32 - On the new compensation experience - a conversation with Matthew Kopko
A conversation with Matthew Kopko, Vice President of Public policy at DailyPay
Payroll cycles in the United States are either semimonthly, twice a month, or biweekly every two weeks. But most people in America are paid either once or twice a month by their employers (once a month in Europe)
DailyPay built an on-demand pay platform where they have created an ATM for paycheck or Venmo for paycheck. Every day a person is earning money.
DailyPay works with employers - they are an employee benefits provider to the employer
It allows employees to access their earned net pay on a flexible basis that works for them. Its custom technology help integrate multiple disparate systems so that DailyPay can process that data in real-time and serve this employee benefit to the employees.
DailyPay has patented the dynamic income algorithm technology, which creates a pay balance for every employee. Instead of getting a number every two weeks in your bank account, you can see your pay grow, net of taxes on an hourly basis that creates much more financial understanding.
Payment technology has leapfrogged in the last few years, and there is no reason why an employee should have to wait until the 15th or the 30th of the month to get paid for work that they have already performed.
DailyPay partners with a home care providers, hospital systems, nurses, dialysis technicians, home care workers, grocery store workers, retail workers, and many more of this middle income to lower-income categories.