Papaya Global, the global payroll company, is aiming to revolutionize the global workforce management. This is a field that has boomed since the pandemic, and their platform is one of the few that uses cutting-edge technology to provide fast and secure payroll and payment solutions anywhere in the world.
Papaya’s New Payment Process
Papaya Global recently purchased Azimo, the money transfer company. Their investment now gives their platform the ability to provide payment technology within 72 hours anywhere in the world. First let’s start with the basics.
What Is the Payroll Process?
Global payments have now turned into a normal rather than an exceptional event. More and more businesses expand overseas in order to reduce labor costs and tap into new markets to boost their revenues.
However, one of the main challenges of international expansion remains compliance. As a new and small business, it can be impossible to learn and adapt to all the local regulations regarding labor laws and the payroll process. Even if this may be attainable, the resources and money required for this may turn the international expansion into a non-feasible project.
The payroll process essentially consists of remunerating your employees for their work. You need to calculate their total wage, deduct relevant amounts for taxes and other charges, fill the taxes on their behalf, and, of course, deliver the payment to the employees.
This is where Papaya Global steps in. The company can handle payment capability for any business, of any size. While there are a myriad of payroll providers on the market, which offer to handle the process on your behalf, these companies lack the ability to make payments. Thanks to acquiring Azimo, Papaya Global is now able to provide businesses with seamless payment delivery regardless of where their employees are located.
Payment Delivery
While the payroll process may vary from region to region based on local laws, one thing is for certain – payment delivery is a key step in this process. Papaya Global promises payment delivery within 72 hours anywhere in the world. This is an all-in-one solution for businesses that want to make sure they stay compliant with all local laws and compensate their employees fairly and on time.
Global Coverage
Papaya’s new ability to deliver payments is available in over 160 countries. This is thanks to their money transfer licenses, an area lacking in their rivals in this space, who can handle the paperwork on your behalf, but require you to use a third party to do the actual transfer.
Compliance & Security
Papaya Global is a trustworthy partner to hundreds of companies. A key aspect of this is the regulatory compliance and security provided to all clients. For example, the company is fully compliant with GDPR regulations, and all practices and standards are compliant with SOC 1 and ISO 270001.
When using the platform itself, you are protected by secure online forms that are shared via secure protocols – and all data is fully encrypted while being transferred. In other words, all user data is fully protected at all times, even if you connect via a public Wi-Fi system that is otherwise vulnerable.
Visibility and Control
While providing a secure, trustworthy method of handling the entire payroll process, Papaya Global’s platform remains intuitive and easy to use. Essentially, you can see your entire global workforce from one pane, which makes it easy to manage thanks to full visibility.
In addition to this, there is full control without added complexity that often comes with it. For instance, you can set up the payroll data to go through an approval channel. Essentially, you can designate users to review the data before being processed. Also, the platform comes with real-time insights, so you can stay up to date with all the information you need, without dealing with noisy data.
Bottom Line
Papaya Global has now expanded its capabilities beyond payroll. Their payments capability will help their clients by enabling them to run a leaner payroll cycle. Papaya Global’s platform is a fast, secure platform that promises quick payment delivery within 72 hours anywhere in the world, boasting full visibility, control, and transparency, while adhering to the most stringent security regulations in the world.
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