Flexible, Frictionless, and Compliant Pay Experience

They have taken the most complex elements of getting a payment and making it seamless and easy. Instead, the uphill journey from the time clock to the manager into and out of the payroll system, the federal reserves, the bank, and finally into the hands of the employee – DailyPay has given all employees financial control and choice at the click of a button.

The DailyPay PayEx Platform can be accessed online within the app at any time and even offers real-time transactions. It gives users flexibility in terms of when and how much a user gets paid. This platform financially and mentally liberates employees by offering same-day transactions to pay for unexpected costs and help save for future emergencies. DailyPay is compliant in all 50 states and is an outsourced solution that does not interfere with the employer’s payroll process. It’s easy to integrate and comes at no cost to the employer.

PayEx strengthens the employee-employer bond as the most significant component of the employee experience, leading to increased employee engagement and retention, at no cost to the employer. “There is one platform in your tech stack that can seemingly work miracles. It can boost productivity and morale, increasing employee engagement by an average of 64%, while reducing turnover by at least 41% and employee financial stress by 70%,” explains Jason. “By offering employees DailyPay, you give them the power of choice and control over their finances. Employees become more motivated to go to work, lowering absenteeism.” 56% of DailyPay users surveyed were more motivated to pick up additional shifts because of an on-demand pay benefit. A motivated employee who feels valued will work harder, helping to drive revenue at a time when a business needs it most.

The PayEx Platform offers multiple products that can assist in strengthening the relationship between the employer and employee. Employers can build trust by providing timely and instant payments. CYCLE, game-changer feature in the payroll space, creates a payment system with zero wait time, allowing workers to receive same-day payments. With PAY, an on-demand pay benefit that enables employees to access their earned pay, employees are given full control and access over their finances. Workers can log in to see their earnings for the day and have the option to withdraw any necessary amount without waiting for the next payday. The on-demand pay benefit not only decreases financial stress for employees, but it also leads to higher employee engagement. Employers can also financially reward their workers on the spot through REWARD, which increases employee engagement and retention.

“When developing any feature, our goal is to build and deliver technology that actually moves the needle and solves for a real pain point our Partners and employee users are facing,” adds Jason. “To execute this, DailyPay holds regular check-ins with Partners and users to learn about their pain points, collect feedback, and gauge where the market is heading.” This is part of the full service that they provide, unlike competitors. “We consolidate these data points to inform our Product Roadmap, which is then refined through surveys and market research. Before any features are live, we have an internal code requirement mandating that 100% user event tracking and analytics are live, which allows us to review and monitor how employees use the product and ensure there are no issues before rolling out to our full user base,” explains Jason. “Additionally, we run A/B tests on every feature or change to the product before rolling out to all users, which helps to ensure that we only rollout changes that truly improve performance and enhance the user experience.” When features are live, Jason and his team of experts set up customized reporting to gain additional user behavior insights.

Building A Future

In one instance, BrightSpring Health Services was searching for a benefit that improved the employee experience and attended to its workers’ needs. It found that DailyPay’s on-demand pay was a solution that could reduce employees’ financial stress and empower workers to be more productive. Since implementing DailyPay, BrightSpring Health Services’ employees have gained financial control over their pay. Additionally, the company has seen a decrease in turnover rates from 68%-72% to 58.5%, as many employees want to access DailyPay’s on-demand pay service.

There are 131 million working adults in America, all of whom could use some features in their product set. The future of DailyPay is not just a valuable tool within the payroll marketplace. Still, they can own the entire financial experience of a worker from the time she logs her first hour of the day to the time she pays her bills and saves what is leftover in her paycheck.

“We know our users love our product and they are loyal. Think about any consumer financial company. Their first interaction with you is to convince you to use their product. With our users, we don’t need to convince them because we’ve already proven to them our loyalty and our dependability. This is what they expect from a full service on demand pay provider,” says Jason. “In five years, we expect that at least 75% of U.S. businesses will offer a daily pay benefit — and of course we expect that they will work with us, the gold standard in the industry.”