Thousands of healthcare professionals now have access to on-demand payments through DailyPay to ease financial hardships
NEW YORK (July 24, 2018) - DailyPay, an on-demand payment platform that reduces employee turnover through instant access to income, today announced a national partnership with Heritage Operations Group and the thousands of dedicated healthcare professionals working at their facilities across Illinois and Indianapolis.
Through this new partnership, Heritage can offer its employees a fresh step in their financial wellness journey.
DailyPay is an intuitive platform for accessing earned but unpaid income. After completing a shift, an employee can tap into 100% of their net amount earned, and receive their money instantly.
With financial stress being a primary driver of employee disengagement and turnover in the U.S. — according to the American Psychological Association — Heritage saw DailyPay as a cost-effective benefit that would truly impact their employees, specifically those who face financial hardships.
The problem that exists today is that lower-income earners who often work in healthcare pay on average, $1,000 per year—or 7% of their take-home pay—in late fees. According to research from the Consumer Financial Protection Bureau, the median overdraft fee on debit card transactions of $24 or less is is $34 which equals 17,000% APR.
But, the average banking customers who overdraws will deposit money to cover the charge within three days. This shows the average customer has the money, but have not yet been paid the money.
In other words, the rigidity of traditional payroll periods gives rise to a range of unnecessary financial burdens for the 78% of full-time workers that live paycheck to paycheck.
By partnering with DailyPay, Heritage saw the opportunity to relieve its employees of these financial burdens. Through this partnership, employees can withdraw earned money ahead of payday, giving them the freedom to pay bills on time, avoid non-sufficient funds fees, and reduce the need for high-interest payday loans.
DailyPay works with a wide array of industry verticals including cleaning, delivery, logistics, transportation, construction, restaurants, home health care, and other service industries.
For more information, please visit dailypay.com.
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned income across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.
About Heritage Operations Group
Heritage Operations Group, LLC, provides nursing facility care for seniors. With over 40 owned and managed eldercare facilities throughout Illinois, Heritage staff work hard to make residents feel at home, whether it is through the services provided, the daily interactions, or time spent with each individual. Heritage offers a wide array of services for seniors in communities across the United States, regardless of the specific type of care needed.
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