DailyPay: Putting an end to expensive payday loans @ CES 2022 - Show Notes

DailyPay: Putting an end to expensive payday loans @ CES 2022

Sunday Jan 23, 2022 (00:12:38)


Picture this: you're a few days away from payday, but your car breaks down and you need to fix it right away. You don't have enough money in your checking account to cover the repair, so you take out a high-interest payday loan. A few weeks later, you're hit with another unexpected expense and have to take out another payday loan. This cycle can be incredibly costly and difficult to break free from. But what if there was an easier way? DailyPay is on a mission to build a new financial system that puts an end to expensive payday loans!

What is DailyPay?

DailyPay is a technology company that partners with America's best-in-class employers to provide on-demand pay. The company has connections directly into the banking system, which means that money is always in the right place at the right time for employees, merchants, and financial institutions. DailyPay is building technology and the mindset to reimagine the way money moves, from the moment work starts.

These data connections allow employees to keep track of their pay as it happens, instead of having to wait 2 weeks to see what they've made. It also makes it possible for employees to gain access to that pay when they need it, not when the employer is ready to let them have it.

How does DailyPay work?

DailyPay works by connecting to over 6000 endpoints in the banking system. This allows DailyPay to instantly transfer money to employees, merchants, and financial institutions. They also have a massive data network that helps to ensure that money is always in the right place at the right time.

Let's say you work for Dollar Tree, one of the companies that DailyPay currently works with. You're on an hourly pay scale, and you work 8 hours today. When you open the app, you can see exactly how much money you earned today, as well as the other days in this current pay period, down to the minute. This is because the platform is connected directly into Dollar Tree's payroll and timecard system.

On your way home, you go into the grocery store to get supplies for dinner, but discover that you're a little short because of an unexpected expense last week, and you don't get paid until Friday. DailyPay allows you to transfer money directly from your current payroll into your checking account to be able to pay for the groceries - all while you're standing in line.

Why is DailyPay different?

DailyPay is different because it offers a better way to manage money. With the platform, employees can get paid instantly when they need it instead of having to wait until payday. This makes it easier for people to cover unexpected expenses without resorting to high-interest payday loans. Plus, DailyPay is the recognized gold standard in on-demand pay, so employers can be confident that they are providing employees with a top-notch payment solution.

In the above example, without access to the platform, you would have to find the money somewhere else or skip the grocery run entirely. The alternative would have been to go to a payday loan place and pay a large percentage of your check to be able to get the short-term loan. In the case of DailyPay, it comes out to only a couple of dollars for the transfer with no interest - because it's already your money.


To learn more about the platform, each over to the company's website.

Interview by Scott Ertz of F5 Live: Refreshing Technology.

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Scott Ertz

Host, Episode Author

Scott is a developer who has worked on projects of varying sizes, including all of the PLUGHITZ Corporation properties. He is also known in the gaming world for his time supporting the rhythm game community, through DDRLover and hosting tournaments throughout the Tampa Bay Area. Currently, when he is not working on software projects or hosting F5 Live: Refreshing Technology, Scott can often be found returning to his high school days working with the Foundation for Inspiration and Recognition of Science and Technology (FIRST), mentoring teams and helping with ROBOTICON Tampa Bay. He has also helped found a student software learning group, the ASCII Warriors, currently housed at AMRoC Fab Lab.


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Erin Hurst (00:07)

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Scott Ertz (00:21)


Jeanniey Walden (00:23)

Hello. How's it going?

Scott Ertz (00:25)

Fantastic yourself.

Jeanniey Walden (00:28)

Hi, I'm doing great. Thank you.

Scott Ertz (00:30)

Are you on the show floor right now?

Jeanniey Walden (00:32)

I sure am on the show floor.

Scott Ertz (00:34)

Fantastic. All right. So tell us about yourself.

Jeanniey Walden (00:41)

So I'm Jeanniey Walden. I'm the chief innovation and marketing officer for an incredibly powerful company called Daily Pay. And we are here live at CES. Because we believe that everybody should be live at CES this year.

Scott Ertz (00:57)

You know, we certainly want it we want it to be but you know, things happen. And, miss then

Jeanniey Walden (01:04)


Scott Ertz (01:04)

Crazy year, we're definitely missing being there. But, tell us about your company.

Jeanniey Walden (01:11)

So Daily Pay is a company that enables any working American to have access to their pay as they earn it. So you don't have to wait for payday anymore. That's going to be like a thing of the past. So as you work, our apps will identify how much money you've earned. And then you log into the app. And when you log into the app, you can save that money as you earn it, or you can pull it out to pay for an unexpected bill or use it for something that you want to purchase, take the kids out to dinner, surprise them, or whatever you want to do.

Scott Ertz (01:47)


Jeanniey Walden (01:49)


Scott Ertz (01:51)

That's fantastic. Okay, so. So let me see if I get this right. Based on, let's say, past pay, or some algorithm, you know, give or take daily, how much I should be making. And your platform.

Jeanniey Walden (02:08)

Yeah, so.

