SME - PayChoice for Payment [2-Level Control]
It is a web-based Payment System that is complemented with an Instant Electronic Money Transfer platform [anchored on the Interswitch Gateway] which enables you to do a stress-free, error-free payment [including salary administration] as well as payments to suppliers, contractors and other types of beneficiaries.
The Solution is capable of facilitating payee data management which will include computing benefits, salaries, income taxes and other deductions and then forwarding final benefit values to the banking switch thereby executing online real-time crediting of entitlements irrespective of where the accounts of the intended beneficiaries are domiciled. It will thereafter print pay slips finalizing the entire process.
PayChoice [Payments] is a highly customized and flexible automated system. It handles specific tasks such as: setting up of beneficiary's profile, setting up allowances and deductions heads, summarizing wages due, reviewing changes in beneficiary's data, tax computation, computation of wage deductions, creating a payment register, issuing pay slips, issuing statutory/government payroll reports, payroll control, exporting and outputting to other external applications
This Solution offers the simplest way for institutions to pay employees, suppliers and other creditors without issuing cheques. It saves time, reduces the costs of administration and ensures immediate credit. It eradicates the challenges of returned cheques and reduces considerably the administrative activities involved in cheques management. It is also an initiative to complement the CBN's new directives to ensure a cashless economic process to aid organizational efficiencies.Advantages of PayChoice for Payment over other solutions
- PayChoice gives institutions freedom of choosing and making payments from any of its funded accounts in any bank. This allows institution to be independent of banks and ability to maintain as many bank accounts as management pleases.
- It is specifically customized to organization's peculiar needs
- There is prompt and adequate support locally.
- Specific reports are available in different formats as required by the organization. Reports are not generic