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

Flexible Pay
jason lee dailypay article quote

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.

Read more

Forbes: Helping employees build financial stability

Flexible Pay

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. 

Read more

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

Flexible Pay
jason lee dailypay

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.

Read more

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

Flexible Pay

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.

Full Press Release

Why businesses can’t go back to the same compensation models

Flexible Pay

Originally published on BenefitsPro, July 10, 2020

Preparing to “head back to the office” — whatever that might mean — shouldn’t mean a return to business as usual. Our understanding of workplaces, and the way we live and work, has been fundamentally shattered, and employers must use this time as an opportunity to reconsider their relationships with employees.

In recent months, workers redefined work-life balance and started to lean on managers for support beyond the boundaries of work. Employees rely on their employers for consistent income to support their families and pay for critical health care and other services. During the crisis, many employers have responded to employees’ needs by temporarily offering more flexible pay options.

Read more