The Rapid Digitization of B2B Payments Due to Covid-19

How has the pandemic and overall societal shift toward digital tools changed the ways that companies need to pay their employees? What kinds of payroll solutions and strategies are important?

“The pandemic has accelerated the adoption of digital tools such as telehealth, online grocery delivery and online banking in order for individuals to protect their health and financial security and simplify their lives during unpredictable times. Companies quickly initiated safety protocols to limit potential employee exposure, using digital tools to ensure that their operations were able to continue functioning effectively. Seamless payroll operations are a critical part of a company’s disaster preparedness plan. Moving employees from paper checks to electronic pay, especially pay cards, has become an essential initiative for organizations. Achieving 100 percent electronic pay ensures on-time payroll and enables employees to access their wages faster and safer without having to engage with [other methods] such as collecting and cashing a paper check.

Pay cards have become an essential tool for organizations during [the COVID-19 pandemic] as they uniquely satisfy employee needs of speed, security, safety and flexibility. As companies evaluate various pay card options, solutions that go beyond basic contactless pay have become more important. Tools and benefits such as online bill pay, person-to-person money transfers, the ability to track, analyze and manage spending and access to a large ATM network to quickly get cash without fees are essential applications. These tools empower employees to access and manage their finances from the security of their own smartphones.“

Brian Radin, President of Prepaid/Payroll Cards at Comdata, Inc.

The CFO's guide to digitizing B2B payments

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