DailyPay is a financial technology service that allows employees to access their earned wages before the scheduled payday. Integrating with employers’ existing payroll and time management systems, it enables workers to transfer a portion of their accrued earnings to a bank account, pay card, or debit card at any time, providing flexibility for financial management. To utilize DailyPay, employees must be employed by a participating company. The enrollment process involves visiting the DailyPay website, selecting the “Sign Up” option, and entering personal information such as name, email address, phone number, and employee ID. Account activation is completed through a verification link sent via email or phone. Once enrolled, employees can view their available balance, representing the net amount earned after accounting for taxes, deductions, and other withholdings. This balance is updated based on the employer’s payroll information. Employees can transfer up to 100% of their available balance, with funds typically deposited within minutes. A transaction fee applies for each transfer, the amount of which may vary. DailyPay also offers a prepaid card option, allowing employees to receive their earned wages directly onto the card. This feature provides an alternative for those who may not have traditional banking accounts. Employers may find that offering DailyPay enhances recruitment, retention, motivation, and productivity among their workforce. The service integrates with various human capital management and payroll systems, aiming for a seamless experience. DailyPay is not a loan; it does not involve credit checks or interest charges. Instead, it provides access to earnings that employees have already worked for, distinguishing it from traditional payday loans.
