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Jason Lee, DailyPay Founder & CEO joins the Yahoo Finance Live panel with the latest on the on-demand pay platform.
In today’s startup spotlight, we’re taking a look at the intense battle that businesses are currently finding themselves in for talent. As a refresher, right now, we’re sitting on what is a record amount of job openings here in the US. When we look at that, in a very intense battle to fill those openings and entice workers. Employers are not just upping what their employees are paid, but how they are paid with flexible new services.
And one of those services, DailyPay, lets users tap paychecks in real time so they don’t have to wait for payday to roll around. The company just closed a $175 million series D funding round. And for more on that, happy to welcome into our starting spotlight segment here, DailyPay’s founder and CEO Jason Lee joins us right now. And Jason, congrats on the round. Good to be chatting with you here. You work with some big names– McDonald’s, Kroger, and some other ones out there. But what are you seeing in terms of those companies and others trying to use your services to attract new talent?
On April 23, 2021 we had a chance to tell CNBC’s The Exchange about how DailyPay disrupts the outdated pay cycle with a new financial system.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.
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.
Q: Could you provide our readers with a brief introduction to DailyPay?
A: In 2015, I realized there was a big problem for anyone who received a paycheck. Payroll technology was controlling how families live and pay their bills, instead of the workers determining how and when they access the money they worked so hard to make. There had to be a better way. Despite living in an era of incredible technological advances, I realized there was still this profound need for working Americans to have access to their earned pay that would give them financial flexibility and empowerment over their money. So I took an in-depth look at how people were paid in this country. I saw an opportunity for change — and DailyPay was born. My first thought was to build completely from the ground up, to truly start from scratch.
By creating DailyPay, that’s exactly what we did. In 2016, we designed an unrivaled ecosystem (we call PayExTM) featuring a unique “pay experience” that benefits the employee and the employer. DailyPay offers employees choice and control over when and how they receive their earned pay. Unlike other providers, we support every aspect of the employee’s pay experience from payroll processing to pay access and even call center support. Our ecosystem unlocks the abilities for employers and employees to enjoy control and choice over their earned income.
In just a few years DailyPay was recognized as the gold standard in the industry with over 80% of Fortune 100 companies that offer an on-demand pay benefit using DailyPay as their provider.
• PAY: Employees can control how and when they get paid with instant access to earned income, transparent fees and 24/7/365 access to 100% of their earned income • SAVE: Employees can save their pay in three different ways — scheduled automatically, based on pay period earnings and/or at the time of an instant pay transfer • REWARD: Employers can reward their employees in an on-the-spot, compliant way (i.e., for taking on an extra shift when a coworker calls out) • CYCLE: Employers can easily and immediately process off-cycle payments (ex. missed shifts/termination pay)
The secret behind our success with PayEx is the finely thought out methodology in terms of both our product and the entire customer journey, from start to finish. We are a full service on-demand pay provider – a major differentiator with other providers. We take pride in delivering the “gold standard” of service to our partners and is the reason we are the top choice for Fortune 500 companies.
As a part of his series about “Big Ideas That Might Change The World In The Next Few Years” for Authority Magazine, Fotis Georgiadis sat down with Jason Lee, a fintech entrepreneur and the Founder and CEO of DailyPay, the current market leader in the on-demand pay software sector.
“Ultimately, offering a real-time payment solution is a powerful way to strengthen the bond between enterprises and their employees while saving organizations time and cost. Choosing the right vendor will ensure that enterprises can offer this exciting new benefit (and reap its rewards) without compromising on security,” says Jason Lee, CEO Of DailyPay, in an exclusive interview withEnterpriseTalk.
At the peak of the Covid-19 lockdowns, one way companies had to immediately digitize their systems was by accelerating on-demand business payments, like employee payments. Jason Lee, CEO and Co-Founder at DailyPay joins GlobalFinTechSeries to share his thoughts and to talk about DailyPay’s journey so far.