Paychex Releases HR Industry’s First Real-Time Payments Solution
Paychex, 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.
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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.
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“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.”