Payroll PSPs, or Payroll Payment Service Providers, are third-party companies that provide payroll processing and payment services to businesses. They offer a range of services, including payroll processing, tax filing, and direct deposit for employees. By outsourcing payroll functions to a PSP, businesses can save time and resources while ensuring compliance with regulations.
Payroll PSPs typically offer a variety of pricing options, including per-employee fees, monthly fees, and per-payroll fees. They may also offer additional services, such as human resources management or time and attendance tracking. Overall, payroll PSPs can help businesses streamline their payroll functions and ensure accurate and timely payments to employees, while also reducing the risk of errors and compliance issues.
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