Fuel customer retention and business growth with embedded payroll
Small businesses are strapped for cash and time. So, FIs serving SMBs need to build experiences, tools, and features that keep efficiency, ease of use, and cost effectiveness at the forefront. This means going beyond your basic value proposition and enabling tools that add value to your platform, like payroll management.
Payroll has emerged with the highest adoption rate at 71% across embedded finance categories, according to Tidemark Capital’s Benchmark Report. The right embedded payroll partner can help your institution be more competitive with SMBs, meet strategic goals, and reduce customer churn.
This guide will help you assess if adding payroll is right for you, and evaluate product fit, implementation strategies, and revenue models to offer your SMB customers a sticky and profitable payroll product.
Through this guide, you will learn to :
- Build the checklist for payroll planning: Payroll is complex, not just for SMB customers but for providers as well. Learn how to assess the efficacy of potential partners, and tap market demand.
- Gauge the bottom line impact: Understand how to evaluate different customer segments’ interest and need for payroll, learn which pricing models work the best for your customers, and explore what impact ancillary revenue streams and customer retention can have on your business.
- Choose the best partners: Explore how the ideal technology partner delivers expertise and infrastructure to customize payroll experiences for your customers while supporting your engineering and compliance teams.