Having a system in place for handling employee payroll is critical to managing a business. It is your legal responsibility to make sure that your company is in compliance with the law and the Internal Revenue Service. Failure to do so means you are liable for stiff fines and penalties. As the business owner, you are responsible for ensuring that you have met all the rules and regulations, and that the correct state and federal taxes have been withheld. You are also responsible for ensuring your employees are paid in a timely fashion.
But what if you could hand the burden for knowing all the complicated tax codes to someone else? What if that company not only knew the tax code, but could also make sure the payroll was automatically transmitted to your employees’ accounts?
A CPI compliant payment processing company can do that. Use of an Automated Clearing House (or ACH), ensures that fund transfers are handled in real time and automatically processed. The correct amounts are withheld, and all the records are filed electronically. For the business owner this streamlines the process. All the payments and bills are covered securely, and linked to accounting. The beauty of this process is not only the simplicity, but the way it grows with a small company to a large company. You may be able to stay one step ahead now, but as your company grows, the payment processing company allows you to do what you do best – manage your business.
Consider that 45% of all Americans pay their bills online. For an individual it makes it unlikely they will forget to pay a bill or lose one. It also provides an electronic receipt. Businesses need a much greater level of organization. And reputable companies that offer ACH payment processing provide a number of services that go far beyond automated payroll payments. They ensure that businesses receive the lowest interest rate available. They work with you to provide customized solutions that make sure you are in compliance with both state and federal regulations. Perhaps the biggest dividend-peace of mind knowing that payroll is taken care of.
Posted in ACH Processing on May 05, 2015