Making early-pay access a thing
/It’s not often you get to help chart the growth of a company that operates in a business category that’s so new the shrink wrap hasn’t been entirely removed yet.
DailyPay is among a small group of startups that think employees will be happier and more productive if they can access their pay when they need it rather than when the pay period ends. Earnin, FlexWage and PayActiv are some of the other companies in the space.
"Over three-quarters of the country has an aspect of paycheck-to-paycheck living," says Scot Parnell, CFO of DailyPay.
Under DailyPay’s business model, cash-strapped employees who are up against the due-date for, say, their phone bill, but still have another week to go before payday, can avoid a late penalty by tapping an app on their phone to subtract what they need from their upcoming paycheck.