Welcome to the glossary of key terms and concepts. This page provides definitions of commonly used terms in the payroll industry as well as some DailyPay concepts. This resource covers everything from basic terminology and acronymns to advanced concepts and will continue to improve as we add more public documentation.
| Term | Description |
|---|---|
| Available Balance (AB) | Balance made available for the Client to transfer from. |
| Advance Rate (AR) | Percentage applied to the client’s Gross Earnings to calculate the Available Balance. |
| DailyPay Account (DPA) | Each active enrolled employee receives a unique DailyPay Account, or “DPA.” Their DPA is linked to their primary bank account, and their DPA is also input into their company's payroll system. DailyPay can receive their paychecks from the employer and also send reminders to the employee through the DPA. |
| DailyPay User (User) | Any person who has registered (agreed to Terms & Conditions) for a DailyPay Consumer Service and has not yet been forgotten. (“Forgotten” refers to the privacy practice or “right to be forgotten.”) |
| Earned Wage Access (EWA) | Also known as on-demand pay, EWA gives employees access to their earned pay before the traditional, scheduled payday. Learn More |
| Employee/Worker | Any person submitted to DailyPay from an employer/partner as a payroll participant for that organization. |
| Gross Earnings/Pay | The earnings employees would receive before taxes and deductions are taken out. Generally, it’s the employee’s hourly wage multiplied by hours worked. |
| Net Earnings/Pay | The employee’s take-home pay, after all taxes and deductions (the actual amount of the check the employee receives). Commonly referred to as a payroll journal or payroll register. |
| Time Management System (TMS) | The system where employees record their hours worked. |
| Transfer | The movement of money from a User's Available Balance to his/her bank account. |
| Vault Check | When the DailyPay system checks the last 4 digits of an account number to confirm that the bank account on record in your payroll system is the DailyPay account (and not the employee's personal bank account). |