BBVA Compass (BBVA) in Birmingham has added payroll services to the online banking platform it offers small business owners.
Nearly 50% of small business owners currently outsource their payrolls due to human resources and tax issues, stated Lonnie Hayes, small business segment director for BBVA Compass, in a press release. This ends up being very costly, especially for micro-business owners that generate less than $500,000 in annual revenue.
BBVA Compass's Payroll Service, which the bank white-labels from Execupay, lets bank customers access payroll information alongside their business and personal account information. This service will help businesses complete their payroll in just a few minutes, Hayes asserts.
The product's integrated Tax Filing Service helps protect small business owners from payroll-related tax penalties by providing filing, reporting and depositing of federal, state and local payroll taxes and related returns. The service also lets customers pay employees through direct deposit at no additional charge.
The service also lets business owners access a set of standard and customizable reports to track information about labor distribution, tax compliance reporting and employee compensation including tips and benefits.
Businesses can access the payroll service from a variety of internet-enabled devices including smartphones, tablets and laptops.
Earlier this week, the $72.1 billion-asset bank agreed to buy online banking startup Simple for $117 million in an effort to improve the bank's digital transformation. BBVA Compass is the U.S. unit of Spain's Banco Bilbao Vizcaya Argentaria.