In an ideal world, payments would be made instantly – organisations would not need to wait and plan on how to deal with late payments, and an employee waiting for a tax return would get it instantly. In the case of a federal tax return, this process usually takes weeks, with some instances even two months. To speed up this process, DailyPay, the worktech and on-demand pay provider, has expanded its platform so workers can get their federal tax refunds up to five days earlier.
Having rebranded its ‘Friday by DailyPay Visa Prepaid Card’ to the ‘DailyPay Visa Prepaid Card’ in September 2024, DailyPay is once again expanding its offering to ensure users have funds available to them quicker. In addition to accessing earned wages early, employees will now be able to access their federal tax refunds up to five days earlier if they direct the money to their DailyPay Visa Prepaid Card.
This offering builds on DailyPay’s current suite of products, including its cash back offers, Credit Health, International Remittances, Savings feature, and the company’s signature earned wage access solution. DailyPay’s platform is offered by employers across the world and impacts millions of workers as a financial wellness benefit.
Commenting on the platform expansion, Jack Rubin, SVP, consumer financial solutions, DailyPay, said: “Getting hard-working Americans their hard-earned tax refund dollars faster represents another example of how we are thoughtfully creating impactful products and solutions to help workers everywhere on their journey to financial stability.”
Better financial health
Research conducted on behalf of DailyPay in 2023 shows that employees who leveraged the firm were better positioned to pay bills on time, avoid late fees, and avoid accumulating credit card debt. The data shows that about seven in 10 (69 per cent) of users who previously paid late fees did this less often or stopped completely since they started using DailyPay.
In addition, 62 per cent of users who previously incurred credit card interest charges did this less often or stopped completely since they started using DailyPay.
