Several payroll services allow employees to be paid on demand rather than wait every two weeks. On-demand pay allows employees to take home either one day’s wages or all the money they earned during the pay period thus far. DailyPay is one of the most well-recognized, on-demand pay platforms in the space.
The secret to their success? According to their CEO and Founder Jason Lee, it’s the Pay Balance they created five years ago.
We interviewed Jason to know more about the company and the Pay Balance. Here are a few excerpts from the interview:
How are you different from other on demand pay providers?
We are much more than just on demand pay. We are an industry leading technology platform that features the gold standard in on demand pay.
DailyPay is creating a new financial system by rewriting the invisible rules of money. And, we’re starting with pay. Powered by our first-of-its-kind technology DailyPay starts working the minute work starts. The leader in on-demand pay, DailyPay is used by 80% of the Fortune 200 who offer this type of benefit that gives the power of choice and control over their earned pay. We recently closed our Series D round where we raised $500 million in capital to ensure money is in the right place at the right time.
When we started DailyPay five years ago, the existing paradigm was that payday was on a discrete day, chosen by the employer. And so naturally, if a consumer received money for hours worked prior to the scheduled payday, the experience was that they received that money “early.” In other words, the reference point still was the scheduled payday in the future.
Through our technology and the creation of the Pay Balance, this paradigm changes completely. The Pay Balance is simply a digital representation of what is already yours. The Pay Balance increases as you work. This creates the effect that you’ve already been paid.
Tell us about PayExTM and its benefits.
DailyPay’s revolutionary PayExTM suite of products provides employers and employees with a one-of-a-kind pay experience that transforms the way money moves between employers and employees, merchants and consumers, and financial institutions and their clients. Designed to provide frictionless, digital pay experiences, PayExTM offers unique solutions that target every stage of the employee lifecycle, from recruitment through offboarding. The platform holds the following solutions:
- PAY: Employees can control how and when they get paid with instant access to earned income, transparent fees, and 24/7/365 access to 100% of their earned income
- SAVE: Employees can save their pay in three different ways — scheduled automatically, based on pay period earnings and/or at the time of an instant pay transfer
- CYCLE: Employers can easily and immediately process off-cycle payments (ex. missed shifts/termination pay)
- REWARD: Employers can instantly and effortlessly incentivize their staff with on-the-spot payments for everything from bonuses for exemplary work to special incentives for picking up additional shifts.
Read the full article in CIO Bulletin: https://www.ciobulletin.com/magazine/dailypay-leverages-pay-balance