Copyright 2019 by NextGen Sourcing Consulting
Many organizations pay their vendors with paper checks or ACH transfers. Checks are inefficient, costly and not secure. And 70% or more of vendor payments are still processed via check. ACH payments cost less and are more secure, but limited in data exchange. And neither of these payment methods generates revenue. Our Virtual Payment technology is significantly more efficient and faster than checks or ACH, and it generates substantial revenue just from paying your vendors. Our solution works with your existing accounting system, at no additional cost, is highly secure, saves time & money, and most importantly pays you for each transaction. You have to pay your suppliers anyway, so why not generate revenue from doing so? Every $10 million in virtual payments could add up to $135,000 in additional revenue to your bottom line.
Employee health benefits ranks as the 2nd largest expense for the average employer, second only to payroll, and the rising cost of employee health benefits is the number one issue, or problem employers are facing today. We have a healthcare billing problem in the United States. The price for medical services and the price of prescription drugs, depends on how much can be extracted from you, or from your health plan, and you have no idea how much the bill is going to be until after services are rendered. We focus on controlling 4 primary cost drivers which make up 90% of the cost of a health plan: hospitalization & surgery, outpatient services, including diagnostic labs & imaging, emergency services, prescription drugs, and physician services. We help organizations to reduce the cost of their employees’ health benefits by 12 to 25%, and sometimes more, while also reducing out of pocket costs, and increasing their quality of care without necessarily changing their broker or health plan provider.
Instant Pay for hourly workers is a company sponsored third-party employee benefit program specifically designed for the hourly worker at NO COST to the employer and requires NO INTEGRATION to payroll systems. With unemployment at historic lows, it’s becoming increasingly difficult to attract and retain top talent. Offering instant access to earned wages is a benefit that can build loyalty with your hourly workers, and give you competitive a edge in recruiting top talent. Employers with hourly workers will find yourself themselves at a competitive disadvantage if they’re not offering instant access to earned wages. The average cost to replace an employee is $3,228, and the average cost of absenteeism per employee is $3,600. Instant Pay on average achieves the following results...
: • Increase in job applicants by 60%
• Reduce employee turnover by 13%
• Reduce absenteeism by 10%