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DailyPay offers free access to pay for employees during the pandemic

DailyPay, a FinTech provider of earned income software has announced that it is waiving off fees for access to earned income as a response to the COVID-19 outbreak. The FinTech has coordinated this multi-million dollar effort for all employees of companies who offer DailyPay. With the announcement, DailyPay users can now access their earned pay at zero cost without having to wait for the company-defined payday.

The firm through the move is trying to support financial flexibility during the novel CoronaVirus pandemic. The risk of quarantine grows throughout the U.S. The company data reveals that 43% of employees using DailyPay are accessing their pay early for COVID-19-related expenses, a 400% spike in number between March 14 and March 17.

“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. Unlike a loan, workers can use our technology to simply access what they’ve already earned,” said Jason Lee, founder and CEO of DailyPay.

The company is planning to make use of its DailyPay index to track the impact of hourly workers and the use of early access to pay to help identify opportunities for workers to join companies who need support in future.

“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,” said Michelle Baldwin Henderson, chief human resources officer at United Methodist Retirement Communities.

Founded in 2015, DailyPay’s solutions easily integrates with companies’ payroll and time management systems to give employees control over their pay.

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