When I started DailyPay, I set out to solve a previously untackled problem: to radically change the experience of an employee and enable her to control the timing of her pay, while at the same time not burdening the employer with changing anything about the company’s payroll process. Today, we solve this problem for millions of Americans across great employers like Target, Kroger, Dollar Tree, Six Flags, Adecco, Berkshire Hathaway, and so many others.

In the course of the last five years, I also learned how challenging the payroll process can be. Every day, I am in awe of how…

CFPB EWA Approval Order

On 12/30/2020, the CFPB issued a follow-up order in response to its advisory opinion on Earned Wage Access from a month earlier, which provides guidance on certain earned wage access (EWA) programs (sometimes known as on-demand pay programs). In a stunning blow to the community of EWA providers who debit, the CFPB explicitly excluded debiting practices from the safe harbor. Instead, it validated the employer-based, non-recourse approach pioneered and championed for years by DailyPay.

Key Highlight #1: Utilizing debiting as a form of EWA payback is likely to be considered an extension of credit.

The CFPB approval order specifies a…

Let’s start from the past: payroll hasn’t changed in centuries. Since the beginning of time, payroll has always revolved around the employer. Employers have always been the ones to decide when to pay their employees.

During World War II, to prevent the inflation the U.S. had seen after World I, FDR requested that employers switch to a biweekly pay schedule. This was done to limit the cash Americans had at any point in time, to curb inflation. And employers chose to do the patriotic thing and so they moved to biweekly pay.

With all that behind us, why should hard-working…

Jason Lee

Jason Lee is a fintech entrepreneur and the Founder and CEO of DailyPay the current market leader in the on-demand pay software sector https://jason-lee.co/

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