Cherry Hill-based TD Bank on Tuesday announced the launch of a collaboration with DailyPay, a fintech with an “innovative on-demand pay solution” that allows business clients the ability to give employees real-time access to earned pay prior to a scheduled payday.
“Many employees wait two weeks, or even a month, for payday to come around,” Paul Margarites, head of commercial digital platforms for TD Bank, said. “With current pressure from inflation and other issues, this lack of access to earned wages can put workers in a bind. Unforeseen expenses, upcoming bills and day-to-day needs do not wait for payday — and, now, our clients’ employees don’t have to.”
DailyPay empowers TD clients to offer employees access to their earned pay almost as soon as they clock out of a shift.
“America’s Most Convenient Bank” said the solution connects with clients’ existing payroll systems and converts their employees’ time worked into net earnings. Their DailyPay Balance is available to employees anytime, anywhere, through their bank account or any card they choose. They can even control the frequency of the solution and portion of their pay received.
“We are proud to offer this service to our customers to help them deliver a highly desirable benefit to their employees,” Chris Giamo, head of commercial banking at TD Bank, stated. “This service is especially helpful to independent contractors looking for more immediate access to their pay.”