Paycom Software, Inc, a leading provider of HR software, launched its latest product, Everyday, allowing users to get paid on a daily basis without paying a costly fee to receive their wages, while also ensuring employers are compliant and not exposed to potential losses from things like early employee departures.
The new product is used in conjunction with Paycom’s Vault Visa Payroll Card and Beti, the industry’s first self-service payroll solution that empowers employees to do their own payroll. Unlike other products on the market, Paycom’s Everyday solution allows employees to receive their pay early without costly fees, and employers benefit by automating pay through one system where employees manage their own payroll. Employers using Everyday are also not exposed to potential losses from various factors that impact pay, including early employee departures, garnishments or benefit deductions that need to be collected.
“If employers choose to let their employees opt-in to be paid more frequently, they should do so in a way that mitigates risk and exposure to the organization by ensuring withholdings are accurately accounted for and their employees aren’t having to access these funds in a manner that resembles a loan,” said Chad Richison, Paycom’s CEO and founder.
Paycom’s software streamlines processes, drives efficiencies and gives employees power over their own HR information, all in a single app. Recognized nationally for its technology and workplace culture, Paycom can now serve businesses of all sizes in the U.S. and internationally.
Terms of Use apply. Employees generally receive their net pay within 24 hours of working, but some employees may receive their pay sooner. Some limitations may apply based on employer’s pay cycle, employee’s pay amount, timing of approvals, or certain employer configurations. Employees start receiving net pay after they have earned enough money to cover their required deductions, taxes and benefits each pay period.
SOURCE: Businesswire