With top employers taking drastic actions in response to COVID-19, today DailyPay, the leading provider of the daily pay benefit, announced it is waiving fees for access to earned income, effective this week. DailyPay has coordinated this multi-million dollar effort for all employees of companies who offer DailyPay; the waived fees will be in effect until further notice. Fintech News
As the risk of quarantine grows throughout the U.S., consumers are lining up at grocery stores and retailers to buy products in bulk. In fact, 63% of users said they would use DailyPay for medical emergencies. Now, 43% of employees using DailyPay are accessing their pay early for COVID-19-related expenses — a number that spiked 400% between March 14 and March 17. With 1 in 7 employees now accessing their earned income early to prepare for the potential impacts of the coronavirus, the reality is that many Americans may lack the funds to adequately prepare for this pandemic. Thanks to partnerships with top employers, DailyPay users can now access their earned pay at zero cost without having to wait for the company-defined payday.
“Workers earn pay each day and they should be able to access what they’ve already earned on their own schedule,” said Jason Lee, founder and CEO of DailyPay. “There is no better example of the need for this benefit than what American workers are facing today. Unlike a loan, workers can use our technology to simply access what they’ve already earned.”
“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,” said Michelle Baldwin Henderson, chief human resources officer at United Methodist Retirement Communities. “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.”
For companies not yet working with DailyPay, we invite you to join the DailyPayNation movement at zero cost, and enable your employees to have immediate access to their funds today.
DailyPay will continue to track the impact of hourly workers and the use of early access to pay through a new DailyPay index which will be shared here. As the situation changes, DailyPay will use this index to help identify opportunities for workers to join companies who need support.