Scott Ertz (02:08)

Gives me access to that early,

Jeanniey Walden (02:11)

We actually integrate with an employer's payroll and time management sheet. So when you clock in or clock out, or if you're salaried, we can see how much you earn. So for the first time ever, for hourly workers, you can actually see how much money you're earning. So even if you don't take it out before the company scheduled payday, you know exactly how much your paychecks gonna be. If you're working time and a half, if you are getting double-time pay, you're picking extra hours, it makes it so simple and transparent, for you to finally see how much money you're making, and then use it when you need it. Because 33% of Americans run out of money in between paychecks, it's not that they're not getting paid enough. It's just the timing of the company schedule payday, and when your bills come in, or when you get a fender bender, or your car battery does sometimes don't line up with each other so nicely.

Scott Ertz (03:02)

Oh, my goodness. Okay, so you integrate directly with the employer. So does that mean that my employer?

Jeanniey Walden (03:10)


Scott Ertz (03:10)

Would have to be part of this system? So-

Jeanniey Walden (03:14)

It does.

Scott Ertz (03:15)

Okay, so they are your customer.

Jeanniey Walden (03:17)

That's the only way we can make sure it's accurate? Well, there they are the customer for us to integrate with and it's simple, doesn't change anything about what they're doing from a process standpoint. And then all their employees have access to it. And what we announced today was our digital wallet solution. It's the only digital wallet. That makes money as you work, right? Because think about it, like what happens with your bank account every month, it goes down in between pay periods. The daily pay is the only thing that as you work, your balance goes off in your wallet and look at the wallet if you don't have any money in it.

Scott Ertz (03:53)

Fair enough. Fair enough. Okay, this is fantastic. So myself as an employee, let's say-

Jeanniey Walden (04:03)


Scott Ertz (04:04)

I don't have to do anything special. So long as my employer is part of this system.

Jeanniey Walden (04:11)


Scott Ertz (04:11)

I get access to your platform. Is it through? Is it through like-

Jeanniey Walden (04:16)

It's an app.

Scott Ertz (04:17)

Okay. Excellent. So you technically independent-ish?

Jeanniey Walden (04:22)

Exactly. Yeah.

Scott Ertz (04:23)


Jeanniey Walden (04:24)


Scott Ertz (04:25)

Okay, so, so, okay, so I sign up-

Jeanniey Walden (04:30)


Scott Ertz (04:31)

I sign up for it, and then it gets connected to my employee account, or do I get an account from the employer?

Jeanniey Walden (04:40)

No, you sign up for it with your own personal information. All we're literally doing from your employer is pulling the information about how many hours you work and your rate of pay, and any tax withholdings that you have for your health care or things like that.

Scott Ertz (04:55)

Okay, that's really cool.

Jeanniey Walden (04:58)


Scott Ertz (04:59)

So let's. I heard you say Hilton and McDonald's.

Jeanniey Walden (05:03)

Oh, yeah. Just a few of the companies that we work with.

Scott Ertz (05:06)

So let's use those two as an example. Let's say I'm working for McDonald's, and I'm using this platform, and then I leave McDonald's to go to Hilton. I don't have to re-sign up, I can just connect my new employer's account to my account.

Jeanniey Walden (05:20)

Yep. Yeah.

Scott Ertz (05:21)

Fantastic. Okay.

Jeanniey Walden (05:23)

Or if you have two jobs, maybe you were at Dollar Tree, and you work at Taco Bell.

Scott Ertz (05:30)

Okay, and so I can see both of them in one place.

Jeanniey Walden (05:34)


Scott Ertz (05:35)

Okay, now, let's talk about the two pieces. The first is how does taking money out early work?

Jeanniey Walden (05:46)

So it's super simple. The way that it works is you log into the app, and you can see how much money you've earned. But you have to earn it, it's not a loan, you have to have worked enough hours to earn that money. And it's, it's your net earnings. So it's your money less the money that is going to be sent for taxes or for health benefits. You log in, you see how much money you've earned. And then you have a choice, you can leave it in there, you can put it into a savings account. So you can start saving as you earn to make more interest earlier, or you can withdraw the money, you can put it on any card that you want to you can put it on, you can put it into a checking account or savings account on a debit card, whatever you want to do whatever account that you have, so you can easily get your money and use it for whatever you need it for.

Scott Ertz (06:36)

Okay, and is there to me, is there a cost for that.

Jeanniey Walden (06:41)

So your employer can choose to cover that. So we're like Venmo. There, if you're taking the money out the next day, then you just get it as Venmo works and you take money out for the next day, if you're getting your money the same day, like immediately meaning and this happens, people are standing in the grocery store line, and they realize they don't have enough on in their bank account to pay for groceries, they just need a little bit more then it is a $2.99 cent fee. But sometimes the employers cover that, sometimes the employer subsidizes it, sometimes they leave it up to the employee. So it's really up to you.

Scott Ertz (07:17)

Okay, so there are lots of ways to address that. Now,

Jeanniey Walden (07:21)


Scott Ertz (07:22)

Let's talk about this wallet, give me more information about how this thing works.

