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DailyPay introduces new CYCLE feature, a turning point in Payroll Industry

New York-based DailyPay, a provider of the on-demand pay benefit, has announced the launch of a transformative new CYCLE feature, the latest PayEx experience that expects to save companies millions of dollars each year.

According to the Workforce Institute, more than half of the U.S. workforce, 82 mn Americans, have experienced paycheck errors during their careers. Fiftysix million, or over one third of American workers, were forced to pay a personal bill late as a result. Besides, companies spend substantial time and money-making payments outside of their usual payroll schedule. The new solution, in addition to DailyPay’s on-demand pay platform, enables employers to reduce costs while providing simple off-cycle payments.

DailyPay CYCLE feature enables companies to reduce or eliminate paper checks and manage final pay distribution. The solution was designed to support increased financial flexibility for the American workforce, which has become increasingly important amid the COVID-19 pandemic. It enables employees to receive their payments electronically and its uses and benefits include providing bonuses, termination pay or to make other necessary off cycle payments to employees.

“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. 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,” said Rebecca Jarbo, Payroll Manager at Wireless Vision.

DailyPay through the launch is demonstrating its mission to continuously create innovative payment solutions for today’s workforce. 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. 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,” said Jeanniey Mullen, Chief Innovation and Marketing Officer for DailyPay.

Founded in 2015, DailyPay’s solutions easily integrate with companies’ payroll and time management systems to give employees control over their pay. Its client portfolio includes Adecco, Rockaway Home Care, Berkshire Hathaway and Six Flags. The FinTech recently partnered with Viventium for on-demand pay.

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