DayCheck is SpotOn's new Earned Wage Access (EWA) solution that gives employees access to their money sooner. The goal of DayCheck is to help with employee's financial security and our client's hiring and retention by offering a flexible way for restaurant employees to access their already earned pay in real time, as opposed to waiting for funds on payday.
The DayCheck program is currently in its beta phase of deployment and not available for all merchants. Keep an eye out on releases for more updates on the availability of DayCheck.
Benefits for Employees
DayCheck offers pay flexibility and increased frequency reduces financial stress for employees, helps them avoid expensive payday loans, and improves their financial stability.
Benefits for Employers and Restaurants
Offering DayCheck differentiates owners and managers when hiring and retaining employees. DayCheck simplifies the tip-out process for restaurants that only use case, creating operational efficiencies - less trips to the bank!
DayCheck Features
DayCheck's features for Employers and Restaurants:
A Merchant Dashboard - DayCheck's home is the SpotOn Dashboard, offering full visibility and reconciliation.
Cash stays intact - There's no paycard escrow account requiring deposits for owners who need to pay out funds, SpotOn funds or "floats" the tips paid out to employees, settling with the business on a schedule that fits each business's needs.
Seamless Teamwork Integration - Teamwork handles the tip distribution rules and can be configured to assist in reporting employee's paid and owed tips to payroll.
DayCheck's features for Employees:
A Digital Wallet - Employees will access DayCheck through a mobile app for easy enrollment, tracking tips, and transferring tips.
Flexible payout options - Employees can choose to automatically receive their tips or on demand.
Fast Transfers - Employees can elect to have their funds move instantly to their own debit cards.
Pricing and Fees
Client Fees
$0 - it's free to the client!
$0 in escrow / business account
There is no cost to employers for signing up for or offering their employees DayCheck. DayCheck also doesn't require any funds in an escrow account or business account - SpotOn advances the early tip payout and settles the account with the business at a later date.
DayCheck is currently only offered to Teamwork clients who utilize SpotOn processing. Standard Teamwork pricing still applies to the client but there is no additional charge for integrating DayCheck with the client's Teamwork account.
Employee Fees
$0 for standard transfer of funds
$0.95 - $2.95 for fast transfer of funds
The DayCheck standard transfer is a 3-day transfer, which costs the employee $0. Once the employee initiates a standard transfer, it takes about 3 days for the money from DayCheck to appear in their personal account.
Fast transfers allow the employee to transfer money from DayCheck to their account in minutes for a small fee. Fast transfers cost 1% of the transfer amount, with a minimum fee of $0.95 to a maximum of $2.95.
Limitations:
- Employees can only have 1 standard (free) transfer at a time.
- They must wait the 3 days for the standard transfer before initiating another standard transfer.
- Employees can have any number of fast transfers at a time, as long as the transfers meet the minimum transfer amount and they pay the associated fee.
- To transfer money out of DayCheck, employees must transfer a minimum of $25. This limitation affects both fast and standard transfers.
- Amounts of less than $25 cannot be transferred, any amounts above $25 can be transferred.
Teamwork Integration
DayCheck is currently only offered to SpotOn clients utilizing Teamwork. Once the client is configured to integrate with DayCheck in Teamwork, the process to send tips is quite simple - taking only seconds to complete.
Clients will run and balance tips as they normally do on a daily basis. Once the tips are balanced, they'll click the View Summary of Payroll Tips button in the Tip Bundle Calculator, verify the bundle total, and click the orange Send Tips to DayCheck Paycards button. This will bring up a summary window of the employees and the amounts to be paid out. The client simply clicks Pay Employees and the funds will be sent to DayCheck.
