20 Apr Staffing Update: Paying Contractors Daily with Paymint
How to pay contractors daily
OTR Capital has partnered with PAYMINT, which is a company that provides a way for your employees and contractors to elect to be paid the same day they finish a shift (InstaPay). This allows you to increase revenue, recruitment and retention. Studies show that paying workers daily at the end of their shift increases recruitment by 2x and retention by over 40%. With PAYMINT as an added benefit, your employees and contractors can have the peace of mind that they will have access to their wages daily.
Why choose PAYMINT?
Besides the advantage of being able to pay your employees with InstaPay, PAYMINT offers a variety of benefits to go along with their program.
One benefit is that PAYMINT offers a FREE electronic timecard system that is provided to all of its customers as a part of their package. The timecard system can be manually created to your specifications or auto-created in the system. It provides a way for your clients to approve timecards either on their phones or via email. This provides staffing companies with a free and easy way to manage time and attendance.
Another benefit of working with PAYMINT is that staffing companies can opt to set a fee for offering early access to wages. Meaning every time an employee or contractor elects to use InstaPay, you are decreasing the cost of your payroll. PAYMINT also offers a batch approval option that allows you to approve multiple daily timecards and pay at the push of a button.
PAYMINT goes above and beyond when it comes to making their process and program operate seamlessly with your business.
How it Works:
PAYMINT works in an easy 3-step process for your employee or contractor to get paid at the end of a shift:
- The employee or contractor creates an electronic timecard from their phone, or it is auto-created from the system.
- The onsite Manager or Administrator approves hours or invoices.
- The employee or contractor gets a notification that they can have early access to an approved percentage of their wages and can elect to get paid instantly.
How to get started:
There are no subscription fees, onboarding fees or integration fees. PAYMINT makes their money off the transaction fees charged to your employee or contractor, not your company.
First, they set up with your Payment Account and integrate with your payroll system. This allows your workers to get their wages via Direct Deposit into their bank accounts or loaded onto a Paycard.
PAYMINT then onboards your workers and facility pay rates into the system, which can be done with an easy export from your database.
PAYMINT then takes the time to train your staff and employees on how to use the system. It’s a simple one-day training and a video link can be sent out to employees.
Now more than ever is the time to take advantage of our partnership with PAYMINT so that your employees can have the peace of mind that they will consistently have access to their wages daily.
If you would like any more information, please reach out to email@example.com or call 470.900.3520