NEW YORK, Jan. 21, 2021 /PRNewswire/ -- Over the last six years, DailyPay has revolutionized the way Americans are paid. Now, DailyPay is leveraging its on-demand pay technology to give payroll professionals a game-changing product that is revolutionizing the payroll industry, CYCLE, which will save employers and employees millions of dollars each year.
After a year of piloting this product with a number of blue-chip forward-thinking companies, CYCLE hits the market today with a mission to relieve payroll professionals from much of the costly burden of handling off-cycle payroll payments.
Companies spend an abundance of time and money each year making payments outside of their usual payroll schedule. This labor-intensive process often features the creation of paper checks for bonuses, termination pay or to make other necessary off-cycle payments to employees. The creation of the paper check and the costs to overnight it to the recipient can cost upwards of $50 each. In this time when companies are prioritizing optimization of every dollar, those costs are simply wasteful.
For the employees, many are forced to utilize predatory check-cashing establishments that carry a high surcharge.
However, DailyPay has created a solution — CYCLE — a new feature to its award-winning platform that allows disbursement of electronic off-cycle payroll payments (instead of waiting for a paper check to be processed, distributed and cashed). And, like its gold-standard on-demand pay program, CYCLE amounts are funded by DailyPay — there is no need to pull from company coffers for these amounts before the next payroll is run.
"We were very excited to hear about the new CYCLE feature that DailyPay was adding. Before DailyPay introduced CYCLE, we were cutting a handful of manual checks per day for off-cycle payments. Not only was this time consuming, but we were also paying an average of $12-$50 to overnight mail each one," said Rebecca Jarbo, Payroll Manager for Wireless Vision. "CYCLE has been an absolute blessing on our end in helping us to take care of people efficiently, and we've had positive feedback from our employees as well." Wireless Vision is the largest T-Mobile-exclusive partner in the country. In 2020 they were named by Great Place to Work® and Fortune as number 11 on the 2020 Best Workplaces in Retail list. Wireless Vision earned this award for consistently creating positive experiences for employees, such as offering DailyPay, throughout some of the toughest months the retail industry has ever faced.
CYCLE supports all direct deposit accounts, including bank accounts, pay cards and general purpose reloadable (GPR) cards. Employers can send off-cycle payroll payments via CYCLE to any employee.
DailyPay is the award-winning,recognized gold standard on-demand pay platform offering comprehensive pay experience solutions to world-class companies and their millions of employees including Adecco and Berkshire Hathaway. DailyPay has created an ecosystem with the most advanced, modern technology stack in the industry and delivers the most secure, compliant and seamless on-demand pay benefit in our rapidly growing marketplace. DailyPay is headquartered in New York City with operations based in Minneapolis. For more information, visit www.dailypay.com/press
Contact: Sehrish Sayani
Email: [email protected]