them to manage financial disruptions and avoid expensive alternatives such as payday loans or late fees. Sixty-seven percent of users say DailyPay has helped them reduce financial stress, and 47% of users say DailyPay has helped them avoid taking out a payday loan (DailyPay User Survey).
Support Employees With On-Demand Pay
Employees feel valued and supported by employers who provide them with on-demand pay, also known as earned wage access. The result is more positive feelings towards the employer, resulting in an improved perspective on the employer that ultimately translates into increased employee engagement and retention. Ninety-three percent of employers who offer ODP say it helps them retain talent (for employers with 1,000+ employees) ( ADP Earned Wage Access Market Research Study).
Reach More Employees With Friday by DailyPay
To increase the success of an on-demand pay program, employees should have a direct deposit destination. However, not every employee has access to banking services. Approximately 5.9 million households were considered unbanked in 2021, according to the FDIC.
That’s why we introduced Friday by DailyPay™, which combines on-demand pay with a Visa® general purpose reloadable (GPR) prepaid card to make on-demand pay accessible to more of your employees. Friday gives users the ability to make no-fee, instant transfers of their earned pay when they set the Friday Card as their direct deposit.
Benefits for Employers
- Reach more employees: Your unbanked or underbanked employees can sign up for the Friday by DailyPay™ Visa® Prepaid Card, a general purpose reloadable (GPR) prepaid card.
- An additional no-fee benefit: Employees get no-fee, instant access to their earned pay1 in addition to no-fee 1-3 business day transfers through the DailyPay app.
- There’s no additional work: DailyPay manages Friday adoption and support with bespoke marketing campaigns and 24/7 customer support. Plus, there’s no additional implementation needed if you already offer DailyPay.
- Save payroll teams time and money: With one-step direct deposit enrollment, reduce the need for paper checks and the costs associated with them.
Benefits for Employees
- The flexibility of a Visa GPR card: There’s no need for a pre-existing bank account to sign up for Friday. Plus, there are no hidden fees, no fees for in-network ATMs through the Allpoint® Network, $0 monthly fees, and a $0 minimum balance.2 And, the Friday Card is compatible with Apple Pay, Google Pay and Samsung Pay.
- All the benefits of on-demand pay, including no-fee, instant access to earned pay: When your employees set the Friday Card as their direct deposit, they get instant transfers for no fee to the Friday Card—any time, any day.
- More control over their finances: The Friday app lets employees make the financial choices that are right for them. Access pay, track earnings in real-time and view transaction history, all in one, easy-to-use app.
What’s New With Friday?
To continue providing employees and employers with an excellent experience, we’ve enhanced Friday with new capabilities that expand the on-demand pay experience and give more options for your employees to access their earned pay.
When employees set the Friday Card as their direct deposit, they can access their earned tips instantly for no fee1 when their employers provide tip earnings to DailyPay. This digital tip experience provides additional flexibility for employees while also supporting the accelerating trend to go cashless. It also reduces the need to keep cash on hand to pay out earned tips.
Make On-Demand Pay Accessible to More Employees
Friday by DailyPay and DailyPay are designed to make on-demand pay available to a broader range of employee financial situations, giving more employees access to this benefit and allowing you to accelerate recruitment, increase employee engagement and retain even more of your employees for longer
1 Requires employer participation in DailyPay and election to deposit early transfers and set direct deposit to the Friday Card.
2 Other fees apply. See Cardholder Agreement for details.
The Friday by DailyPay™ Visa® Prepaid Card is issued by The Bancorp Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted.
DailyPay is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.