On Thursday, February 27, Eddie Davis and Mark Rosenberger led an informative webinar for the payroll customers of Carolina Pay Pros. Mark is the founder of Carolina Pay Pros, a payroll services company that recently joined the FINSYNC & FINDOTS family. All of Carolina Pay Pros’ customers were invited to the webinar, and we explained the partnership between our two companies, offered a short overview and demonstration of the FINSYNC payments platform, and then answered questions from the audience.
The Webinar Video Recording
Click the video below to watch or listen to the full webinar recording.
The FINSYNC – Carolina Pay Pros Merger
FINSYNC & FINDOTS acquired Carolina Pay Pros earlier this year, giving all of Carolina Pay Pros customers access to the benefits of the FINSYNC payments platform, including payroll, electronic payments, accounting and cash flow management, and professional services from our network of accountants and bookkeepers.
Questions & Answers on the FINSYNC-Carolina Pay Pros Transition
After the demo of the FINSYNC payments platform, we opened up the mic for questions from Carolina Pay Pros customers.
Q: What do I need to do to migrate my payroll from Carolina Pay Pros to FINSYNC Payroll?
- A: FINSYNC will do the Payroll conversion at no charge for any Carolina Pay Pros customer who wants to migrate to FINSYNC payroll, including full support and training on the FINSYNC payroll platform.
Q: Can you talk more about FINSYNC pricing for payroll?
- A: Pricing for FINSYNC Payrol is $40/month (See finsync.com/pricing). To calculate a more accurate price for your particular business, use the calculator on the pricing page (below the main pricing) by entering how many employees you have. The base fee is per month, not per payroll run, then $4 per employee per paycheck, including payroll tax filing, direct deposit, electronic copies, etc. With any of our payroll packages, time tracking is included as well as employee reimbursements. Reimbursements via ACH are 50¢ per payment.
Q: If I switch to FINSYNC, what other kinds of payments can I do?
- A: FINSYNC provides a platform for ACH (direct deposit) payments, which means a customer paying you, you paying a vendor, or employee for reimbursement; merchant processing, and electronic invoicing. If the transaction is a ‘card not present’ ecommerce transaction, it’s 2.9% + 30¢ per transaction. We can also do remote check issuing, so if you have a vendor’s address, but you don’t want to print, stamp, stuff a check in an envelope, we’ll create that check for $1 per transaction. We offer lockbox for when you want to be paid electronically but your customers still send you checks in the mail. We’ll receive those checks, deposit them on your behalf, and match up the payments to your invoices for $1/check.
Q: Does this merger affect where our employees clock in/clock out?
- A: Only if you migrate to the FINSYNC payroll time tracking system. If you do not migrate, then nothing changes.
Q: Is FINSYNC designed to replace manual accounting in software like QuickBooks or Freshbooks?
- A: Yes. FINSYNC is an alternative to QuickBooks, Freshbooks, Xero, etc. QuickBooks has moved to more of an “app store” model. You do your core accounting in QB, then use other integrated apps like bill.com or timesheet apps. The result is as many as 4 – 7 financial applications for your small business back offfer, whereas FINSYNC does all the same functions in one cloud application. The time savings adds up as much as the software cost savings. Your accounting happens automatically as payments come in and go out of your business.
Q: We already accept credit cards. Is that an opportunity to migrate to FINSYNC for card processing and merchant services?
- A: Yes, we provide merchant services. If you have a direct relationship with a merchant processor, that means someone is doing the accounting related data entry for those sales transactions separately. If you use FINSYNC integrated merchant processing, then the accounting happens automatically. Consider the efficiencies of sending an invoice to a client with a “Pay” button, which lets the customer pay directly from the invoice so you don’t have to manually enter any transactions. We are constantly innovating on payment technologies, so FINSYNC payments customers can use a credit card as a source of funds. And, as long as you have your vendor’s email address, you can pay any vendor with your credit card. That’s a great tool for managing cash flow and maximizing your credit card reward points. You never have to ask a customer or vendor for bank account or credit card information, and you never have to give out your bank or credit card information. FINSYNC is a double blind system.
To learn more, or setup a custom demonstration for Carolina Pay Pros customers, go to finsync.com/cpp.