Small Business Employee Payments
Small Business Employee Payments, part of the TransferNow® for Small Businesses Product Suite, allows small businesses to easily make payments from their business accounts directly to the accounts of their employees, simplifying payroll and expense reimbursement. Small Business Employee Payments provides a superior solution to online bill pay, offering direct account-to-account transfers from small businesses to their employees.
CashEdge's Small Business Employee Payments enables financial institutions to attract new customers, generate new subscription and transaction-based revenue streams and strengthen relationships with existing customers by providing small business customers with a simple and secure employee payment service.
Key Features:
- Simple Employee Payments: Enables small businesses to make payments from their business accounts directly to the accounts of their employees held at more than 23,000 institutions, the broadest coverage possible.
- Convenient Payment Options: Offers one-time, recurring or future-dated payments to meet each business's individual needs, including the ability to set-up payment plans for individual employees or batch payments for multiple employees.
- Next-Day Payments: Gives small businesses the opportunity to make next-day payments to their employees, allowing businesses to hold onto their money longer and replacing the need to send checks via overnight delivery.
- Real-Time Payment Tracking: Enables small businesses to track payment history in real time to better manage cash flow.
- Optimized Payments Operations: Handles all aspects of ACH processing, including exceptions, resubmissions and inquiries, and features five daily ACH submissions and the latest ACH deadline in the industry.
- Regulation Compliant: Complies with all applicable regulations, including Regulation E, NACHA, GLB, FCRA, and U.S. Patriot Act.
- Comprehensive Risk Management: Leverages CashEdge's industry-leading risk management expertise to provide robust identity and account verification, and configurable options for account and transaction monitoring.
Benefits to Financial Institutions
- New subscriptions and transaction-based revenue streams
- Enhanced offering to attract new small business customers
- Differentiated services for an underserved market
- Increased small business customer satisfaction
- Robust risk monitoring capabilities
Benefits to Small Business Customers
- Direct and secure funds transfers to an employee's account (without sharing financial information)
- Improved cash management
- Multiple options for simple online employee payments including payment plans and batch payments
- Faster payment and settlement time compared to checks
- Real-time tracking of payment history
- Decreased time and cost associated with administrative tasks and paper checks
- Increased convenience for employees
- More environmentally friendly approach to cash management