New BBVA Compass service aims to help business owners manage their own payrolls
- Nearly 50 percent of small business owners outsource their payrolls
- BBVA Compass Payroll Service seamlessly integrates payroll functionality and online banking
February 27, 2014
BIRMINGHAM, Ala., Feb. 27, 2014 /PRNewswire/ -- BBVA Compass today announced a new service to help its business customers seamlessly manage their payrolls through online banking.
The BBVA Compass Payroll Service powered by Execupay, one of the largest independent payroll service providers in the U.S., gives customers easy access to payroll information alongside their business and personal account information. It was developed as part of the bank's ongoing efforts to meet the needs of business owners, specifically those operating small businesses.
"Nearly 50 percent of small business owners currently outsource their payrolls due to constantly evolving human resources and tax guidelines," said Lonnie Hayes, small business segment director for BBVA Compass. "It can be a very costly and tedious proposition, especially for micro-business owners whose companies generate less than $500,000 in annual revenue. We saw an opportunity to help businesses of all sizes confidently manage their own payrolls."
The new service offers several features, including:
- Device flexibility – Businesses can manage their payrolls using a variety of internet-enabled devices (e.g., smartphones, tablets and laptops).
- Payroll automation – Customers can automate much of the process and complete their payrolls in just a few minutes.
- Payroll tax management – The integrated Tax Filing Service helps protect small business owners from payroll penalty exposure by providing accurate and timely filing, reporting and depositing of federal, state and local payroll taxes and related returns.
- Employee direct deposit – The service streamlines payroll by allowing customers to pay their employees with direct deposit at no additional charge.
- Comprehensive reporting – Small business owners can tap into a comprehensive set of standard and customizable reports to track key information, including labor distribution, tax compliance reporting and employee compensation, tips and benefits.
- Dedicated support – Small businesses needing assistance can connect with support teams via the service's online chat and dedicated support line.
- HR tools and resources – For a monthly fee, customers can access an integrated human resources library with HR tools and information, including federal and state laws and updates.
"The BBVA Compass Payroll Service simplifies a critical financial task," Hayes said. "It allows our business customers to easily manage the process and quickly return their focus to growing their companies."
Last year, BBVA Compass introduced its Business Mobility Bundle to help micro-businesses manage their finances on the go and launched The Great Ideas for Small Business Facebook Contest, recently awarding two small business owners $10,000 each to fuel their business growth.
Visit www.bbvacompass.com/go/payroll for information on the BBVA Compass Payroll Service and the latest on the bank's small business solutions.
BBVA Compass Payroll Service is a service provided to payroll service customers directly by Execupay Services, LLC., a third party service provider unaffiliated with BBVA Compass. See Execupay's terms and conditions for further details. Payroll products, programs and services are subject to change.
Execupay and the Execupay logo are trademarks of Execupay Services, LLC, Execupay Software, LLC, or Execupay Holdings, LLC.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. The Group is present in the main sustainability indexes. More information about BBVA Group can be found at www.bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 685 branches, including 350 in Texas, 90 in Alabama, 78 in Arizona, 64 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration and was recently awarded the 2013 Celent Model Bank Award for its new core banking platform. Additional information about BBVA Compass can be found at www.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass
For further information: Ralph Evans, Corporate Communications, Tel. 205.297.3038, firstname.lastname@example.org