Paychex Releases HR Industry’s First Real-Time Payments Solution
Paychex, Inc., a leading provider of HR, payroll, benefits, and insurance solutions, is now the first HR solutions provider to give business owners the ability to leverage real-time payments to deliver pay to their employees immediately – a capability that has become increasingly important during the coronavirus (COVID-19) pandemic.
Leveraging The Clearing House RTP® network, which is available 24/7/365, real-time payments (RTP) provides employers an efficient way to instantly pay their employees for time worked. Offering this increased level of flexibility becomes critically important when employers need to make payroll adjustments due to time-sensitive or emergency situations.
“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,” said Martin Mucci, Paychex president and CEO. “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,” Mucci added. “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.”
RTP expands the Paychex payments offerings, which already includes pay-on-demand, same-day ACH, direct deposit, paycards, and financial wellness products. Depending on business needs, Paychex customers can take advantage of a variety of solutions to support their employees and ensure they have access to income, especially as employers and workers navigate the impacts of COVID-19. To learn more about the Paychex suite of solutions, visit https://www.paychex.com/payroll/payroll-options.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves approximately 670,000 payroll clients as of May 31, 2019 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.