Jeanniey Walden (07:27)

So just like any other wallet, right, so when you sign into daily pay, you're activating the daily pay digital wallet. And as you're working, the money is accumulating in the wallet. So it's just there for you to use. And you can use it if you want to pay a bill, save something, send it to a friend, whatever you want to use it for. The cool thing is that in addition to your regular earnings, like if you work to your shifts at Dick's Sporting Goods or somewhere else, this also holds money that you get for tips. So if you work at a restaurant, and instead of having to wait for Friday, when they disperse all the credit card tips, you can get them as you work like it used to be in the days when I was a waitress.

Scott Ertz (08:08)


Jeanniey Walden (08:09)

Or if you are getting if something happens with your paycheck and your payroll was just a little wrong, and they have to correct your payment, maybe you worked an extra shift or something was down that all of that goes right into your daily pay wallet solution. And it's there for you.

Scott Ertz (08:27)


Jeanniey Walden (08:28)

Really simple, but the coolest thing is the transparency when you can log in and see I've made $410 And it's three days until payday you can actually start to budget smarter and think, okay, I can pay off this high-interest credit card or let me pay this bill before there's a late fee. And what we see is that the average person saves $1,200 a year in overdraft fees, late fees, and nonsufficient funds that they normally would pay just because of the timings off.

Scott Ertz (08:56)

Wow. Okay, so, so interacting with his wallet, let me try to make sure I understand where this fits into my day. So is this, obviously, especially at CES this year, there's a lot of talk about crypto, is this a crypto wallet or is this something else?

Jeanniey Walden (09:15)


Scott Ertz (09:16)


Jeanniey Walden (09:16)

It's just a regular good old money wallet as it stands right now.

Scott Ertz (09:19)

Fantastic. So we're not worried about fluctuations in the value of the money that we've-

Jeanniey Walden (09:26)

Yeah, we don't we don't have to have a decentralized financial conversation right now or government owning, right.

Scott Ertz (09:34)

Fantastic. So, so a SEC, no concerns here.

Jeanniey Walden (09:40)

We're good. We're good.

Scott Ertz (09:41)

Over there. So this is like, an advanced display system where you can constantly see how much money you have your money is put into kind of like a checking account Type situation. Yeah, right. okay I gotcha.

Jeanniey Walden (10:02)

Yeah, yeah. And it's real-time. So you can see. So in the morning, you wake up and you're like, I really need to go to work today. Halfway through, you open up the daily cap, and you're like, yeah, good thing I care more today. A little more motivated.

Scott Ertz (10:16)

Yeah. Okay, that's super cool. And as an employer, how complicated is this to sign up?

Jeanniey Walden (10:22)

It's not complicated at all. We've literally integrated with over 6000 different financial institutions

Scott Ertz (10:31)


Jeanniey Walden (10:31)

and systems. So chances are whatever you're using for payroll time management, we've got it. And it's just, you know, a flick of a switch and a couple of file integrations and you're ready to go.

Scott Ertz (10:44)

That's wild. Okay.

Jeanniey Walden (10:46)


Scott Ertz (10:48)

If employers want more information, I can guarantee they're going to.

Jeanniey Walden (10:51)


Scott Ertz (10:52)

How can they get more information or contact you to sign up?

Jeanniey Walden (10:57)

dailypay.com. They can find all the information they want on our website or Jeanniey Walden. You can find me on LinkedIn, and I'm happy to connect you with our team.

Scott Ertz (11:07)

Fantastic. Well, I really appreciate this. This is a cool solution. I'm super stoked about this.

Jeanniey Walden (11:15)


Scott Ertz (11:16)

I cannot wait to investigate it a little bit more on my own.

Jeanniey Walden (11:19)

Check it out. Yeah, go to the website. Check it out. And if you are watching this, and you are here at CES, we've got some really great swag. So come by the booth.

Scott Ertz (11:29)

You've got a lot of stuff on those shelves, don't you?

Jeanniey Walden (11:31)

I know. Yes, we do, including these awesome bags, which we're sharing with people. Everybody needs them. There we go.

Scott Ertz (11:39)

Very nice. And that's a cool-looking booth. By the way. I just have to say.

Jeanniey Walden (11:44)

Yeah. They'll be really happy.

Scott Ertz (11:49)

Well, thank you so much for coming and taking the time to talk to me today. And hopefully, you'll have a great rest of your CES.

Jeanniey Walden (11:57)

Thanks, you too.

Scott Ertz (11:58)


Erin Hurst (12:01)

TPN CES 2022 coverage is executive produced by Michele Mendez. Technical Directors are Kurt Corless and Adam Barker. Associate producers are Nancy Ertz and Maurice McCoy. Interviews are edited by Jo Mini. Hosts are Marlo Anderson, Todd Cochrane, Scott Ertz, Christopher Jordan, Daniele Mendez, and Allante Sparks. Las Vegas studio provided by HC Productions. The remote studio provided by PLUGHITZ Productions. This has been Tech Podcasts Network Production, copyright 2022.

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