ipaymy payroll management system allows you to pay your employees' salaries, expenses, bonuses, and commissions with your credit card. Your card will be charged the total salary and a small transaction fee.
Types of payments in this category include:
Recurring salary
Bonus payments
Commission payments
Expense/allowance reimbursements
Director's Fees
There are 2 options you can choose to pay salaries:
Option 1 - Direct to Employees' Accounts
Funds are deposited directly into your employees' accounts on the scheduled date. The supporting documents we require are either:
A copy of the employee's employment contract OR
A copy of the employee's payment slip
The benefits of this approach are a straight through processing direct to your employees and no further admin work is required.
Find out how to set up this payment flow here.
Option 2 - Direct to your Business Bank Account
Funds are deposited directly into your business's bank account on the scheduled date so you can disburse the funds on your own after. The supporting documents we require are:
A copy of your business's bank statement for account details verification (first payment only)
A copy of the latest government pension contribution records (i.e. CPF)
Payroll system records that reconcile with the total payment amount
The benefit of this approach is the funds can be easily deducted from your company bank account in the instance of government contribution arrangements.
Find out how to set up this payment flow here.