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Home Business Payment SolutionsThe Payment Dilemma
The Payment Dilemma
Through our relationships with Visa®, MasterCard® and banks strategically
located throughout the world; ReadyCash® provides efficient, innovative
payroll solutions that dramatically reduce costs with card-based payment
systems that are both flexible and cost effective for both domestic and
international businesses. Our systems overcome the following challenges
faced by businesses small and large:
Processing paychecks and other payroll-related transactions are costly for
employers. Paper-based payroll consumes the time and energy of personnel;
printing and distributing payroll and commissions checks are expensive; and
reconciling checks, processing errors, lost checks, and other related expenses
add unnecessary costs to the payroll process.
. Checks "in the mail" allow marketing companies a payment margin - i.e.,
float. But they are expensive to process and distribute (about $3.50-8.50
each.) For international distributors, the excitement of receiving a dollar
check in the mail is quickly overshadowed by the cost and hassle of check
cashing in their home country (multiple trips to the bank and up to $45 in
bank fees.) Also, checks are perceived as being very, very slow (up to six-
week delays in mail and clearing process.) However valuable the float may
seem, its value is lost as distributors become discouraged or abandon slow-
paying direct sales organizations in favour of marketing companies that can
distribute funds immediately.
. Electronic Fund Transfers are less expensive for the Company, but this
payment method has its own disadvantages: Some distributors do not have
bank accounts, and the cost and complication to distributors of maintaining
individual bank accounts is excessive. The company loses the float because
it must disburse funds immediately instead of waiting for checks to clear;
and the company still pays the transfer fees.
. Cash distributions are cumbersome and fraught with risk but are still used
by some who haven't found a more secure and effective method.
. Merchant Fees add up when distributors use their credit cards to purchase
product, no matter how favourable a company's volume discount may be.
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