A business exists so that it can bring in money. But equally important is being able to pay out money, particularly when it comes to paying your employees’ wages and salaries.
The right pay-out service provider helps you pay your employees, while protecting them and you. Choosing the right provider can be a headache if you don’t know what to look out for, so here we outline a basic checklist for you.
Both you and your employees need the peace of mind that money can be transferred safely. It’s not only cash that needs to be protected, but personal information as well. You want a service that makes use of current and sophisticated security software.
If the EFT payments go through an online services provider, the platform needs to use Secure Sockets Layer (SSL) to ensure all data is encrypted. Furthermore, when processing pay-outs, the link to the bank needs to be over secure and private connections.
Simply going through your local bank can end up expensive. Multiple payment transactions add up and cost you money, so you will want to work with a debit order systems service provider that minimises that cost. Inquire about the cost per transaction you’ll pay and make sure it is less than what you would pay at the bank.
You don’t want to hire a financial or IT expert just to make sense of your payment system. Find a provider that gives you a user-friendly interface. For instance, you’ll want to be able to make adjustments to your employees’ salaries or wages when needed, without having to call your provider up to manually make every change on their end.
You need to have complete control over your EFT payments without the bother of trying to log onto slow banking systems on payday. You need a solution that allows you 24/7 access, and delivers payments straight into your employees’ accounts precisely when specified and without fail.
Processing payments individually is very time-consuming. The right pay-out system should be able to make multiple transactions almost instantaneously. For instance, an automated EFT payment system should allow you to make all your payments with the push of a button. An added benefit is if the system integrates with Excel/XML systems to make bulk payments quickly and efficiently.
Managing the day-to-day administration of your business is important, but it can be labour-intensive and time-consuming. Unless you have the right payment service provider helping you. This checklist should help you look for a bulk payment solution that saves you money, streamlines the task of processing payment orders, gives you peace of mind, and helps you get on with what matters the most – the real work.