Growth & Jobs | MC Systems launches payroll loan app - BizPay Cash
MC Systems, one of Jamaica's leading technology companies, has introduced a first-to-market payroll loan product - BizPay Cash. The payroll application was launched at the MC Systems Jamaica Payroll Conference under the theme"Payroll Decoded: Simplifying the Latest Payroll Technologies," in collaboration with Tax Administration Jamaica (TAJ) last Tuesday, March 6.
Dwayne Russell, general manager of MC Systems, says that the latest payroll application reflects the thrust that MC Systems has embarked on in fuelling employee engagement.
"The most exciting aspect of the future of payroll is mobility," Russell pointed out." Mobile apps in payroll will go a far way in literally putting some activities in the hands of employees, thus freeing their HR colleagues to focus on core critical functions."
Explaining the application, Kyle Hibbert, MC Systems' software developer, said that BizPay Cash is a platform that integrates with the MC Systems Bizpay payroll solution to issue loans.
"This service has an automated process built in," he outlined. "We are pulling the data from the payroll system, the analytics, along with the credentials that the company will establish to govern the loan amount, and we deliver it through a mobile app."
He further pointed out that with BizPay Cash, the submission of documents and the long wait for approval will be eliminated in favour of instant approval. Therefore, loans can be accessed through an app.
"People are dealing with a lot in their lives, and that sometimes results in the need to get hold of some cash quickly. With BizPay Cash, they can do that in near real time," Hibbert informed.
On the employer side, Hibbert explained that the app would simplify the process of pay loan applications.
"The ability to approve and issue funds quickly is a challenge faced by employers. Even those who offer loan facilities have to deal with the costs associated with administering these services to employees," he noted.
Hibbert also highlighted the benefits of Biz-Pay Cash, including 24/7 accessibility, where employees can apply anytime and anywhere; no delays, instant approval; real-time feedback; as well as confidentiality, the convenience of viewing transaction history, and loan balances.
Persons who attended the conference were excited about the solution.
"It is a good software solution. It seems to have advantages and it is user friendly," said Jotham Watson, assistant payroll officer.
The MC Systems Jamaica Payroll Conference was attended by approximately 400 payroll professionals and managers.