Award-Winning DailyPay Expands Earned Wage Access to SMEs Across US

DailyPay was founded with a clear mission to revolutionize pay for American workers and enhance their financial well-being. Recognizing the limitations of traditional biweekly or monthly payroll systems, which often cause delays in accessing funds, the founders aimed to alleviate these inefficiencies. They understood that the delayed movement of money adversely affects various sectors of the economy. When workers lack access to funds outside standard pay cycles, it disrupts their purchasing power, hinders merchants from timely sales, and restricts banks from facilitating transactions.

In response, DailyPay developed a pioneering technology platform. This platform provides users with a real-time, accumulating balance of their earnings throughout the pay period. Formerly reliant on overdrafts or credit to bridge gaps between paydays, DailyPay users now have the flexibility to manage their finances on their own terms—whether it involves paying bills, spending, saving, or investing—bypassing the constraints of rigid payday schedules.

DailyPay is headquartered in New York City, operating across the United States and in Belfast, Ireland.

SME Business Review contacted Carly Bush, SVP, HCM, DailyPay, for an interview, and here’s what she had to say.

Interview Excerpts

How does DailyPay leverage its ever-expanding platform to achieve its mission to help workers live a better financial life?

We, at DailyPay, are continually expanding our worktech platform to meet the needs of our clients and their users. For millions of employees nationwide, DailyPay is more than just a way to access pay before payday; it’s an important financial wellness tool with features like shifts and tips visibility, automatic savings, seamless banking integration, and free in-app financial content and counseling to help track and plan for the future. Eighty percent of users surveyed say DailyPay has had a positive influence on their financial habits, with a majority using DailyPay as a tool to track their earnings daily. 

Many DailyPay users, who once relied on overdrafts and credit to make it to the next payday, now set aside savings from their hard-earned pay before payroll is processed. By putting money in the hands of people when they need it and when they earn it, DailyPay can break the negative cycle of financial stress that has endured for too long.

How does DailyPay help U.S. employers activate their workforce and build stronger relationships with their employees?

Businesses of all sizes should be focussing on impactful ways to bring out the best in their employees. Popular worktech tools such as earned wage access and other digital interfaces empower employees to stay connected to their employers and be their best at both work and home. 

Employers who offer DailyPay provide more than just a new way to receive payment; they give their employees unprecedented visibility into their earnings, down to the details of each shift worked. Many of our users check the app daily to watch their earnings grow, creating a powerful feedback loop that strengthens the employer-employee relationship.

For many working people in the U.S., whether in large corporations or small businesses, waiting two weeks or more for their next paycheck can result in costly overdraft fees, late penalties, or resorting to payday loans or credit card advances.

Research indicates that employers offering DailyPay experience faster hiring processes, higher employee retention rates, and a more engaged and productive workforce. In fact, nearly 89% of employers who offer DailyPay would recommend it to their peers in the industry.

Why do so many employers now offer DailyPay to their employees?

Current data shows that over six in 10 Americans are living paycheck to paycheck, with about one in four having no savings. With inflation persistently high and the cost of everyday essentials continuing to rise, American workers face unprecedented financial challenges.

Leading employers across America, such as Target, Hilton, and McDonald's, are providing their millions of employees with the transformative financial wellness benefit of earned wage access through DailyPay. Now, DailyPay is extending this turnkey solution to SME businesses with fewer than 400 employees, enabling small businesses to offer the same valuable benefit to their workforce.

With DailyPay’s worktech, American workers are now empowered with choice and control over their earned pay. The DailyPay work tech platform provides an advanced, accurate, and frictionless pay experience that can be adopted with ease and integrated seamlessly into any organization’s tech stack. 

By utilizing DailyPay, employees can access their earned pay immediately as they earn it, empowering them to pay bills on time and handle unexpected expenses without incurring late fees, overdraft charges, or resorting to high-interest payday loans.

DailyPay is pioneering much-needed innovation in an outdated and inefficient biweekly or monthly payroll system.

Will DailyPay be expanding its services that we should be aware of?

DailyPay is expanding its capabilities by extending its industry-leading earned wage access solution to small businesses nationwide. This marks the first time DailyPay will offer its product to all companies with 400 or fewer employees that are integrated with partnering payroll providers. DailyPay will leverage its existing relationships with some of the world’s top workforce management and financial technology companies, such as ADP and TEAM Software, for this new offering.

Recent research from the U.S. Small Business Administration shows that small businesses employ 61.7 million Americans, constituting 46.4% of private sector employees. DailyPay’s new offering provides a turn-key onboarding experience for small businesses, enabling them to sign up in minutes. Once enrolled, millions of these small businesses will have the ability to offer their employees the financial wellness benefit of earned wage access, empowering them with choice and control over their earned pay.

Carly Bush, SVP, HCM, DailyPay

“For millions of employees nationwide, DailyPay is more than just a way to access pay before payday; it’s an important financial wellness tool with features like shifts and tips visibility, automatic savings, seamless banking integration, and free in-app financial content and counseling to help track and plan for the future.”

“Research indicates that employers offering DailyPay experience faster hiring processes, higher employee retention rates, and a more engaged and productive workforce. In fact, nearly 89% of employers who offer DailyPay would recommend it to their peers in the industry.”