NEW YORK, June 3, 2020 /PRNewswire/ -- DailyPay, the leading provider of the on-demand pay benefit, today introduced a transformative new CYCLE feature, the latest PayEx™ experience that will save companies millions of dollars each year.
According to the Workforce Institute, more than half of the U.S workforce, 82 million Americans, have experienced paycheck errors during their careers. 56 million, or over one-third of American workers, were forced to pay a personal bill late as a result. Additionally, companies spend substantial time and money-making payments outside of their usual payroll schedule. Now, in addition to DailyPay's best-of-breed, on-demand pay platform, employers can also reduce costs while providing simple off-cycle payments.
Saving time, money and hassle, the new DailyPay CYCLE feature enables companies to immediately reduce or even eliminate paper checks and manage final pay distribution. CYCLE was designed to support increased financial flexibility for the American workforce, which has become increasingly important during the COVID-19 pandemic. CYCLE has multiple uses and benefits. It can be used to provide bonuses, termination pay or to make other necessary off-cycle payments to employees. It enables employees to receive their payments electronically (instead of waiting for a paper check to be processed, distributed and cashed). DailyPay provides funding for all CYCLE payments.
"We were thrilled to pilot this new feature as we are committed to providing our employees with the most flexible and convenient pay experience possible," said Rebecca Jarbo, Payroll Manager at Wireless Vision. "We have been able to reduce our reliance on paper checks, and we gained a quick and simple solution to compensate for missing hours and PTO. Together, DailyPay and businesses like us can support the American workforce through even the most uncertain times."
CYCLE supports all direct deposit accounts, including bank accounts, pay cards and general purpose reloadable (GPR) cards. Employers can send payments via CYCLE to any employee.
"The DailyPay team is challenged to tirelessly innovate and create the most convenient and dependable pay experiences for both employers and employees," said Jeanniey Mullen, Chief Innovation and Marketing Officer for DailyPay. "CYCLE is the latest in a series of product releases demonstrating our commitment to improving the pay experience. Our expectation is that the PayEx platform can be used to reduce reliance on paper checks by up to 40%, saving a meaningful amount of time and cost for DailyPay partners."
DailyPay CYCLE is the next iteration in demonstrating DailyPay's mission to continuously create innovative payment solutions for today's workforce.
About DailyPay DailyPay is a SaaS award-winning fintech solutions company supporting over two million employees at world-class companies, including Kroger, Adecco, and Berkshire Hathaway, with an on-demand pay platform. DailyPay is headquartered in New York City with operations located in Minneapolis. For more information, visitdailypay.com/press.