Paychex recently launched its first real time payments solution for the HR industry.
Paychex Real Time Payments
Leveraging The Clearing House RTP network, Paychex real-time payments (RTP) provides businesses with an efficient way to instantly pay employees. The RTP network from The Clearing House is a real-time payments platform. The platform is available 24/7/365. Building on RTP, Paychex has expanded its payment offerings to small businesses. These offerings include pay-on-demand, same-day ACH, direct deposit, pay cards, and financial wellness products.
Flexible Payment Solutions in Difficult COVID-19 Climate
Within a climate of uncertainty, the ability to pay employees immediately has become increasingly important during the COVID-19 crisis. Emergency situations and time-sensitive environments demand greater levels of payment flexibility. Paychex aims to overcome such challenges and growing demands for instant payments, by giving employers the ability to leverage RTP to deliver instant pay.
As Martin Mucci, Paychex president and CEO, comments in a press statement about the launch:
“The ability to pay people as quickly as possible has taken on a new level of importance due to the unique circumstances many businesses are facing in the wake of COVID-19.
“With the introduction of real-time payments, Paychex customers can now pay their employees in a matter of seconds, which can be a critically important capability for employees facing financial hardships as a result of the pandemic.
“As businesses receive funding to help cover payroll costs through programs such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), and states begin to reopen, more employees are beginning to return to work. When employers use these relief funds to pay both retained and rehired workers, they need solutions to efficiently and effectively manage their cashflow, while also ensuring employees can access earned wages when they may need them most, Mucci added.
Instant Access to Income
Customers of Paychex can receive flexible payment solutions to cater for the unique needs of their business and employees’ situations. Armed with a flexible, real-time payments solution, small businesses can ensure their employees have access to income. This is especially important during the current uncertain climate, helping employers and employees navigate the impact of the pandemic.
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In light of the need for social distancing, the idea of minimizing unnecessary interactions is a must. This along with further integration and connectivity online will make communication possible amidst this crisis while avoiding personal interaction.