In the digital world we live in, society is moving towards the idea of “giving people what they want”. Many activities like financial services, rides, bill payment, and movies, among others, can be done with mobile apps, and most of them are immediately available. So it is not surprising that employers are following suit by offering their employees on-demand pay to free them from the harms of a rigid pay schedule. On-demand pay stays true to its name and does exactly what it sounds like – a new way for employees to access their pay on demand to meet their financial needs. On-demand payments are generally made through third-party providers, often coordinated by the payroll provider. There are various companies in the payroll industry providing on-demand pay services, but one that stands out from the rest is DailyPay. The company was founded in 2015, and it is based in New York.
DailyPay has emerged as a vital part of the tech stacks of the majority of leading brands in the U.S., saving them a significant amount of money each year. Many restaurant chains, large and small, struggle with employee retention. But, with DailyPay’s on-demand pay ecosystem, DailyPay partners have seen as high as a 72 percent reduction in turnover rates and have saved millions of dollars. According to a recent study, 56 percent of employees have been motivated to pick up more shifts after having access to an on-demand pay solution and 1 in 6 now seek a job with an on-demand pay benefit.
DailyPay, a recognized gold standard of the on-demand pay industry, has been named winner of the 2020 QSR Applied Technology Awards Crew-Facing Category. The award speaks to DailyPay’s unwavering commitment to providing first-class full service to seven of the top 10 restaurant chains in the U.S including and more.