Background: Earlier this week Clinton Hill, NY-based MyPayrollHR and parent company ValueWise shut down without warning, leaving more than 250,000 employees without a paycheck and about 5,000 companies without resources to cover them. While the FBI has been engaged, it’s important to note that fly-by-night payroll companies and “neo-payday” loan providers are still preying on small businesses and their employees.
Action: DailyPay, a NYC-based financial technology company that enables employers to provide compliant on-demand access to employee wages, is shocked and dismayed at the MyPayrollHR shutdown and is committing $25,000 to pay for overdraft and/or late fees for those affected employees. Any employee who has incurred a late fee or non-sufficient-funds fee as a result of their pay not being deposited into their bank accounts will be reimbursed up to $100 per employee. Any employee affected by the shutdown of MyPayrollHR is encouraged to email firstname.lastname@example.org to find out how to securely apply for the Relief Fund.
Quote from Melanie O’Malley, proprietor, O’Malley’s Oven, Albany, NY, and former MyPayrollHR client: “For employees and even for employers, payroll can seem to be a straight-forward process. But it’s a multi-layered process with room for error and even fraud. We are extremely grateful for DailyPay and their eagerness to help. Businesses like this, and the employers who stretched themselves thin to make employees whole, remind us that integrity is still a virtue.”
Quote from Jason Lee, CEO, DailyPay: “DailyPay’s mission is to give people their first steps toward financial security. Our software enables employers to let their employees control the timing of their pay. We couldn’t just watch this situation unfold and do nothing given how close this hits home. Our company exists to help people avoid overdraft and late fees by giving them on-demand access to their pay. While this is not the ‘typical’ way we do it, this Relief Fund certainly fits that mandate.”
About DailyPay: DailyPay enables employers to provide on-demand access to employee wages. We do this through a compliant business model and proprietary financial process that provides a secure experience for employers and employees. DailyPay is based in NYC’s Financial District.