Simplifying payroll: New era of easy transactions

In the age of digital transformation, the way customers approach their interactions with businesses has undergone a significant shift – but so have employees.

While workplace trends point to flexibility as a key factor for employee satisfaction, most companies address this through hybrid or work-from-anywhere arrangements. However, there is an untapped opportunity for innovation that impacts the employee experience: payroll.

"The pandemic highlighted many of the challenges we have always known about traditional payroll - security vulnerabilities, inefficiencies, and inconveniences for both the employer and the employee," said Kate Cruz, Head of B2B Growth Marketing.

Throughout the pandemic, based on the platform's data, GCash for Business provided over 217,000 individuals with financial assistance, disbursing over P200 million without disruption from lockdowns and mobility restrictions. Even government agencies were able to provide uninterrupted services. The Makati Local Government Unit was able to disburse financial aid during this time, providing cash directly to their constituents' Makatizen eWallet app powered by GCash.

Since then, the finance app has fulfilled over 19 million disbursements servicing over 700,000 monthly users both in the public and private sectors.

"The COVID-19 pandemic is not the last disruption businesses will face in their lifetimes, so the flexibility of their payroll and disbursement systems dictate how employees and other business stakeholders receive - or do not receive - their due compensation," added Cruz.

While company innovation usually focuses on customer satisfaction, employee expectations have also evolved to reflect the new capabilities and opportunities enabled by technology.

"Companies tend to focus on other areas to streamline and improve operations, but GCash for Business makes it easy for businesses to develop a robust contactless fund disbursement system that can significantly impact not just employee morale but deliver tangible business results," Cruz said.

Simplifying payroll, enhancing security, and elevating employee engagement

A study by the PCI Security Standards Council found that contactless payments may lead to increased employee satisfaction due to convenience and better security. At the same time, employers may streamline the time and money spent on disbursements and reduce incidents of fraud.

To help businesses empower their employees, GCash for Business makes it easy for companies to access the finance super app's various features:

● Access to cash, compensation, and incentives

With GCash for Business, companies may disburse loans, incentives, rewards, and government subsidies directly to their employees' GCash e-wallet, eliminating processing time and manpower otherwise needed if these disbursements were done via physical checks and other forms of paper trail.

Streamlining enterprises' payroll system further, GCash for Business also supports the onboarding of new employees within 24 hours and offers no minimum balance requirements.

Payouts may be done with the Funds Disbursement System. This intuitive disbursement portal allows employers to customize disbursement schedules, generate reports, and view their fund history.

● Access to lending products

Employees with a verified GCash account may access lending solutions such as GCredit, GGives, and GLoan with 0% collateral to help fund their goals and other life needs. This allows employers to extend financial support without the need to manage and maintain a separate fund for their employees.

● Access to digital savings

To help maximize their earnings, employees have access to GSave to open digital bank accounts with high interest rates. Since they are verified GCash users, GSave makes it easy to open new savings accounts with some of the country's most reputable banking institutions without the long processes and many requirements.

● Access to investment products

Employees with verified GCash accounts may further their earning potential with investment options available through the app. They may choose to invest in local stocks via GStocks, take advantage of expertly managed funds through GInvest, or try their hand at crypto trading via GCrypto.

● Access to Financial Empowerment

By leveraging the disbursement solutions of GCash for Business, employers may expand their employees' access to financial tools that help empower them to take good control of their financial future. With access to features like Pay Bills, Insurance, International Remittance, and GCash Pro, employers help empower their employees with the capability to manage, track, and grow their finances all in one single app.

In today's fast-paced world, financial stability and security are crushing for employees. GCash for Business is a tool that helps enable businesses to help empower their employees to reach their financial goals and at the same time streamline the payroll processes and operations.

"In a world where technology and innovation are rapidly transforming the way we live and work, GCash for Business offers powerful solutions for local companies to leverage on to delight their customers, innovate on their operations, and empower and retain their employees," said Cruz. "It may sound complicated, but GCash for Business makes it easy."

Discover how GCash for Business is helping simplify complexities, one transaction at a time by visiting their official website and downloading the GCash app.