Dailypay Strengths, Domain Expertise, and Key Differentiators
DailyPay partners with companies to offer employees the ability to control when they get paid. Not only does this solution empower financial wellness, but for the company, it acts as a tool to recruit, retain, and engage their workforce. The senior management team at DailyPay spent years at AOL, Goldman Sachs, and LendingHome. DailyPay is backed by leading venture capital firms and world-class strategic investors. The Company is headquartered in New York.
Dailypay Recent Developments
DailyPay is a technology solution that lets your employees control when they get paid, empowering them to meet financial goals and pay bills on time. Employees who find financial security at your company stay longer, reducing turnover and improving bottom line profits.
Dailypay Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Dailypay applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Dailypay and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Payex Plaftorm customers.
Dailypay Overview
Ownership: - x
Number of Employees: 300
Functional Markets: HCM,
Key Verticals: Distribution, Healthcare, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Professional Services, Retail, Transportation,
Dailypay Key Enterprise and Cloud Applications
Payex Plaftorm
Dailypay Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Dailypay Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
Dailypay Enterprise Applications Revenues By Functional Markets, $M:
Dailypay Enterprise Applications Revenues By Verticals, $M:
Dailypay Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Dailypay Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Dailypay Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Dailypay Customers
No. of Dailypay Customers: 200
No. of Dailypay Enterprise Applications Customers: 200
No. of Dailypay Cloud Customers: 200
No. of Dailypay Cloud Subscribers: 500000
DailyPay customers are Vera Bradley, Westgate Resorts, Lizards Thicket, Kellermeyer Bergensons Services, DialAmerica, The Maids, Christian Horizons, ResCare, Inc., CommuniCare, Care Indeed, Sprinkles Cupcakes, Maxwell Group, Heritage Operations Group, G4S, HealthCare Management Group, Photogenic, Fundamental, ROI Solutions, RLS Logistics, Shiftgig, and many others.
Dailypay Market Opportunities, M&A and Geo Expansions
In 2018 DailyPay has raised $9 million in Series B funding. The financing comes from Intercept Ventures with participation from existing investors RPM Ventures, Inspiration Ventures, and Draper Frontier. Since pioneering the eponymous DailyPay Movement in 2015, the company has demonstrated how access to earned pay - available when needed - is a critical first step toward achieving financial security. The investment will be used to accelerate the deployment of the company's leading-edge financial wellness support and services among mid-cap and enterprise companies in several industries.
Data shows the average DailyPay user accesses the system approximately one time per week and 94% of employee users self-report they use the product to pay their bills on time, significantly reducing the cycle of bank fees, which gives them the first step toward financial security. Companies are recognizing that real-time access to earned wages improves employee retention, satisfaction and attendance, and also a 40% reduction in voluntary turnover when DailyPay is offered.
As the risk of COVID-19 quarantine grows throughout the U.S., consumers are lining up at grocery stores and retailers to buy products in bulk. In fact, 63% of users said they would use DailyPay for medical emergencies. Now, 43% of employees using DailyPay are accessing their pay early for COVID-19-related expenses — a number that spiked 400% between March 14 and March 17. With 1 in 7 employees now accessing their earned income early to prepare for the potential impacts of the coronavirus, the reality is that many Americans may lack the funds to adequately prepare for this pandemic. Thanks to partnerships with top employers, DailyPay users can now access their earned pay at zero cost without having to wait for the company-defined payday.
Dailypay Risks and Challenges
DailyPay’s solution offers employees instant payments and relies on a Fiserv product to enable real-time disbursements into their bank accounts. Users can also request heir funds to be sent to payroll or prepaid cards. These offerings aren’t without risks to the providers, however — risks that DailyPay takes on for employers by funding the payments. It receives payroll data from employers, fronts the funds in advance and then pays employees the remainder of their paychecks on their typical paydays. It won’t see the funds if employees are let go, though, and mitigating that risk means minimizing the percentage of the paycheck granted to new hires.
The company also uses sophisticated machine learning (ML) technologies to assess each employee’s risk level, adjusting its payment offerings accordingly and carefully choosing the employers with which it collaborates.
Dailypay Ecosystem, Partners, Resellers and SI
In November 2019 DailyPay has joined the Kronos Workforce Dimensions Technology Partner Network. The network is a fast-growing ecosystem of organizations utilizing the revolutionary Workforce Dimensions solution and intelligent Kronos D5 platform to help reshape the future of workforce management. Through a custom API integration with DailyPay, Kronos can seamlessly share data that enables DailyPay to calculate each enrolled employee’s available balance and facilitate the instant transfer of funds when an employee requests it.
Employers can now offer DailyPay — a comprehensive, turnkey on-demand pay benefit that is fully compliant with wage and labor laws in all 50 states. DailyPay allows employees the freedom to exert control over the timing of their pay and to feel more secure financially.
DailyPay opened a Minneapolis office and hired 100 local employees. The company has chosen Minneapolis because of the city’s proximity to existing business partners and because it represents the value and mission-driven environment of DailyPay, and is home to a number of disruptive companies focused on creating solutions that positively impact people. An exact location for the office has yet to be released, but DailyPay said that its 100 Twin Cities employees will support the company’s payment-services and customer-support teams.
Dailypay Cloud Infrastructure Insights
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- Dailypay Public Cloud and Infrastructure (IaaS)
- Dailypay Platform (PaaS)
- Dailypay Application Delivery
- Dailypay Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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