Checks ? Here Today, Here Tomorrow Visa and ... - The Green Sheet

Page 37
Meadow predicts that at least half of
the customers who use only
Payformance software and opt not to
use the full service bureau processes
will migrate to the service bureau
over the next year or two, largely
because of the efficiency and cost
savings it offers. Competitors,
beware.
“ADP is our big competitor on the
payroll side, but not huge since we
are quite strong technologically,”
Meadow says. “Theirs is a Model T
offer; we’re flexible. ADP does a
fantastic job, but unless you do it a
specific way with their application,
that’s all you get.”
According to Payformance, the rest
of the market has accounting systems
and software features not
offered by ADP. There is still the
paper pain of getting it out the door.
That’s where Payformance comes in.
Its bigger picture depicts one-third
payroll, one-third payables – any
form of disbursement to vendor –
and one-third invoicing and statement
printing, all handled via the
Payformance service bureau Web
site.
Payformance envisions a blending of
the world of paper payments to electronic
card payments and hopes payroll
debit cards will become part and
parcel of this brave new world. Yes,
it will require financial managers,
payroll clerks and bookkeepers to
utilize the Internet for such a flexible
payment solution, but Payformance
sees a big opportunity on the card
side for payroll.
Payformance also offers disaster
recovery service. Customers can
recover data in-house with
Payformance software, send it to
Payformance over WAN or keep it
in-house and just use Payformance
as a backup. The disaster recovery
service involves Payformance running
a complete cycle – a test service
– before agreeing to be authorized as
agent for the prospective customer.
Once in place, Payformance runs a
live test once a year. The customer
pays for the test and is billed for a
service fee.
Typically, set-up fees on larger
clients for Payformance payroll and
payables products and services are
around $1,000. This involves the
mapping of existing legacy data files
that are charged on a per-item basis.
The fee decreases as volume of job
increases. The per-item fee ranges
from 50 to 60 cents but sometimes
can be as low as 40 cents – far cheaper
than it will cost in-house, according
to Payformance calculations.
How many checks or invoices need
to be processed? The minimum is
one.
“We have customers that send us 10
items or 100 or 1,000 or even
No lion . . . you’ll love this program!
Merchants’ Choice Card Servicesthe
industry king of Customer Service &
Tech Support
- Competitive discount rates
- Transaction fee income including Debit and EBT
- Income from statement fees
- Rollover Bonuses
- American Express bonus and residual income
- Discover and Diners Club bonuses
- No liability for merchant losses
- Same-day approvals
- Liberal underwriting
- Guaranteed equipment leasing
Call 800-478-9367 to go with a proven
team. . . ‘cause it’s a jungle out there!