On-demand pay firm DailyPay has rolled out a new product, ExtendPX, for human capital management (HCM) and payroll service providers, according to a press release.
ExtendPX will enable payroll, HCM and time management software (TMS) companies to help implement on-demand pay services to be embedded in the services they offer to customers, the release stated.
“As the gold standard in the on-demand pay industry, our mission is to unlock the endless possibilities of pay,” said DailyPay Senior Vice President of Product Management Konstantin Getmanchuk in the release. “With 80 percent of Fortune 100 companies who offer on-demand pay choosing DailyPay, we have seen the demand for ODP services grow at unprecedented rates. The future is here. We are here to facilitate that change. Within a few years, every company will enable their employees to access the money they have earned, as they need it. It is time to offer an innovative solution to HCM companies.”
According to the release, ExtendPX offers a comprehensible and customizable set of services, including the ability for HCM companies to embed the DailyPay approach to their product suites with application programming interfaces (APIs) or to white-label the technology. Either option will come with an “on-brand” experience that allows the solution to look like the companies themselves, rather than an outside element.
These kinds of services are in demand because they can reduce turnover, add to worker productivity and boost hiring, the release stated.
In January, DailyPay launched another program, CYCLE, to aid professionals with payments outside the usual schedule, including usually costly and time-consuming payments, often in paper check format. Getting checks to their recipients overnight can cost $50, which can add up when done numerous times. High surcharges also come about when employees have to use predatory check cashing establishments.
More on-demand pay opportunities could be a solution to the problem, allowing for customers to receive pay immediately rather than waiting on a usual two-week pay cycle.
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