DailyPay claims that it continues to innovate its technology platform with a new function created “to tackle a growing problem among tipped employees within the hospitality industry.”
For parking valets, restaurant servers, porters, and hotel concierges, the recent trend for customers “to go cashless can put a huge dent in their finances.”
This shift in consumer behavior can “drive many from the industry and negatively affect a company’s ability to recruit and retain employees in the field.”
To address this problem facing its clients, especially those in hospitality, DailyPay is rolling out a new function, “Friday Tips.”
Here are the benefits of “Friday Tips”:
For Employees:
Instant access to tips, “for no fee.* When tipped employees set their direct deposit to the Friday Card, they can access their tips, instantly transfer them to the Friday Card for no fee, and spend them using a Visa general purpose reloadable (GPR) prepaid card with no minimum balance requirement, no monthly fees, no maintenance fees, and access to 55,000+ in-network ATMs through the Allpoint Network.”
Visibility to “all earned pay that includes tips in the DailyPay Balance.”
This visibility into earned income “provides critical pay transparency that can have a major impact on the ability to pay bills, spend, save or invest.”
With more concrete knowledge of their spending power, users can “make important financial decisions, which is particularly critical during the current challenging time of high inflation.”
For Employers:
Eliminate the need “to keep cash on hand.”
With “Friday Tips,” employees can “access their tips digitally, meaning there’s no need for employers to keep cash on hand to disburse tips.”
This is “all the more relevant with the aforementioned cashless trend.”
Added flexibility for employees.
With “Friday Tips,” employees “have multiple no-fee options to access their tips—between 1-3 business days to any bank account—instantly for a small ATM-like fee, or instantly with Friday.”
Support the continued cashless trend. Provide customers “with the ability to provide tips using digital payment methods”
Darlene Miranda, VP, Product Management, UX Design and Research at DailyPay, said:
“The development of “Friday Tips” demonstrates DailyPay’s continued commitment to innovations that benefit both employees and employers alike. We are always searching for new ways to reimagine how changing pay processes can empower employees with financial visibility and control, which in turn, results in positive business outcomes such as increased retention.”
Justin Hill, VP of Human Resources at Parking Management Company, said:
“In our continued efforts to support our dedicated team members as a first-choice place to work, our partnership with DailyPay and their ‘Friday Tips’ option provides a critical way to ensure our employees have access to their earned pay in real time,”
DailyPay’s Friday is “a general purpose reloadable (GPR) prepaid card and app, which unlocks instant no-fee on-demand pay transfers for DailyPay users.”
The Friday Card, “issued by The Bancorp Bank, N.A., Member FDIC, can be used everywhere Visa debit cards are accepted and is designed to help the everyday worker take control of their finances.”
With the Friday app, users can “view and access their earned pay before payday, add the card to their mobile wallet (Apple Pay, Google Pay, and Samsung Pay), have the opportunity to make in-store and online purchases, and manage their money and track spending, all in one mobile app.”