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Education
StreetSmartsSM
More rebranding options for MLSs
John Tucker the merchant to easily log in, track and monitor
1st Capital Loans LLC payroll-related aspects from one location. These
aspects include but aren't limited to HR forms; laws
S ince I became quarterback of the Street SmartsSM and regulations such as the Affordable Care Act;
column in April 2016, my focus has been employee data, which tracks information related to
on rebranding the merchant level salesperson individual employees such as hours, vacations, etc.;
(MLS) to sell innovative solutions that resolve and reports to provide to CPAs and the merchant's
complex marketplace problems for merchants. other financial advisers.
For this discussion, I'll look at two options: rebranding as Leading in with payroll processing allows you to target
a payroll processing sales professional and rebranding as merchants who are managing these aspects in-house and
a marketing sales professional. Both of these have been convince them to allow your firm to manage the entire
considered value-added solutions for several years within payroll aspect externally in exchange for a "small fee" or
the merchant services space, but should one or both of "no fee at all" if the merchant converts over the merchant
them become your core product(s) instead of your side processing account.
dishe(s)?
Some dismiss payroll processing
Payroll processing solution components
Some industry veterans from GS Online's MLS Forum
A couple of credible organizations offer comprehensive believe leading in with payroll processing isn't worth the
payroll processing solutions that include a variety effort. Forum member Steve Norell said, "Years ago we
of human resource tools and regulation monitoring sold all types of payroll; it generated some good money,
functions, all designed to streamline the payroll but then the market shifted and it went sideways. I also
processing aspects of merchant businesses. This allows found that when you were selling merchant processing
them to spend more time running their businesses, rather and tried to get the payroll processing, Paychex and ADP
than managing the intricacies of payroll processing. would always win out [on the bids] because they were the
[market] leaders."
Key components of a comprehensive payroll processing
solution would include: Forum member ber concurred, stating, "Leading with
POS, we make more from referral relationships with
• Dedicated payroll specialist: A dedicated payroll payroll reps than we would from referring or selling the
expert and manager, provided by the organization, payroll services ourselves."
helps facilitate the payroll processing relationship
between the organization and the merchant. Some endorse payroll processing
• Online portal: An online portal for centralized Some industry veterans believe leading in with payroll
management, provided by the organization allows processing is worth the effort. For example, forum member
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