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Biz2Credit Launches New Virtual CFO for Small Businesses, Available Through Paychex Promise

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NEW YORK, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Biz2Credit today announced the launch of its BizAnalyzer™ Virtual CFO, an advanced software tool that enables business owners to make smarter financial decisions about their companies. This virtual CFO software is available to clients of Paychex Promise, a subscription-based service from Paychex, a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, that protects against payroll interruptions and offers solutions to address the routine challenges of running a successful business.

Biz2Credit's patented BizAnalyzer allows Paychex Promise clients to monitor the financial health of their businesses, offering insights to help improve cash flow and build credit. In addition to access to the BizAnalyzer, Paychex Promise clients can also take advantage of Biz2Credit's Small Business Loan Center, which offers lending options through the Biz2Credit network of lenders.

"Both BizAnalyzer and Paychex Promise were built with the unique needs of small business owners in mind," said Biz2Credit CEO Rohit Arora, one of the nation's leading experts in small business finance. "This is an example of two companies coming together to create a solution that will help business owners continuously monitor and improve the financial health of their business."

Paychex Promise delivers the ultimate peace of mind to business owners: protection against payroll interruptions and solutions to meet the everyday challenges of establishing and running a successful company. Its primary offering, Payroll Protection, extends the collection of payroll funds from a business's bank account by up to seven days without interruption of service or insufficient fund charges, enabling owners to pay employees and remit taxes on time even when vacations or accounts receivable delays disrupt cash flow.

"Paychex Promise helps business owners meet their payroll obligations – on their schedule. By delaying the collection of payroll funds by up to seven days, Paychex is offering a simple solution to the complex problem of cash flow disruptions, common in small business," said Frank Fiorille, vice president of risk, compliance, and data analytics at Paychex. "Payroll Protection, along with other valuable resources such as Biz2Credit's BizAnalyzer tool, means that Paychex Promise subscribers get access to a host of services designed to strengthen their finances, raise awareness of regulatory issues, and much more." 

Through Paychex Promise, users have access to BizAnalyzer, which provides financial scorecards that enable small business owners to measure their own financial health and creditworthiness and to compare their situations against industry benchmarks. The tool runs on top of a recommendation engine that delivers advice to companies about improvements they can make to boost their bottom line.

"Every company's financial details are stored in our encryption-secured digital vaults, and accessing this information will not hurt your credit score," Arora said. "BizAnalyzer presents every important financial metric on one simple dashboard so that business owners can examine their cash flow summaries, see what might be holding back their companies from getting funding, and compare their financial situation against industry competitors."

"BizAnalyzer generates reports that provide tips on how companies can improve their finances," Arora added. "Paychex is a pioneer in offering this first-of-its-kind membership service in the payroll and HR industry."

Paychex Promise offers fast, easy-to-use solutions including:

  • Payroll Protection that extends the collection of payroll funds from a business's bank account by up to seven days without interruption of service or insufficient fund charges.
     
  • No-Cost Same Day Payroll that allows clients to process up to two Same Day ACH requests each subscription year at no cost.
     
  • Business Credit Service that sends clients' payment history to credit bureaus with the goal of building their business credit file and improving their ability to secure more attractive financing terms.
     
  • Regulatory Newsletter that shares monthly compliance and regulatory news, so employers can stay informed on the key regulatory issues impacting their workforce.
     
  • Payroll Fraud Hotline that provides clients access to a dedicated payroll fraud center to answer questions and assist with resolutions if an event occurs.
     
  • Small Business Loan Center that offers Biz2Credit's BizAnalyzer tool for monitoring the financial health of a client's business, along with lending options from Biz2Credit to help with non-payroll related financing needs.

With the introduction of BizAnalyzer, Biz2Credit, which has already helped secure more than $2 billion in funding to small businesses worldwide through its SMB finance solutions, is expanding its range of offerings for business owners. The New York-based FinTech firm is more than a traditional business financing company. It has also become a finance solutions provider to business owners through its cutting edge small business software products.

"Consumers have long had Credit Karma and other similar monitoring tools to get details on their personal credit scores. Now business owners can evaluate the important factors that impact their companies' creditworthiness too," Arora explained. "For instance, Paychex clients can now gain insights automatically into how their companies are performing just by connecting their bank account for real-time performance monitoring."

Note: Paychex Promise and/or any of the services offered as part of program are subject to eligibility and are void where restricted by law.

About Paychex
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, human resources, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves over 650,000 payroll clients as of May 31, 2018, across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.

About Biz2Credit
Founded in 2007, Biz2Credit has arranged more than $2 billion in small business financing in the United States and has several times been named to Crain's New York's Fast 50 and was ranked among the top 200 fast-growing companies on Deloitte's 2017 Technology Fast 500. Biz2Credit is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers across the globe. Visit www.biz2credit.com or follow Biz2Credit on Twitter: @Biz2Credit, Facebook, and LinkedIn.

Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

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