2021 Ushers In One Of The Biggest Innovations For The Payroll Industry: DailyPay's Off-Cycle Payroll Solution
/NEW YORK, Jan. 21, 2021 /PRNewswire/ -- Over the last six years, DailyPay has revolutionized the way Americans are paid. Now, DailyPay is leveraging its on-demand pay technology to give payroll professionals a game-changing product that is revolutionizing the payroll industry, CYCLE, which will save employers and employees millions of dollars each year.
After a year of piloting this product with a number of blue-chip forward-thinking companies, CYCLE hits the market today with a mission to relieve payroll professionals from much of the costly burden of handling off-cycle payroll payments.
Companies spend an abundance of time and money each year making payments outside of their usual payroll schedule. This labor-intensive process often features the creation of paper checks for bonuses, termination pay or to make other necessary off-cycle payments to employees. The creation of the paper check and the costs to overnight it to the recipient can cost upwards of $50each. In this time when companies are prioritizing optimization of every dollar, those costs are simply wasteful.
For the employees, many are forced to utilize predatory check-cashing establishments that carry a high surcharge.