Why Banks Should Offer Payroll Services

Payroll is the ultimate “essential business.” In these uncertain times, are you looking for ways to build new revenue streams and increase your firm’s financial resilience? Banks should consider adding a payroll service.

Every business—no matter how small or large—has to pay employees and it is critical they calculate payroll correctly and meet complex compliance requirements. Most small and medium-sized businesses (SMBs) need a partner to help with this essential task, and it’s natural to seek this service from trusted advisors.

Many consumers think only of loans and checking accounts when it comes to banks, but small business owners know the banking relationship should go much deeper. The role of bankers as trusted advisors was highlighted when the U.S. government rolled out the Paycheck Protection Program (PPP). Confused by the application process and the rules governing loan forgiveness, small business owners turned to banks for expert guidance.

When surveyed, small business owners gave banks high marks for maintaining their trust and communicating with them throughout the crisis.4 These are important factors in customer retention. Now, banks are looking for more ways to enhance engagement with business customers by offering services that help reduce risk, ensure compliance and reduce back office expenses, while freeing up business owners’ time to focus on growth.

Download this free eBook to learn six benefits as to why banks should add a payroll revenue stream, a go-to market strategy, most common mistakes. and pitfalls to avoid.  



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