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ATLANTA - RTI (Restaurant Technology, Inc.), a leading provider of restaurant payroll software, and Skylight Financial, Inc., a leading provider of account based direct deposit solutions, will collaborate to provide restaurant operators with a unique "paycard" option that allows them to provide an electronic payday for all of their employees, even those who are "self-banked."
Through this partnership, RTI will be a referral agent for Skylight Financial's account based, direct deposit solution. With this offering, RTI's payroll software users can provide an FDIC-insured, direct deposit account to employees who do not have a traditional banking relationship.
"Our customers currently pay over ½ million people each year using RTI's Payroll software," said Greg Waddell, Vice President of Sales & Marketing at RTI. "As these restaurant owners look for easier ways to distribute payroll while cutting processing costs, it's critical that we offer a 100% electronic payment solution, even to those employees who do not have traditional bank accounts. Our partnership with Skylight Financial allows us to provide our customers with true 'checkless' payday capabilities, while also giving their self-banked employees many of the benefits of an account-based banking relationship."
"We are excited about our partnership with RTI," said O.G. Greene, Chairman and CEO of Skylight Financial, Inc. "Our account based financial services complement RTI's payroll solution, and will be especially valuable to quick-service restaurant operators and their employees."
The Skylight account is an account for which all employees are eligible*. It is owned by the employee and may be taken with him if he leaves the employ of the restaurant operator. This is particularly important in today's quick-service restaurant environment where employee turnover is high. Employees get the benefits of a "bank account in a card" by having safe and convenient access to their money and monthly statements, like a traditional account. Unique optional features, such as a Sub Account to transfer funds internationally and a Bill Pay Service, offer additional benefits without expensive fees.
For the restaurant owner, Skylight provides a path to achieve 100 percent direct deposit for payroll. Since Skylight administers the entire program, companies save time and reduce overall payroll costs. "With the cost of payroll check generation and distribution estimated at $2.35 per employee per pay period, the immediate and compounded savings for most organizations can be significant," said Mr. Greene.
* Contingent upon payroll Direct Deposit and identity verification.
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For Payroll and Human Resource Professionals
