Blog post by Jason Lee, CEO of DailyPay, Inc.
Over the last few years, technology has enabled the instant - or near instant - delivery of various consumer goods and services. Download an app and in minutes you can have a taxi waiting outside your house, your favorite meal delivered, or your laundry washed. A substantial amount of consumer facing technology is dedicated to providing an opportunity for consumers to pay a premium for instant convenience.
But there is a whole segment of the American population that does not have the same opportunity to experience those conveniences. They are on the other side of technology. They drive the taxis that are hailed, deliver the food that is ordered, wash the clothes that are sent out. These people worry about putting food on the table, not how fast it arrives.
This is why today, we are launching DailyPay Now - a new product which enables any DailyPay Client to tap a button and receive her earned but unpaid wages - you guessed it, instantly - into her bank account or prepaid card. This not about enabling convenience, but rather deploying cutting edge technology to make a meaningful difference in people’s lives.
Let’s take the case of a single mother of three who works for one of our partners, The Maids. While standing in line at the grocery store, she realizes she does not have enough money to pay for the items in her cart. But because she worked this week, she has a balance in her DailyPay account. She taps a button, transfers $50 to her bank account instantly, and proceeds to pay for her food. Instead of shamefully leaving the store that day, this mother now has the ability to put food on the table for her family.
Or let’s take the case of a father who is a bus driver for Reliable Transportation, a leading school bus transportation company and another DailyPay partner. It’s Sunday night, and rent is due first thing Monday morning. The problem is he is $88 dollars short, and payday isn’t until next Friday. In the past, he would simply wait until he had the money, pay his rent late, and suffer a $50 late fee. In fact, he can’t remember the last time he didn’t pay a late fee. At 9:30pm on this Sunday night though, he taps a button, transfers the $88 into his bank account instantly. He goes to bed knowing he can pay his rent in full in the morning.
The Company Benefits
Instant payment helps more than just employees. It benefits companies as well. When employees find financial security at a job, they stay longer. This results in measurably reduced turnover cost which allows companies to be more competitive in all areas of their business. Remember the school bus driver above? With a lower cost structure due to reduced turnover, his employer Reliable Transportation is now outbidding its competition for new contracts. It is now expanding its business and growing profits.
With the rollout of DailyPay Now, we hope to further our mission of helping companies reduce turnover by helping their employees reach financial security.
Connect with someone from our sales team and arrange a discovery call to assess whether DailyPay would be a fit for your company. Learn more.