CYCLE Product FAQs

1. What partners can use this feature on DailyPay?
Any partner who has signed the Off-Cycle Disbursements Contract Addendum

2. How much does each payment cost?
$5/payment if paid back via auto-debit, $7/payment if paid via back invoicing. Please refer to your Addendum for partnership specific fee schedules. 

3. How soon will the employee receive the payment?
Payments to a bank account or pay card account that are submitted by 3pm ET (or 9pm if to a user’s DailyPay account) are delivered same-day (on business days only). Payments made by 10pm ET are delivered before 6am the following business day.

4. What is secondary approval?

Secondary approval is an optional settings that requires a colleague with access to the DailyPay Partner Portal to approve (or reject) a payment before it is processed. When this is enabled, all payments must be either approved or rejected before being realized. The submitter cannot be the secondary approval. 

5. Are there any limits to how much money can be sent?
At this time the limit is $2,000 per payment when secondary approval is not enabled. When the secondary approval feature is enabled, the limit is $10,000 per transaction. 

6. What happens when a CYCLE payment fails?

If a CYCLE payment sent directly to an employee's bank account fails, the submitter will be notified via email that the transaction has failed. An entirely new payment will need to be issued to revised banking details. You will not be billed for the original transaction.

If a CYCLE payment to a DailyPay account fails when DailyPay is subsequently sending to the employee, the employee will need to update their banking information. Once banking information is updated, DailyPay will remit the funds to the new information. 

7. What are the options for repayment?
Either (i) a weekly invoice or (ii) a weekly auto-debit

8. How soon does the company need to repay DailyPay?
(i) Within 7 Business Days after invoice received, or (ii) the following Thursday, in the case of auto-debit

9. Can I make payments in bulk? That is, to more than one user at a time?
As of now, CYCLE only supports one payment to be processed at a time. Payments in batch is
on our product roadmap. 

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