A Single Mobile Wallet and Card for your Employee Benefits and Reimbursements. Paysack brings digital payments to the enterprise with a combination of a mobile app & a prepaid card. Paysack wants to transform the financial services in the enterprise space.
Benefits form an integral part of employee value proposition. Employers often spend around 20% of the payroll for employee benefits. But the way these benefits are structured and delivered to the employees hasn’t seen a change for the last few decades. So there is an increase in the gap between the cost of these benefits to an employer and their perceived value by the employees.
Paysack is a mobile first Software-as-a-Service (SaaS) Platform that is re-imagining employee benefits. Employees who thought their pay packages could be designed better now have a reason to smile. Companies are now offering their employees the choice to structure their pay packets. So while the cost-to-company (CTC) is fixed by the employer, employees are given a free hand to decide on which components they would like to have as part of the salary. Paysack enhances the administration of employee benefits like food, travel, medical, among other perks.
By using our platform, compensation packages can be designed to include a basket of flexible allowances to minimise the tax outgo. A bunch of elements such as meal coupons, customised allowance pool and “below-the-line” benefits have entered compensation structures, defining a major shift in designing pay packages. Most employers are giving employees the freedom to align their compensation packages to their expense patterns for tax planning.
Our initial focus market is India which has more than 51 Million SMEs. Our simple and cost-efficient platform could encourage more companies to follow this approach and pay flexi-allowances as a part of the fixed monthly payment to employees.