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DailyPay: Enabling Hassle-free and Comprehensive On-demand Pay

Jason Lee, Founder and CEO, DailyPayJason Lee, Founder and CEO
While working as a financial analyst for an investment community, fintech entrepreneur Jason Lee observed the alarming magnitude of finance-related stress that affects a significant percentage of Americans, living paycheck to paycheck, under the constant threat of rising debts. The COVID-19 pandemic has further worsened the scenario. Recognizing the potential of technology in mitigating this undesirable scenario, Lee set out to build a solution that embraced novelty in paying people to ultimately bestow every working American with the financial freedom they very much need. He created DailyPay—an on-demand pay software. As its founder and CEO, Lee’s mission is to enable employees to gain control over their hard-earned income and attain prosperity.

On-demand pay is increasingly becoming the way employees want to get paid. Around 80 percent of Fortune 100 companies have embraced this approach. Companies are exploring different ways to reward their employees. They need innovations that can be seamlessly integrated into the existing HR tech stack without any overhaul. In this regard, DailyPay’s seamless integration with, say, time and payroll management systems at zero cost to the employer is a game-changer. The company has been diligently working to create partnerships with payroll systems like ADP and time management systems like Kronos to make the implementation process easier.

In addition to being a SOCII certified gold standard solution provider for on-demand pay, DailyPay provides a full-service experience, including customer support and compliance resources. DailyPay helps strengthen the employee-employer bond through a frictionless, truly digital, and rewarding pay experience platform called PayEx™, the seamlessness of which contributes to employee engagement and retention without any cost to the employer. DailyPay’s solution is loaded with features that allow employees to send their wages straight to savings, receive bonuses and incentives, and off-cycle payments.
Its easy interface gives employees the exact account of their daily pay and the work they’ve done, including metrics such as overtime that makes employees well informed about their pay while helping them make calculated decisions on working more. This eliminates the need for people to pick up a second job; instead, they can pick up more hours within the same company. Naturally, productivity and workforce output would be on the higher end. “DailyPay empowers employees to meet financial goals and pay bills on time,” mentions Jeanniey Walden, CIMO of DailyPay.

Through DailyPay’s partner portal, employers can see the frequency and amount of money being transferred by employees before payday. This helps them add additional benefits for their employees. For example, an employer partnering with DailyPay observed that a lot of money was transferred by employees to pay student loans. So, they implemented a student loan repayment program to benefit their employees, helping them reduce their financial and personal stress. A recent Harris poll data conducted by DailyPay indicates that 71% of working Americans are actually concerned about their finances during the holiday and almost half of them are going to be turning to their employer for advice, support, or access to tools that can help them manage their finances over the holidays. Employees’ expectations of employers to be leaders are growing. This proposes an opportunity for employers to display their leadership by offering a DailyPay benefit. DailyPay also provides an additional layer of insight and data for employers that allow them to make smarter decisions about managing their employees. This proved to be extremely beneficial during COVID-19, where DailyPay has helped almost 90 percent of the client’s employees reduce their financial stress.

Jeanniey recalls DailyPay’s success story with Captain D’s, a U.S.-based chain of fast-casual restaurants that witnessed challenges with productivity and wanted to promote a culture of employee engagement and retention. In beta test locations where Captain D’s deployed DailyPay to gauge its effectiveness, the company saw employee turnover to decrease by approximately 72 percent and witnessed increased business productivity up to 3 times.

Scripting several such success stories, DailyPay will continuously be reviewing its solution to make enhancements and offer seamless integration across different operating systems. With a focus on promoting a comprehensive, full-service, pay experience, DailyPay continues to help companies attract top talent and increase employee retention.
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Top 10 HR Tech Startups - 2020
DailyPay

Company
DailyPay

Headquarters
New York, NY

Management
Jason Lee, Founder and CEO and Jeanniey Walden, CIMO

Description
DailyPay is an HR Technology that empowers financial wellness by offering instant access to earned wages, helping organizations recruit, retain, and engage their workforce. In addition to being a SOCII certified gold standard solution provider for on-demand pay, DailyPay provides a full-service experience, including customer support and compliance resources. DailyPay helps strengthen the employee-employer bond through a frictionless, truly digital, and rewarding pay experience platform called PayEx™, the seamlessness of which contributes to employee engagement and retention without any cost to the employer. DailyPay’s solution is loaded with features that allow employees to send their wages straight to savings, receive bonuses and incentives, and off-cycle payments.