BrightPay payments – a new revenue stream for accountants
BrightPay recently announced a new partnership with the fintech company, Modulr. This is BrightPay’s latest feature which offers our customers an alternative digital payments infrastructure that does not rely on slow traditional banking. The API integration with the digital payments platform will significantly simplify the task of managing payroll payments and will allow you to offer a more efficient and streamlined payroll service. It represents an exciting new revenue stream opportunity for accountants and bureaus.
Gain a competitive advantage:
Accountants and bureaus are continually looking for new ways to differentiate themselves from the competition. In a more saturated market than ever before, it has become increasingly difficult to do this. However, one way of gaining a competitive edge is by taking a value-added service strategy that not only delivers additional value to your customers in return for a greater bottom line but is one that takes advantage of a growing digitalisation trend and behaviour among your customers.
Digitalisation has been frequently spoken about and is not a new trend in the accounting industry. Its impact has already been felt in numerous ways. However, the pandemic may have accelerated the adoption of digital financial tools, with a recent report showing that two-thirds of British SME owners do not feel in control of their business finances. The findings also highlighted their willingness to use fintech, including digital banks and alternative finance, to support their business needs. By utilising Modulr, you will be able to offer customers a digital payment solution that is instant, reliable, and easy.
How it works:
The service will allow you to securely manage and process payments initiated from BrightPay Payroll Software. In your Modulr portal, you can control and manage payments processing on behalf of your entire client base. You can offer your clients:
Access to real-time and 24/7 payments:
Modulr utilises Faster Payments Service (FPS) which means, unlike the traditional Bacs method, your clients’ employees can be paid in 90 seconds rather than taking three days. Conveniently, it is also available 365 days a year, with one-off and emergency payments available at any time.
Modulr will be of interest to any clients who manage the payments themselves and are interested in saving a huge amount of time. For those who are using Bac files and having to input the data themselves, using Modulr will eliminate many of these time-consuming and frustrating steps.
Secure and compliant network:
Modulr’s infrastructure is designed to ensure the highest level of data and system confidentiality and complies with and is regulated by the FCA. Your clients can be confident that the payments are made using a highly secure network.
Using FPS, Modulr eliminates the need for manually entering data and uploading bank files, reducing the chance of costly payroll errors. Clients are required to approve payments on their own Modulr dashboard before a transaction is sent, acting as another layer of protection against human error.