This blog deals with how an online tuition platform can benefit when they fund Remote Payroll by credit card and integrate this payroll software with the cloud-based platform.
Every business needs an effective solution to pay their employees. One such solution that they can find is credit cards. For instance, imagine that you own an online tutoring platform and you have many remote employees. Using a credit card to fund payroll has been your go-to method. This is mainly because credit cards are quick, especially when payments from clients are delayed.
However, sending payroll via credit card has its own limitations. One is the hassle of switching between the payroll software and the payment software. The other one is the interchange fees that come with credit cards. Your tutors may have to give up 2-3% of their earnings each time you pay them via credit card.
Zil Money is a perfect solution that you can find to solve both these problems. The platform can be effortlessly integrated with your payroll software. The integration allows you to import data directly from the payroll software to the payment software. This lets you eliminate the need for manual payroll data entry and helps eliminate possible human errors.
With the cloud-based platform, you can fund payroll through credit cards without the burden of transaction fees for your payees. That is, you can pay your remote employees using a credit card without deducting a penny from their salary for transaction fees.
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Why Consider Credit Cards?
As far as an online tuition platform is concerned, credit cards are of great benefit, especially when managing cash flow and facilitating effortless business operations. This is because payments from students or parents may not always align with payroll deadlines or operational expenses.
Moreover, many online tuition platforms experience seasonal fluctuations, with demand for services peaking during exam periods and slowing down at other times. Credit cards act as a short-term bridge that helps online tuition platforms cover tutor payments and other costs until revenue comes in.
Many credit cards offer reward programs that include cash back and other benefits. Online tuition platforms can make use of these cashbacks to offset some operational costs. Also, regularly using a credit card for payroll can help build the platform’s business credit over time.
Pay With No Interchange Fees
As mentioned, Zil Money allows you to pay via credit card without transaction fees for the payee. The platform makes this possible by acting as an intermediary between you and your payee. Basically, when making credit card payments via the platform, you first pay the platform via credit card. The platform will then receive it and will send them to your payee via the method chosen by you. You can choose from ACH, wire, and many other options provided by the platform.
Now, let’s see how you can make credit card payments with Zil Money.
- Click on the payroll by card option from the side panel.
- Click on the start button.
- Then, you can add your payroll software or manually add your payroll data.
- Enter details like your business name.
- Click on Add new payroll.
- Enter gross pay and date.
- Then, add your payroll statement.
- Select a payroll-verified bank account.
- Choose the card.
- Select the payment option via which your payee should receive money.
- Click on process.
- Add your signature and click on verify.
Pay as ACH
Zil Money allows you to make ACH payments easily as it is an official member of NACHA, which regulates ACH via which ACH payments are processed. You can also make same-day ACH payments with the cloud-based platform. This helps you pay your employees easily, no matter if you remember it at the last moment. With the platform, you can also set recurring ACH, which is ideal for making regular payments such as payroll. You no longer have to enter the payroll data each time you have to pay.
Pay as Wire
For an online tuition platform, there may be tutors working from abroad as well as from within the US as well. For paying the tutors, a wire transfer is the perfect option. Using Zil Money, you can send international as well as domestic wire transfers at an affordable cost. For making international wire transfers, you may need specific codes like SWIFT or IBAN. On the other hand, for making domestic wire transfers, all you need is a routing number and account number.
Accept Payment by Credit Card
In addition to paying employees, an online tuition platform may also have to accept credit card payments from students. You can now accept payments by credit card using Zil Money. For this, you can send customized payment links to your payee via email or SMS. Your payee will be directed to a specific payment page when they click on the payment link. From there, they can easily pay with their credit card.
The funds you receive this way will be directly deposited into your wallet. You can withdraw these funds from your wallet and put them into your bank account anytime you like. The ability to send tuition fees with just a few clicks helps students eliminate complex payment systems and reduces the possibility of late payments.
Conclusion
Zil Money is an all-in-one platform with which an online tuition platform can easily fund remote payroll by credit card. The platform allows you to eliminate interchange fees by letting you send credit card payments via other payment options like ACH, wire, etc. With the platform, you can also accept payment by credit card easily by sending a payment link.
