There were over 500 speakers and 10,000 attendees at this year’s Money20/20 Vegas event held at The Venetian, resulting in a myriad of diverse topics being discussed and explored. One of the most interesting takeaways we found came in a discussion with DailyPay‘s CEO, Stacy Greiner as she delved into the topic of earned wage access (EWA).
Sitting down in an interview with The Fintech Times, conducted by Fintech.TV‘s anchor, Remy Blaire, Greiner set the scene on earned wage access: what it is and how DailyPay is facilitating it. “We work with firms, both large and small across the US, to integrate our services into their payroll to offer their employees the ability to see in real time what they’ve earned so far, and how they can access those earnings.”
While there have been many alternatives to earned wage access. e.g short-term loans, Greiner takes a look at some of the benefits of using the tech and how it can be beneficial to, but not exclusively, over half of the US which is currently living paycheck to paycheck.
She notes how some people are so desperate for an influx of immediate money, they call in sick to their main jobs to work a gig job on the day, knowing they will be paid at the end of it. This not only massively impacts employees, but also employers as they need to find a way to replace lost productivity. Partnering with a firm like DailyPay can reduce this burden on employers while giving employees the flexibility they desire.
Without using a service like DailyPay, users have to rely on services like overdrafts (with high fees) or payday lenders. In fact, according to Greiner, 12 per cent of the US still rely on payday loans.
Looking to the future, Greiner shares how the company is looking to expand beyond the US. “The challenges that we face living paycheck to paycheck in the US are the same challenges that employees outside the US face as well.
“Using a service like DailyPay helps retain people longer too,” explains Greiner. “In fact, we’re reducing turnover by 72 per cent across our customers’ employee base.
“A few weeks ago, we announced we have expanded into the UK, but this is only the start as we aim to continue to help employers.”
To learn more about earned wage access and DailyPay, watch the full video interview below.
The post Retaining Employees With Earned Wage Access: In Conversation with Stacy Greiner, CEO, DailyPay appeared first on The Fintech Times.
