DailyPay, which delivers the industry’s leading on-demand pay solution, continues to innovate its industry-leading 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”:
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.
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
“The development of “Friday Tips” demonstrates DailyPay’s continued commitment to innovations that benefit both employees and employers alike,” said Darlene Miranda, VP, Product Management, UX Design and Research at DailyPay. “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.”
“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,” said Justin Hill, VP of Human Resources at Parking Management Company.
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.
Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast.
*Requires employer participation in DailyPay and election to deposit early transfers and set direct deposit to the Friday Card.
The Friday by DailyPay™ Visa® Prepaid Card is issued by The Bancorp Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted.