Tell us about the path how you founded DailyPay
Jason Lee: Before founding DailyPay, I was working on Wall Street for almost 20 years where I built and led the Global Structured Equity Group.
In 2015, I realized that need in America. Hard-working people needed money to support themselves and their families, and while they were working hard for it, they had to wait two weeks to get it, often putting them in dire financial situations.
For centuries, payroll has always revolved around employers and when they decide it is most efficient to pay their employees.
During World War II, to prevent the inflation the U.S. had seen after World I, FDR requested that employers switch to a biweekly pay schedule. This was done to limit the cash Americans had at any point in time, to curb inflation. And employers chose to do the patriotic thing and so they moved to biweekly pay.
However, the two-week pay cycle was just not enough. People were getting second jobs just to get immediate funds to make ends meet. I knew there was a better way.
How does DailyPay work?
On-demand pay gives every employee both choice and control over their financial security. They have complete control over their pay. They can see what they earn in real-time, they have access to their net earnings to pay bills on time, they can save from their earnings by directly routing it into their savings account — all before the traditional “payday” arrives.
From the employer’s standpoint, the benefits are phenomenal. They now have a radically engaged workforce. When you put employees at the center of the pay experience, they start behaving differently. For starters, they stay longer. Our employer partners report an average increase in retention of 45%. Employees are also more engaged, more likely to pick up extra shifts, and less likely to skip work. By being able to pay bills on time, they feel empowerment over their finances and are less stressed about money-related issues at work, making them more focused and productive. More importantly, this is all accomplished without changing a single thing about the employer’s payroll process.
What is DailyPay and what unique services do you provide?
DailyPay is the recognized leader in the on-demand pay industry, providing gold standard service for hundreds of clients and millions of users nationwide. DailyPay partners with more than 80% of the Fortune 100 companies that offer an on-demand pay benefit. DailyPay has evolved beyond just a platform — we are an ecosystem.
For companies, it’s the zero-cost benefit that employees love.
With DailyPay’s revolutionary pay experience platform, PayEx, employees have an opportunity to save money each day and continue on a path toward fiscal responsibility.
The PayEx platform provides a number of experiences that can literally mean the difference between putting food on the table or going hungry, paying bills on time or racking up late fees, getting necessary medical attention and supplies for a loved one or watching them suffer.
PayEx comprises four innovative products designed to provide frictionless, digital and rewarding experiences at every stage of the employee lifecycle (recruitment through offboarding). PayEx provides the starting point for employers to regain employee trust that was lost through COVID-19 layoffs and furloughs, and it helps employers by delivering a competitive recruitment advantage, reduced turnover and increased productivity.
What is The Pay Balance?
At DailyPay, we believe that there has been a critically important balance that has been absent from the consumer’s overall financial profile. As a working person, your real-time “net worth” should also include what you’ve earned up to that minute as a paid employee. We call that the Pay Balance.
After all, those earnings are your money. If you were to quit today or be terminated by your employer, you wouldn’t lose that money. Your employer is obligated to pay you those earnings for the hours worked. Through our platform that has over 200 integrations with leading payroll, time and attendance, and human capital management software providers, our unique and proprietary funding model, and our over 6,000 connections into the banking system, we can now provide tens of millions of employees with their real-time Pay Balance.