Payroll Company trying to find new Revenue Source
Payroll sales are very competitive.
There have been various new players to the market leading to the service to become more of a commodity. Many privately owned payroll companies are trying to increase their diversification through HR, Benefits and Workers’ Comp. One of the most overlooked product lines are Tax Credits. Some payroll processors use 3rd parties to do tax credits, but often do not realize how easy it is to bring the operation in house and achieve both higher retention and increase overall revenue. When Tax Incentives Experts helped this particular payroll company, we were able to increase their overall retention and add six figure revenue stream to their portfolio. Now some of their clients joke about working with them, because it no longer became an expense to run payroll, it turned into a profit!