FinTech News
FinTech DailyPay Waiving Fees for Employees to Access Earned Income
With life in the United States currently going through numerous changes and challenges, many workers are having to adjust to new realities as well. While those in some industries may be able to operate from home at this time, others are finding themselves laid off or waiting to hear what will become of their jobs. As for those who are still working, having access to their funds right away has become imperative, as all Americans need to be prepared and have supplies on hand. With that in mind, the FinTech firm DailyPay has announced that it will be waiving its service fees in a bid to help workers during this crisis.
DailyPay is a service that allows employees of participating companies to request payment for their hours worked ahead of their normal paycheck delivery date. Then, when traditional payday does arrive, funds previously transferred are deducted from the delivered balance. Typically DailyPay would charge employees $1.99 per transfer for this service. However the company is offering free transfers “until further notice.”
According to their site, some of the brands that currently employ DailyPay’s services including Burger King, Sprinkles, Vera Bradley, Berkshire Hathaway, Westgate Resorts, and more. In all, the company serves more than two million employees from multiple employers. One of the organizations that utilizes DailyPay is United Methodist Retirement Communities, with chief human resources officer Michelle Baldwin Henderson saying of the service, “Like every other employer, we are doing everything possible to make sure our team members have every resource at their disposal to manage through these challenging times. We are so relieved that DailyPay has enabled us to offer our team members immediate access to their pay. They are making bold moves to ensure that our team members’ well-being and ability to support their families remains positive.”
Commenting on the decision to waive fees, DailyPay’s founder and CEO Jason Lee said, “Workers earn pay each day and they should be able to access what they’ve already earned on their own schedule. There is no better example of the need for this benefit than what American workers are facing today.” Lee also clarified a feature of DailyPay, noting, “Unlike a loan, workers can use our technology to simply access what they’ve already earned.”
While DailyPay’s efforts are noble, it may unfortunately not be enough. Even among those who have already adopted the service, the access to earned funds might be moot if businesses are forced to temporarily close (either by government demand or out of an abundance of caution). As for DailyPay themselves, perhaps there will be a silver lining in that the current crisis may expose the need for their service, earning them some new partners once the nation emerges on the other side of this outbreak. In the meantime, hopefully those impacted can make it through the challenging weeks/months ahead.
