Paychex Promise ( Article from CPA practice advisors)

National payroll and benefits provider Paychex has launched Paychex Promise, a new subscription-based service that delivers the ultimate peace of mind to business owners: protection against payroll interruptions and solutions to address the routine challenges of running a successful business.

The primary offering, Payroll Protection, extends the collection of payroll funds from a business’s bank account by seven days without interruption of service or insufficient fund charges, enabling business owners to pay employees and remit taxes on time even when vacations or invoice delays disrupt cash flow timing. Paychex Promise will be offered free of charge to eligible businesses for the first three months.

“At Paychex, our mission is to provide businesses the freedom to succeed. We are committed to developing solutions that help business owners overcome the everyday challenges of running a business such as paying employees, building credit, and having access to capital,” said Martin Mucci, Paychex president and CEO. “Paychex Promise does just that, helping to ensure clients meet their payroll obligations and offering access to a host of tools designed to strengthen finances, raise awareness of regulatory issues, and much more. This innovative service is a first-of-its-kind offering in the payroll and HR industry.”

The annual membership program offers fast, easy-to-use solutions including:

• Payroll Protection – extends the collection of payroll funds from a business’s bank account by seven days without interruption of service or insufficient fund charges.
• No-Cost Same Day Payroll – allows clients to process up to two Same Day ACH requests each subscription year at no cost.
• Business Credit Service – sends clients’ payment history to credit bureaus with the goal of building their business credit file and improving their ability to secure more attractive financing terms.
• Regulatory Newsletter – shares monthly compliance and regulatory news, so employers can stay informed on the key regulatory issues impacting their workforce.    
• Payroll Fraud Hotline – provides clients access to a dedicated payroll fraud hotline to answer questions and assist with resolutions if an event occurs.
• Small Business Loan Center – offers lending options through external lending partner Biz2Credit? and their network of lenders for non-payroll related financing needs, along with Biz2Credit’s BizAnalyzer? tool for monitoring the financial health of a client’s business.

Kim Stacy, owner of the Fulshear Insurance Group in Fulshear, Texas, sees great value in the comprehensive services available through Paychex Promise. “I am very pleased with the new Paychex Promise program,” said Stacy. “The Payroll Protection component is invaluable for a small business, especially one like ours that is commission based.” 

To learn more about Paychex Promise and the benefits it can deliver, click here.