DailyPay’s New Feature SAVE 3.0 is about to Enhance Employee Pay Experience

HR Tech Outlook | Thursday, March 05, 2020

DailyPay is on its way to transform employee pay experience with SAVE 3.0. It enables employees to allocate their earned income to their savings account absolutely free of cost

FREMONT, CA: DailyPay, the provider of daily pay benefit, is about to transform employee pay experience with the addition of SAVE 3.0 for expanding no-cost ways employees can allocate their earnings to their savings account before their scheduled payday. This new feature can support America Saves Week's annual celebration as well as encourage Americans to commit to saving more successfully.

In order to meet the saving needs and preferences with the new feature, suggestions from America's top employers, many employees, and also a survey of 1,000 hourly workers were thoroughly evaluated. The survey suggested that 78 percent of respondents want cost-free ways to help them save, that 64 percent of respondents want their savings app to deposit savings funds into their personal account and that 57 percent of respondents want a savings account with the benefit of interest.

Top Payroll Tech CompaniesIt has been a long time that DailyPay has enabled employees to access their earned income before payday in exchange for a minimal fee. Thus, DailyPay improves the financial stability of employees as they can cover their unexpected bills, manage lags in payday periods, and support other necessities as well.

SAVE 3.0 is free for DailyPay users. It helps employees to save in the following ways:

AutoSAVE: Employees can protect their savings with regularly scheduled savings.

DirectSAVE: Employees can save different amounts each pay period, at any time.

RoundupSave: Encourages employees to save as a certain amount of their earnings gets allocated to their savings when they request a pay transfer before payday.

Jeanniey Mullen, Chief Innovation and Marketing Officer for DailyPay, said, "DailyPay strives to enable employers to provide a pay experience that goes beyond financial wellness and creates responsible income management. When it comes to saving, the hardest part is getting started. For that reason, we now offer employees even more opportunities to save with SAVE 3.0. Our initial data indicates that the average employee currently saves 20 percent more each pay period when he or she uses all three savings features in any given pay period."

See also: Top HR Tech Companies

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