June Edition 2021
Several payroll services allow employees to be paid on demand rather than wait every two weeks. On-demand pay allows employees to take home either one day’s wages or all the money they earned during the pay period thus far. DailyPay is one of the most well-recognized, on-demand pay platforms in the space.
The secret to their success? According to their CEO and Founder Jason Lee, it’s the Pay Balance they created five years ago.
We interviewed Jason to know more about the company and the Pay Balance. Here are a few excerpts from the interview:
Q. How are you different from other on demand pay providers?
We are much more than just on demand pay. We are an industry leading technology platform that features the gold standard in on demand pay.
DailyPay is creating a new financial system by rewriting the invisible rules of money. And, we’re starting with pay. Powered by our first-of-its-kind technology DailyPay starts working the minute work starts. The leader in on-demand pay, DailyPay is used by 80% of the Fortune 200 who offer this type of benefit that gives the power of choice and control over their earned pay. We recently closed our Series D round where we raised $500 million in capital to ensure money is in the right place at the right time.
When we started DailyPay five years ago, the existing paradigm was that payday was on a discrete day, chosen by the employer. And so naturally, if a consumer received money for hours worked prior to the scheduled payday, the experience was that they received that money “early.” In other words, the reference point still was the scheduled payday in the future.
Through our technology and the creation of the Pay Balance, this paradigm changes completely. The Pay Balance is simply a digital representation of what is already yours. The Pay Balance increases as you work. This creates the effect that you’ve already been paid.
Q. Tell us about PayExTM and its benefits.
DailyPay’s revolutionary PayExTM suite of products provides employers and employees with a one-of-a-kind pay experience that transforms the way money moves between employers and employees, merchants and consumers, and financial institutions and their clients. Designed to provide frictionless, digital pay experiences, PayExTM offers unique solutions that target every stage of the employee lifecycle, from recruitment through offboarding. The platform holds the following solutions:
Q. Why DailyPay’s ExtendPX is the leading plug-and-play solution?
As the HCM space becomes increasingly saturated, many companies have been leveraging new technologies to retain existing clients and bring in prospects. DailyPay’s ExtendPX solution offers HCM and payroll companies a simple, hassle-free solution that helps them stand out from their competitors.
Unlike other trendy technological solutions, ExtendPX targets the pain points in many companies’ payroll systems while providing additional company-wide benefits and support. ExtendPX enables HCM and Payroll companies to effortlessly offer on-demand pay to clients through a modular program, which can be customized to fit each clients’ particular needs.
HCM providers’ clients have a customizable spectrum of services, ranging from simply dipping into our powerful, open API to a full range of services, including program funding and customer/employee support. ExtendPX was designed with flexibility in mind. With ExtendPX, HCM companies can white label the DailyPay app under their own brand or embed DailyPay functionality into their own products/services, giving clients complete creative control to design their own on-brand experience.
Q. Why should companies avoid building their own solution?
Designing a quality on-demand pay program requires time, money, and resources that many companies cannot afford. In addition to the costly expenses and energy, companies may run into legal compliance issues when processing payroll daily. With companies like DailyPay offering a seamless, compliant, and full-service on-demand pay benefit that is proven to improve retention rates and save companies millions of dollars at zero cost, the choice is clear.
Further, DailyPay is the trailblazer and recognized gold standard in the on-demand pay industry and has a relentless focus on building innovative solutions that improve the payment experience for both employers and employees. By partnering with DailyPay, clients can allocate their resources and time to other areas of the business.
Q. How DailyPay protects financial data?
DailyPay has been recognized for taking a proactive, best-in-class approach to Information Security. DailyPay has earned PCI DSS Level 1 compliance which is the highest and most stringent of the PCI DSS levels. We’ve also attained SOC 2 Type 2 compliance and ISO 27001:2013 certification. DailyPay engages a third-party cybersecurity firm that does periodic penetration testing and vulnerability scanning of the DailyPay platform. DailyPay understands that employees’ security is a major concern for enterprises, and thus we consider security and privacy to be a top priority.
Talk about your Total Excellence program.
DailyPay’s Total Excellence program is an agency-grade solution that ensures our employer partner’s on-demand pay programs thrive. Our Total Excellence team approaches all of our partnerships with one unifying goal: to elevate our employer partners and their brands by creating the most powerful Pay Experience inside their companies.
The Total Excellence team are marketers by trade and subject matter experts in employee experience and internal and corporate communication strategy who devote their resources to maximizing the awareness of DailyPay at our employer partners. Informed by 100s of launches, industry experience, extensive research, and data insights, Total Excellence works to meet every client’s strategic initiatives. DailyPay’s highly skilled program experts analyze a client’s workforce and tailor a 360 Program Strategy that fits the organization’s unique needs.
About the Founder and CEO
Jason Lee is a fintech entrepreneur and the CEO and Founder of DailyPay, the market leader in offering companies and millions of employees on-demand access to their earned pay. Jason is a groundbreaking leader who had the vision to help regular American workers achieve financial stability after realizing too many Americans struggle to make ends meet under the current payroll structure. He has been recognized as a premier thought leader in global finance by the International Financing Review and Milken Global Institute. He has also been named the Gold Winner for “Innovator of the Year” for the 2020 CEO World Awards.