In an effort to appeal to more businesses by helping them manage their employees, Square has launched Square Payroll.
The announcement keeps with
Annually, there are more payroll fines than there are businesses with employees in the U.S., according to a June 30 blog post from Square.
"If you're getting paid, payday is great. But if you're the one who's actually managing the payroll, the whole thing is way less fun," the company said. "Existing payroll solutions are complicated, expensive and typically built for large businesses with salaried employees. They're so confusing, in fact, that people regularly mess up the whole process."
Within Square Payroll, employee onboarding for direct deposit is handled without the need for voided checks; employee timecards are integrated so hours are imported automatically; and taxes such as withholdings and filings are done automatically.
According to the release, the platform can save businesses like 3 Steves Winery in Livermore, Calif., a significant amount of time. Instead of spending nearly an hour managing payroll, it takes the winery about five minutes to do payroll for 25 employees.
Square Payroll costs $20 a month plus $5 for each employee paid during that month. Currently the platform is available only to businesses in California, but Square plans on expanding to more states soon. While the payroll platform was built with hourly employees in mind, businesses with salaried staff can use it as well, even without using Square to process payments.
Square's other offerings for businesses include its credit program,
Square declined to provide an interview on its new Payroll offering.
