Fast-pay options are a growing trend in payroll as employers promote the service as a way to reduce turnover and boost morale while offering a benefit to employees that enables access to earned wages in a day, if not within minutes.
The technological phenomenon that is expedited pay appears to be quietly gaining popularity, although the mechanisms employed are suited to a variety of industries and require different levels of payroll involvement.
Even large payroll service providers, such as ADP LLC, are participating in this emerging trend. ADP recently announced that its clients would have access to DailyPay, a provider of a mobile application that allows access to wages before the regularly scheduled payday. ADP, a payroll- and human-resources services company, offers DailyPay access through ADP Marketplace, an online source for workplace services and software. ADP Marketplace also offers clients access to workplace services from PayActiv, which allows limited access to earned but unpaid wages before payday.