eli5, how does “get your paycheck 2 days sooner” work?
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The statement may refer to a few different things:
Banks will often offer a service whereby they credit your account before fully processing your direct deposit. Basically, the bank waives the normal safety checks for known customers receiving money from known companies. The bank takes on a tiny amount of risk that the paycheck will bounce and they will have to go to court to collect, however that tiny risk is well worth keeping an established customer happier.
An employer may make the offer when switching payments methods, either because they have a special deal with a bank or just due to the differences in processing time. That “special” deal may just be due to it being the bank the company uses, therefore making the payroll transfer be inner-bank rather than inter-bank. A live check can take a lot longer to send out compared to an ACH (direct deposit) transfer, meaning they could list a statement like that regarding switching to ACH.
It could also refer to a payday loan service, which is a short term loan you take, typically with extremely high fees, to get your money sooner. Such services can be useful, but are nearly always predatory in nature and a bad idea to use.
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