I'm going to break down the three common questions we hear from Paid users before they sign up:
- What's the catch? How can payroll be free?
- What's wrong with my current payroll platform?
- How does Paid benefit from this?
TLDR: Payroll is easy for providers like us to master, we don't want to charge you for something so simple, and instead we're creating totally optional premium tools that actually support your business.
When I tell business owners about what we're building at Paid, I nearly always get the same question: "What's the catch?"
I get it—offering a comprehensive payroll solution entirely free of charge seems too good to be true. In this article, I'll delve into why Paid can offer full-service payroll for free, how 'Big Payroll' has been taking advantage of business owners for years, and how Paid is revolutionizing the payroll landscape.
Let’s dive into the money pit called ‘Big Payroll’ and how they make their millions. Here's some truth about 'Big Payroll.'
The Status Quo: 'Big Payroll' Has Been Taking Advantage of Business Owners
First of all, let's make one thing clear: 'Big Payroll' has been exploiting business owners for years. Though payroll is a fundamental service that every business needs to function, it is actually very basic to create software that reliably and efficiently handles all of the calculations, processing, and reporting - hence why it is such a crowded market.
Even so, traditional payroll providers continue to charge exorbitant fees. Why? Because they can. The lack of innovation in the payroll space has allowed these companies to maintain a stranglehold on the industry, raking in profits while providing a basic, unchanging service.
And I'm not just talking about fees. One of the more insidious ways traditional payroll providers increase their own revenue is through the concept of "float." This involves delaying the transfer of funds that rightfully belong to businesses and their employees, allowing the payroll companies to earn interest on the idle money while constraining their client's cash flow. (P.S. - this is why your payroll gets debited 2-7 days before it is sent to your employees).
For many business owners, ‘Big Payroll’s’ fees plus the many hidden costs can amount to tens of thousands of dollars each year - not to speak of the inconvenience they manufacture for their own profit.
The good news? Those tens of thousands of dollars are now found money, simply by switching to Paid.
And even better - Paid doesn’t just eliminate your payroll expenses, but actually brings additional value to your business and employees. Think of new payroll like airplane oxygen masks ... you profit, then your payroll provider profits.
The Paid Difference: Aligning Our Success with Yours
At Paid, we believe that we only succeed if we bring real value to our customers and their businesses. That's why we won't charge for something as basic and essential as payroll. Instead, we're building a business model that aligns our success with our users’ success, introducing revolutionary new tools designed to improve the lives of employers and employees beyond just the basics.
At Paid, our mission is simple: enabling employers and employees to meet their goals, together. By offering a comprehensive payroll solution entirely free of charge, we're challenging the status quo and providing business owners with the tools they need to succeed.
So, what's the catch? I would challenge you to redirect that question to your payroll provider. What are they doing for you that justifies their fees? Have they helped your business grow? Have they improved your employees' lives? Have they improved yours?
Interested in learning more about how Paid can transform your payroll process?
Schedule a call with a Paid team member to experience the future of payroll firsthand - or sign up for a Paid payroll account today by clicking 'Get Started' below.
