What's The Miraculous Money-Saving Addition To Your Tech Stack?
Managing a tech stack with limited resources has never been more challenging. And securing buy-in from management about implementing a new tech system can be even more daunting.
It’s more than just showing ROI - it’s convincing them that this new technology can transform your business. Believe it or not, the hottest trend in payroll might very well be the transformational platform you have been looking for - no matter the industry you are in. Everyone gets paid, right? But have you ever questioned the frequency of the pay?
On-demand pay is revolutionizing how Americans receive their pay. Hundreds of forward-thinking companies offer the benefit that enables employees access to their earned income before a scheduled payday, thus giving them power of choice and control over their pay.
And the best part for your business - the on-demand pay benefit is free for companies and has the ability to save them millions of dollars each year. Recent survey data shows that offering on-demand pay can reduce turnover by at least 41% and employee financial stress by 70%. Employees become more motivated to go to work, lowering absenteeism. In fact, 56% of on-demand pay users surveyed were more motivated to pick up additional shifts. And a motivated employee who feels valued will work harder, helping to drive revenue in a time businesses need it most.
So which on-demand pay provider is best for your business? With a number of options available, what are the 4 things to look for in selecting on-demand pay full service experience that will be most impactful for your bottom line.
Seamless Integration into Payroll Systems
It is recommended that an on-demand pay program result in zero changes to your existing payroll, IT and HR processes. Time-consuming and costly integrations can make what should otherwise be a big win for your organization, a painful experience for both you and your employees. A vendor should be able to work within your existing processes to create the optimal solution for your organization — you should not have to adjust your current workflow to accommodate the vendor.
Integrating real-time payments solutions at your organization saves you time and money while empowering your workforce. But it’s critical to ensure that your chosen payments solution does not incur reputational or regulatory risk. A gold standard approach to security can differentiate a full-service on-demand pay provider from the competition.
Employees’ data security must be a top concern for enterprises. Make sure the on-demand pay provider ensures its safety by taking a proactive, best-in-class approach to security. Look for someone audited by a third-party audit firm that leverages advanced anti-fraud technology to protect the security of users and their accounts.
DailyPay, as an example, prides itself on being PCI compliant with SOC2 Type-2, ISO 27001, top in the industry while using multiple data centers for backups and redundancy.
Blue chip Fortune 500 companies that offer on-demand pay such as Target or Kroger expect blue-chip service from their provider. It’s imperative to have a provider who monitors Operations 24x7 in the event there is an issue with their payroll or timecard systems that might affect employees. In fact, oftentimes the provider will identify an issue in their payroll before they even realize it. At DailyPay, for example, we have triple redundancy with three payment rails across three different networks for next day ACH. We also implement triple redundancy for methods of immediate payment when the need is urgent and the employee literally needs the money on the spot.
It is imperative to provide first-class, personalized service to your employees. Pay is such a vital part of someone’s life, and employee questions and concerns must be met and dealt with in a quick and efficient manner. The customer service team must feel like an extension of your partner’s team, including domestic phone and email support, and it should be free.