We got our start in voluntary benefits, but Piedmont is pioneering new ways to pay across multiple industries.
If you’re looking for a more efficient way to facilitate payments, Piedmont is your answer.
Accounts Receivable. Two words that spark conflicting emotions for businesses and state agencies alike. On the one hand, it’s nice to know someone is committed to paying you eventually. On the other hand, there’s the “eventually.” For many Americans, it’s often just a matter of convenience or priorities when it comes to paying the bills on time. So we created the “Payroll-based Payments” concept to ensure that happens and everyone wins.
Piedmont’s premise is simple:
1. You need to get paid on time.
2. Your customers need to pay you on time in order to maintain good credit.
3. The current payment methods are decades old, inefficient, and doing no good for either party.
How it works
You set your customer up with a Piedmont Deposit Account. The account is automatically funded on their pay cycle. Piedmont holds the funds until you submit the bill each month, and Piedmont pays it… On time, every time.
Your customer’s account is funded either of 2 ways:
1. Bank Draft Method – On their pay cycle (weekly, bi-weekly, semi-monthly, monthly), your customer’s checking account, savings account, credit/debit card is drafted & funds placed in their Piedmont account. Piedmont holds the funds until you present us with the bill, at which time we pay you the full monthly amount due.
2. Direct Deposit Method – Similar to the Bank Draft Method above, the Direct Deposit Split feels a little more like a payroll deduction.
You can see the process here.
If you’d like to explore how your business could benefit from offering payroll-based payments to your customers, please contact us at sales@piedmontpays.com.
