This blog deals with how the cloud-based platform can help you pay IRIS payroll by credit card.
Personal service firms like saloons, spas, and fitness studios are built around skilled professionals who bring life to the brand. In other words, the backbone of your business is the team behind it, making payroll a top priority for business owners. However, managing payroll is not always that easy. It comes with certain challenges that can cause serious headaches.
Below is a hypothetical situation that will help you better understand the most common payroll challenge faced by personal service firms.
Imagine that you own a trendy fitness center and have recently expanded it to accommodate more clients. Your business is now booming, and you had to hire a few additional trainers to handle the increased demand. Everything is smooth, with no complaints and no tension! The payday has arrived, and it is time for you to process payroll for your team. You log into your business account only to see a shocking $0 balance.
Panic sets in. After a few minutes of retracing expenses, you understand that a combination of recent purchases and marketing for the launch has wiped out your account balance.
Don’t worry! There is no problem without a solution!
In a situation like this, the only solution that can save you is the payroll by credit card feature from Zil Money. How? Let’s see.
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Fund Payroll Easily Via Credit Card
With Zil Money, you can easily fund your payroll account. For this, all you need to do is upload your payroll summary. You can either do that manually or import it directly from your payroll software. Direct importation is possible because the platform can be integrated easily with most accounting software systems.
After the submission of the payroll summary, you can easily fund your bank account from your credit card. The funds from the credit card are transferred to your checking account quickly via either ACH or wire. Eventually, you can disburse employee payments easily and maintain financial flexibility.
Below are the steps that you must follow to fund your payroll via credit card using Zil Money. This may help you better understand the process.
- First, log in to your Zil Money account.
- Tap on the Payroll by Card option from the side panel.
- Click on Start to begin the process.
- Select the credit card via which you need to pay the payroll.
- Choose the payment method to process the payroll.
- Click Process now.
- Click on Process in the dialog box that appears to confirm the payment.
- Add your signature and click on verify to confirm your authorization for credit card use.
- Your payment has now been initiated successfully.
Pay Payroll with Benefits
With Zil Money you can use your credit card for your payroll purposes. In addition to the ability to pay payroll in case of a fund shortage, credit cards offer other benefits as well. One among them is the rewards they provide. You may earn cash back and other rewards depending on your credit card issuer.
Personal service firms like saloons and fitness studios can reinvest the cashback and rewards earned to cover operational expenses, purchase new equipment, etc. A benefit like this offers an extra layer of financial flexibility that helps firms stay competitive and financially healthy. Furthermore, using credit cards for payroll wisely can help build the business’s credit score, which makes it easier to secure future financing if needed.
Pay Vendors Easily with Credit Cards
Using Zil Money you can use your credit card to pay your vendors in addition to using it for funding your payroll account. The benefit of using the cloud-based platform to pay your vendors via credit card is that it helps eliminate interchange fees. Normally, when you use your credit card to pay your vendors, you will have to pay fees, and in addition, your payee will also incur fees. For this reason, many vendors prefer not to accept payments via credit card, which prevents you from earning credit card rewards.
Zil Money can help you in solving this by acting as an intermediary between you and your vendor. The platform first accepts your credit card payment and then sends the amount to your payee via another payment option chosen by you. This way, the cloud-based platform helps you to earn rewards. At the same time, the platform helps your vendors to accept credit card payments without paying transaction fees.
Conclusion
Personal service firms can use Zil Money to pay IRIS payroll by credit card. The platform helps you to easily fund your payroll account using credit cards. The cloud-based platform even allows you to earn rewards. The ability to pay vendors via credit card without interchange fees is another benefit of using the platform.
