DailyPay Announces Partnership with Heritage Operations Group
NEW YORK–DailyPay, an on-demand payment platform that reduces employee turnover through instant access to wages, announced a national partnership with Heritage Operations Group and the thousands of dedicated healthcare professionals working at their facilities across Illinois and Indianapolis.
Through this new partnership, Heritage can offer its employees a fresh step in their financial wellness journey.
DailyPay is an intuitive platform for accessing earned but unpaid wages. After completing a shift, an employee can tap into 100% of their net amount earned and receive their money instantly.
With financial stress being a primary driver of employee disengagement and turnover in the U.S.— according to the American Psychological Association—Heritage saw DailyPay as a cost-effective benefit that would truly impact their employees, specifically those who face financial hardships.
The problem that exists today is that lower-income earners who often work in healthcare pay on average, $1,000 per year—or 7% of their take-home pay—in late fees. According to research from the Consumer Financial Protection Bureau, the median overdraft fee on debit card transactions of $24 or less is is $34 which equals 17,000% APR.
But, the average banking customers who overdraw will deposit money to cover the charge within three days. This shows the average customer has the money, but have not yet been paid the money.
In other words, the rigidity of traditional payroll periods gives rise to a range of unnecessary financial burdens for the 78% of full-time workers that live paycheck to paycheck.
By partnering with DailyPay, Heritage saw the opportunity to relieve its employees of these financial burdens. Through this partnership, employees can withdraw earned money ahead of payday, giving them the freedom to pay bills on time, avoid non-sufficient funds fees, and reduce the need for high-interest payday loans.
DailyPay is the only instant pay technology that is fully compliant in all 50 states and can be implemented at no cost to businesses that choose to offer it.
Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors.
With a mission to give employees their first step toward financial security, New York-headquartered DailyPay is the pioneer in providing employees real-time access to earned wages across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals.
Heritage Operations Group, LLC, provides nursing care for seniors in over 40 owned and managed eldercare facilities throughout Illinois.