On April 23, 2021 we had a chance to tell CNBC’s The Exchange about how DailyPay disrupts the outdated pay cycle with a new financial system. DailyPay is a New York based technology company and we work with enterprises and Fortune 500 companies in really just about every industry you can name, from healthcare to restaurants to retail. The way it works is that employers leverage our technology to really offer their employees, I mean, truly a life-changing experience. It’s something that we call on-demand pay. Said simply, employees can now access any part of their pay instantly as they earn it without having to wait for a lump sum on a scheduled payday. Through our technology, any employee can now see exactly what her accrued earnings are, and at a tap of a button have access to any part of those earnings 24/7/365. It’s not a payback. There’s not a loan. There’s just your money and we’re delivering that to you on demand.
We see an entirely new financial system where pay is in fact realtime. The catch, however, Kelly, is it’s really hard to do. For my colleagues who work in the payroll industry, it’s very, very difficult to kind of get all the pieces to work together, whether it be the funding or the technology or the risk and compliance. So that’s what we do. We essentially offer the employee the ability to access daily pay without the employer having to run payroll daily. That’s really the concept behind DailyPay.