Taking the Pain out of Payroll with Integrated Payments
Payroll and payments workflows are a headache for most businesses
The act of calculating payroll has always been separate from the act of settling the payroll … until the API came along.
Modern API-driven platforms are taking the pain out of payroll and delivering new ways of securely managing and automating payments and payroll, all via a single API.
And, because there’s no integration required, you can get set up and running quickly and start processing payroll straight away.
Let’s show you how …
The weakest link in the chain – The payment file
Traditional payroll is a time-consuming process that carries a heavy administrative burden. For employment services and bureaus, manual workflows increasing client pain points lots of downloads, uploads and file sharing.
It’s a long process even before we consider the manual time taken to fix file errors, incorrect value inputs, doublechecking, duplicates and payment rejections.
The weakest link in the chain? The payment file
The payment files, that use outdated technology, are what is traditionally used to bridge disparate payroll and banking separate systems.
Payment files are widely used because they are the only compatible method of exchange with legacy bank accounts.
Introducing API – the biggest new trend in payroll technology
However, businesses no longer need to rely on their banks to make and receive payments, and they don’t have to rely on manual, error prone and slow payment files.
That’s because companies like My Digital are using the same API technology that Google, Netflix and Uber use as standard. My Digital has integrated Modulr’s payments technology into its software to merge payroll and payments to create one simple, cost-saving and streamlined process.
My Digital simultaneously talks to the payments account behind the scenes, creating exact matching values per accounting entry with no errors between the two. When you’re ready to run payroll, you simply need to approve the payments in your Modulr payment account.
After the payments have been made, My Digital verifies the payments have cleared and displays instantly and automatically within the software for seamless and quick reconciliation.
All you need to do is simply enable your payment account with Modulr within the My Digital software.
Seamless, harmonious API-enabled payroll, at the touch of a button
Conclusion: Here’s a recap of how My Digital and Modulr are using API to bring payments and payroll together:
My Digital has teamed up with Modulr to harness API technology and deliver a payments account that gives you a fast, secure and easy way to make payments and provide your clients with seamless payroll workflows.
The single and secure online portal allows you to make payroll payments at the same time as running client payroll, saving time, removing manual processes, and eliminating costly errors.
Payroll payments can be initiated within My Digital without the need for payment files, allowing for a flexible, secure and fast way for accountants/payroll bureaus and their clients to work together to make and approve payments.
Run payroll as normal within My Digital
- Once payslips are finalised within My Digital, select ‘pay by Modulr’ to send the payment instructions to Modulr, without the need for manual payment file exporting.
Authorisers are notified payments are awaiting approval
- The person authorised to make payments is notified that payments are pending approval and logs into the Modulr portal to approve by secure mobile two factor authentication.
Top up the Modulr account
- Clients then transfer funds to the Modulr account in one single transaction from the primary business account. Once the account is funded, employees can be paid in minutes.
Easily see payments updated in My Digital
- Modulr automatically syncs payment statuses with the My Digital platform, meaning you’ll know exactly what’s paid and pending.