Launch of “FRIDAY,” “TURNOVER INSIGHTS,” and Expansion of “REWARD” Bolsters the DailyPay Solution
NEW YORK, September 12, 2022 – Hiring and retaining quality talent continues to be a challenge for many businesses. DailyPay, the industry-leader in on-demand pay, has expanded its solution with modern, insight-driven pay strategies to help employers build stronger relationships with their employees so they feel more engaged and stay longer during this continued tight labor market.
“Creating modern pay strategies can make a significant difference to both employers and employees,” said Jeanniey Walden, Global Chief Innovation and Marketing Manager, DailyPay. “Empowering employees with the power of choice and control over their pay makes them feel more engaged with their company and drives them to work harder and stay longer on the job. Empowering employers with valuable insight into employee tenure can help them take action to reduce turnover before it happens.”
Among the expanded offerings in the new DailyPay Solution include the following:
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Friday by DailyPay™ is the new app and card that can improve employee financial wellness and gives more employees access to DailyPay’s industry-leading on-demand pay with no transfer fees. When users set their direct deposit to the Friday Card, they can start making no-fee, instant transfers from their DailyPay Balance onto their Friday Card, a card that has no maintenance fees, no inactivity fees and no minimum balance requirements.
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Turnover insights (in pilot currently) in the redesigned DailyPay Portal do the heavy lifting with a company’s retention data so employers don’t have to. With no additional software or configuration, an employer can quickly and easily understand and predict employee retention. Turnover metrics show actual results for the past 30 days and an estimate for the month ahead, powered by DailyPay's proprietary data science model.
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Reward expands the value of the DailyPay solution with real-time cash rewards that help companies motivate their employees. Reward allows leaders and managers to engage their teams with easy budgeting, reporting, and permissions. Reward’s reporting can help an employer quickly understand campaign performance and track key metrics like redemption rate and percentage of budget used.
Since launching in 2016, DailyPay has had a profound impact on the American worker, helping millions stay out of debt. A study by The Aite-Novarica Group commissioned by DailyPay reveals that 95% of those who were previously reliant on payday loans either stopped using payday loans or reduced use after using DailyPay. In addition, 97% of those who said they had overdrawn their bank account prior to using DailyPay now rarely or never incur overdraft fees (79%) or report experiencing fewer instances of overdraft fees (18%) after using DailyPay.
The Friday by DailyPay™ Visa® Prepaid Card is issued by The Bancorp Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted.
About DailyPay
DailyPay, powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry’s leading on-demand pay solution with modern, insight-driven pay strategies that help America’s leading employers to activate their workforce and build stronger relationships with their employees so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers. DailyPay is headquartered in New York City, with operations based in Minneapolis. For more information, visit www.dailypay.com/press.
Media Contacts
David Schwarz
Email: david.schwarz@dailypay.com
Gabriella Lourie
Email: gabriella.lourie@dailypay.com