The New York Times: Apps Will Get You Paid Early, for a Price

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Pay-advance apps have been downloaded millions of times, and more employers are offering them as benefits to workers who need cash.

Americans have become accustomed to summoning just about anything on demand, from groceries to car rides. Now it’s just as easy to get paid when you want.

As the coronavirus pandemic squeezes household budgets, workers and employers alike are increasingly turning to pay-advance apps. They allow users, for a sometimes-optional fee, to request money ahead of payday. One even briefly offered a program for those waiting for slow-to-arrive jobless benefits.

And many customers see them as lifelines.

“I turned to those pay-advance apps to compensate where I couldn’t,” said Tasha Ayala-Spain, an American Airlines employee from Upper Darby, Pa., whose hours were slashed this year. She has used Dave and Earnin to get advances of up to $200 per pay period.

“It wasn’t like a loan to a bank,” said Ms. Ayala-Spain, who sometimes worked 50-hour weeks before the pandemic, loading and unloading baggage, mail and medical equipment from airplanes. “You don’t have to pay interest.”

The appeal is obvious: For a few dollars or less, users can cover a bill that comes due in the middle of a pay cycle or get cash for an unexpected expense, like a wildfire or hurricane evacuation. By tapping their earned but unpaid income early, they can avoid overdraft fees, late charges or worse — more predatory lenders. And come payday, the advance is repaid from their bank account or directly from their paycheck.

But these services, which millions have downloaded, come with question marks. Some customers have sued, regulators across the country are looking into their practices, and consumer advocates fear that the apps are glossy packaging for the kind of lending that can leave users stuck in an expensive cycle of debt.

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Forbes: Helping employees build financial stability

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As we continue to grapple with the effects of the first wave of COVID-19, a second wave feels distant. But another wave of financial challenges is just around the corner. Business leaders can help their employees prepare by empowering them to build savings now, mitigating significant financial worry.

Jason Lee, CEO at DailyPay — the award-winning, gold standard on-demand platform offering comprehensive pay-experience solutions to world-class companies and their millions of employees, including Kroger, Adecco, and Berkshire Hathaway — says the key to preparing for the “second wave” of COVID-19 challenges is helping employees build financial stability now. 

In a new survey of hourly workers jointly conducted by DailyPay and Funding our Future, 50% of respondents said they are either “finding it difficult to get by” or are “just getting by.” Another 40% reported they’re having difficulty paying bills each month. 

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Jason Lee CEO of DailyPay at NYC HQ

The 8th Annual CEO World Awards® Announced Lee as the Gold Winner for Creating the Revolutionary On-Demand Pay Industry

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DailyPay, the gold standard of the on-demand pay ecosystem, today announced that Chief Executive Officer, Jason Lee, has been named the Gold Winner for “Innovator of the Year” for this year’s CEO World Awards.

The CEO World Awards celebrate the accomplishments of leaders and their most outstanding initiatives and achievements. Chief Executive Officers lead the development of the organization’s short- and long-term strategy. This annual awards program recognizes individuals who set industry benchmarks for excellence.

A financial engineer by training, Lee spent nearly two decades on Wall Street creating numerous new products and markets to manage areas of risk. In 2015, he disrupted the calcified world of payroll processing by launching a start-up, which grew into a premiere enterprise software company that promotes financial wellness.

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TechBullion: Revolutionary On-demand Pay Fintech Provider

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DailyPay is a leading fintech provider of earned income software, working with Fortune 500 companies to provide payroll and time management systems to help employees meet their financial goals. Jason Lee, CEO and Co-Founder of DailyPay, shares more details with TechBullion in this interview.

Please tell us a little more about yourself?

Before founding DailyPay, I was working on Wall St. for almost 20 years. In 2015, I saw a profound need for working Americans to have access to their earned pay to give them the financial flexibility they need and the empowerment they deserve over their money.

Hard-working people needed money to support themselves and their families. Under the antiquated pay system, they had to wait two weeks (or more) to get it, often putting them in dire financial situations. The two-week pay cycle failed them. People were going into debt and needed to get second jobs just to get immediate funds to make ends meet. I knew there was a better way.

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StartUp Info: The pandemic propelled on-demand pay from interesting to essential!

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The world is changing before our very eyes. The global pandemic has had a profound effect on our culture and has changed forever the way we live, work, and interact with each other. But we can’t lose sight of the experiences and relationships that make us feel human. For example, my local grocery store was once a vibrant hub of the community, a true extension of the neighborhood. And now it’s populated by delivery men shopping to fulfill an order.

The experience now feels empty and that must change.  Because at a time like this with so much doubt and uncertainty, retail and all other similar industries must think of consumers first – to give them the gold standard treatment I believe every customer deserves. We must double-down on the experience to bring back brand loyalty and dependability. Because without it, there is no way we can repair those bonds of trust.

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Bezinga Interview: How DailyPay Helped Fortune 100 Companies Digitize Their Pay Experience During COVID-1

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Interview with Renato Capelj

In the simplest way possible: DailyPay throws a wrench at the traditionally commoditized payroll processing industry.

“You have this very old static industry that has always revolved around the employer.” Less said. “This, as a result, has created gaps on the employee side.

“There really is no inherent motivation or incentive for any of the traditional players to actually improve payroll because, frankly, the employers were more interested in getting other types of human capital management features.” Read more here

New Study From DailyPay Reveals Two Main Factors That Affect A Company’s Hiring Efforts In New World Of Work

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As companies continue to slowly staff up and hire new employees over the next few months, they will have to prioritize diversity and remote working, according to a new “Work Different” survey from DailyPay.

The research reveals the majority of Americans believe that companies with diversity in its leadership and workforce are more desired places to work and better equipped to relate to its customers. The poll also shows that the majority of job seekers prefer a company that offers the ability to work remotely and that those who do work remotely are more effective and work longer hours.

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Skeptics Beware: The Daily Pay Benefit is Here to Stay

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With 78% of all Americans living paycheck to paycheck, employers that offer a benefit that contributes to financial wellness and security will be more favorable to employees. That’s why daily pay benefits are becoming mainstream, and employers are already seeing impressive results.

I predict that 2019 is the year that the daily pay benefit goes mainstream. Employers are impressed with the results they are seeing in terms of reduced turnover, greater employee engagement and retention, and a growing candidate pool who want the daily pay benefit that potential employers are offering.

If you’re still feeling skeptical, it’s time to come around to understanding why this benefit is going to reach critical mass this year — and that’s because one of its biggest benefits is helping your employees to feel more financially secure. And with 78% of all Americans living paycheck to paycheck, offering a benefit that contributes to financial wellness and security is critical to increasing employee engagement.

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