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.
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.
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
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.