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Paychex Launches New Ways for Businesses to Manage Pandemic-Related Challenges

HR Tech Outlook | Friday, March 19, 2021

Martin Mucci, CEO

Allows fintech provider Biz2Credit, whose subsidiary Itria Ventures LLC has acquired more Paycheck Protection Program loans than any other US lender, to access needed payroll data for the loan application form from Paychex Flex, reducing the time it takes to apply for a PPP loan.

Fremont, CA: The COVID-19 pandemic has boosted technology adoption, presented new challenges and changed how, where, and when work gets done. Paychex, the HR software and services provider that brings the power of simplicity to increasingly complex workplaces, has announced many updates to its analytics portfolio in Paychex Flex, the company's cloud-based HR technology platform, to help resolve these concerns. In this quarter's product update, Paychex added a new retirement services solution as well as two integrations to help consumers streamline workforce and cash flow management.

"While vaccines have brought welcome optimism for many, the impacts of COVID-19 will be long lasting and far reaching, especially when it comes to work," stated Tom Hammond, Paychex vice president of corporate strategy and product management. "The solutions Paychex has introduced over the last quarter are designed to help business leaders secure critical funding, meet shifting employee expectations, make data-driven business decisions, and create a more equitable workforce."

Paychex solutions introduced this quarter include:

Pooled Employer Plan (PEP) – As opposed to single-employer retirement plan offerings, it decreases fiduciary responsibility for employees, simplifies retirement plan management, and lowers plan expenses. In its first 60 days on the market, the Paychex PEP sold over 1,500 new plans.

Clover Integration – Using Fiserv's famous Clover platform, streamlines payroll and time and attendance management for business owners. Paychex Flex, which is available in the Clover App Market, allows business owners to handle payroll, staffing, time tracking, and scheduling all in one application, saving time, increasing accuracy, and lowering costs.

Biz2Credit Integration – Allows fintech provider Biz2Credit, whose subsidiary Itria Ventures has acquired more Paycheck Protection Program loans than any other US lender, to access needed payroll data for the loan application form from Paychex Flex, reducing the time it takes to apply for a PPP loan.

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