DailyPay

What if there was a way for part-time and gig employees to withdraw their salary even before payday? In a world where everyone waits to pay off their financial liabilities on payday, this will be a game-changer. Helping businesses do just that is DailyPay. By incorporating the DailyPay on-demand salary app in their employee benefits, companies can stand out from the competition and create a lasting bond with their employees.

“We aim to build a new financial system for part-time and gig workers through our industry-leading FinTech platform, massive data network, proprietary funding model, and connections with over 6,000 banking service providers,” says Jeanniey Walden, global chief innovation and marketing officer, DailyPay.

The DailyPay app has multiple features that employees can use for different financial choices. For instance, the PAY feature allows employees to see their real-time earnings and receive their salary on an ad hoc basis. Users can also use PAY to budget and plan: when employees see that they have earned $700 a few days before payday, they can pick up extra shifts to make more. In an alternate scenario, they can confidently withdraw a part of their earned salary to pay their bills before payday and avoid late fees. Similarly, the SAVE feature encourages employees to save and gives them three ways to set aside their earned money and build a healthy savings safety net.

On the employer side, the app comes with critical analytical functions that businesses can use to improve their benefits program. In essence, if an employee takes money out of their DailyPay app before the scheduled payday, they have the option to input the reason behind the withdrawal. Employers can use this information to develop additional employee benefits based on prevalent workforce needs.

Suppose 80 percent of employees taking money out via DailyPay use it to cover pet expenses, it might be time for the employer to look into a supported pet benefits program. Employers can also see whether their employees are saving money through 401K programs, and those not using 401K accounts can understand the importance of savings and gain critical knowledge of the additional monetary benefits.

Companies can even run off-cycle payments with DailyPay—a crucial feature for large enterprises where multiple employees might quit at once. Managing off-cycle costs for numerous employees can quickly become laborious when done manually. DailyPay simplifies this to the point where payroll personnel can seamlessly enter a salary into the DailyPay app and send that final check to employees immediately, minimizing the need to spend extra work hours or resources.

We aim to build a new financial system for part-time and gig workers through our industry-leading FinTech platform, massive data network, proprietary funding model, and connections with over 6,000 banking service providers

DailyPay ensures the accuracy of all these transactions with its Payroll Anomaly Manager (PAM). To give a clear picture, consider a manager who falls sick and fails to approve an employee’s timesheet, causing a reduction in their salary. Usually, the employee has to follow up with the HR department and their manager to resolve the issue. To speed up this process, DailyPay’s AI algorithm learns from every employee’s income and expenditure patterns and flags discrepancies. In this scenario, PAM would inform the HR team and manager about the reduced salary and suggest screening tasks to identify errors in the timesheet. With such strong competencies, DailyPay is attracting many organizations to integrate with its app as part of their employee benefits, helping strengthen their employee retention and attraction strategies.

Today, leading U.S.-based employers like Dollar Tree, Kroger, and Adecco use DailyPay to set a gold standard for employee benefits. Moving ahead with such an innovative, DailyPay is poised to bring employers and employees closer than ever by enhancing the app’s features. All in all, the future looks bright for DailyPay.