Being a financial wellness platform, late salaries go against ABHI’s values. To solve this problem, the facility of Payroll Processing is available, which is a business portal through which employers can run their payroll on demand to any bank account or wallet in the country and have a dedicated platform to manage their employee’s salaries without any hassle.
How It Works
Step-by-step process of the user’s journey
- For payroll processing, the company will be providing ABHI with information regarding their bank statements, their financial audit reports along with information regarding the number of employees in the company, their salaries etc. For example a company called ABC has 100 employees and each of them earn Rs. 100,000, that makes the company’s payroll Rs. 10 million per month or Rs. 1 crore.
- Based on the financial information provided, ABHI’s risk and compliance departments will determine the financial stability and credibility of the company.
- After the company is successfully onboarded, they will provide ABHI with a set date on which they want the salaries to be disbursed.
- This means ABHI will be transferring Rs. 100,000 in 100 accounts with a service charge of Rs. 60 per transaction. Since ABHI will be making 100 transactions per month, this company ABC, will pay ABHI Rs. 6,000 for processing their payroll for a month.
- A report is sent to the company regarding successful transactions.
When and where can this be used?