Increasingly, the gold standard for payments is invisibility.
Platforms and payment service providers are seeking digital, integrated payment experiences that are so seamless, neither the payee nor payer take much notice that a transaction has even occurred.
Such is a standard that is making its way to the payroll space. Employees want to be paid on time, accurately, and without any additional administrative burden, requirements that have made direct deposits and other electronic payroll methods popular choices over the paper payroll check.
On the employee side, this transaction may seem seamless and straightforward — when it goes right.
But on the back end, said Eynat Guez, Papaya Global co-founder and CEO, complexities abound. Time report collection, data aggregation across different formats and departments, data consolidation for processing, tax withholdings and benefits calculation must all be done, approved, and processed for on-time payroll.