It’s hard to believe that most companies still rely on bank transfers or general third-party payment service providers (PSPs) to deliver workforce payments. Apparently, they’re fine with the late payments, the hidden fees disguised as as FX costs, the general unpredictability, and the constant threat of non-compliance.
They even accept the inherent platform limitations: traditional PSPs simply can’t handle the full scope of what goes into payroll payments. They don’t offer the ability to pay required tax and social authority payments as a native part of the process, nor do they even withhold the proper tax sums – all because general payment vendors were never built for the specific needs of workforce payments.
And adding insult to injury is the fact that they certainly don’t take liability for ensuring that payments are accurate, on time, and compliant.
How do these platforms get away with such sloppy service? Simply put, there just hasn’t been a better alternative. No one developed specialized solutions for different types of payments.
Until now. It’s time for specialized payment solutions.
The better way to pay
Naturally, the first specialized payment solution you’re going to buy is one specialized for workforce payroll. That’s simply because optimizing workforce payments alone covers 60-70 percent of all your expenses – probably the most impactful specialization imaginable.
Papaya Global’s payment platform is that solution you’ve been waiting for. It’s built to streamline and solve all the complexities and nuances of workforce payments – ensuring accuracy, timeliness, and compliance.
The service – automated and self-served – guarantees the arrival of remittances within 72 hours no matter where your worker is based, and in most cases the payment is immediate.
Plus, with us, what you send is what they get (no payroll leakage), as our dedicated payment rails ensure that there are no added fees. We call it “full value transfer” – nothing gets lost along the way.
Furthermore, when you send funds via our platform, they’re always accurately marked on arrival so that the banking system correctly classifies them as salaries or tax withholdings. And with Papaya, the compensation will always be attributed to the ultimate debtor, meaning your company – the employer. In other words, your employee will see your company as the paying entity, not Papaya, an intermediary bank, or any other third party. This doesn’t only speed up local payment clearing – it also helps your employees build their credit with the bank.
The game-changing perks of specialized payment platforms
With Papaya payments, you can pay your entire global workforce, benefits vendors, and remittances to local authorities compliantly with one e-wallet. General payment vendors can’t make these promises because their rails and payment network infrastructure were not designed specifically for payroll.
We also have bank-level security. Aligning with Tier 1 banks such as J.P. Morgan Chase and Citibank allowed us to build a powerful financial infrastructure that can mitigate every risk involved with cross-border payments. And we take full liability for the entire payment process to provide finance pros with ultimate peace of mind.
But there’s more.
A holistic solution that actually works for you
Banks or other third-party payment providers focus on the moment money leaves your account, not when it lands in your employees’ bank accounts. With other solutions, in other words, you send your money… and hope it will be deposited in its destination account roughly on schedule.
Papaya uses a different methodology. With us, you determine the date the payments must arrive – and our platform makes it happen. Our technology covers the reconciliation process and the reverse calculations, takes local and global data into account, and guarantees every cent you send will arrive on time.
Furthermore, because you have the luxury of funding your e-wallets later in the month –thanks to the speed with which we deliver your payments and the platform’s innate connection to your payroll data – you get two added values:
One, there’s less time for foreign exchange fluctuations to unexpectedly cost you sizeable conversion fees. Secondly, funding the accounts later means you can optimize your treasury management, as more of your money stays in your organization’s account for longer each month – giving you the flexibility that comes with having accessible working capital and a way to earn interest on your balance.
And finally, Papaya’s integrated architecture and system-agnostic connectors allow you to build your international payroll resiliency by devising a payroll crisis recovery plan.
That’s the advantage of specialized payments – they specifically tend to the most critical pains, no matter how nuanced. The solution you need is already available. Contact us to learn more about how to upgrade your workforce payments.
