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00:00:00 – 00:24:15
The video discusses the integration of payroll services with earn wage access to streamline payroll processes for merchants and enhance user experience. Key points include the significance of integrated solutions like Gusto embedded for small businesses, the benefits of embedded finance in payroll management, and the importance of choosing the right partner for successful implementation. The speakers emphasize the need for seamless operations, customer service, and efficiency in managing various business aspects through a cohesive platform. Additionally, they stress the value of partnerships, expertise in payroll compliance, and providing customer care to enhance margins and customer retention. The video underscores the critical role of payroll in businesses, particularly during challenging times like the pandemic, and highlights the significance of embedded payroll solutions like Gusto for offering comprehensive, accurate, and timely payroll services.
00:00:00
In this segment of the video, the discussion revolves around integrating payroll with earn wage access for a more streamlined payroll experience for merchants and employees. The conversation features Jerome Friedman, the Co-Founder and Chief Innovation Officer of SpotOn, a point-of-sale platform for restaurants. SpotOn aims to provide all-in-one solutions for restaurants and SMBs. Additionally, they are offering embedded payroll as a feature, highlighting its benefits over traditional integration methods. Darin also shares advice for SAS leaders working with embedded payroll and fintech products. SpotOn is described as a leading software and payments company, serving businesses across different sectors with a tailored approach focused on customer service.
00:03:00
In this segment of the video, the speaker discusses how technology is essential for businesses to maximize labor efficiency, especially in the face of increased labor costs. They highlight the importance of teamwork as a Labor Management solution in the marketplace. The conversation shifts to the integration of payroll services into the teamwork platform based on customer feedback, with a focus on simplifying the payroll process for clients in the restaurant industry. The significance of offering integrated solutions like Gusto embedded to support small business owners in managing payroll effectively is emphasized.
00:06:00
In this segment of the video, the speaker discusses how partnering with the company is akin to Amazon making its internal infrastructure available to other providers. The focus is on providing a seamless experience for clients by integrating payroll services into one platform to streamline processes. The move to embedded payroll eliminates the need for clients to switch between different platforms for payroll, labor, and other functions, making the overall experience more efficient and accurate. The aim is to simplify operations, enhance customer service, and create a more cohesive platform for businesses to manage various aspects of their operations in one place. The partnership’s goal is to offer clients peace of mind and a user-friendly experience to run their businesses effectively.
00:09:00
In this segment of the video, the discussion focuses on the importance of payroll and labor management for businesses. The speaker emphasizes the need for an all-in-one solution to streamline processes like payroll, scheduling, and tip management, ultimately saving time and improving user experience. The integration of payroll services into a holistic dashboard is highlighted as a key feature that adds value to businesses by increasing efficiency, accuracy, and revenue. Additionally, offering payroll as a service can be a competitive advantage and promote customer retention due to the complexities and seasonality involved in switching providers. The conversation also briefly touches on the broader concept of embedded fintech products and the company’s roadmap for expanding financial services in the future.
00:12:00
In this part of the video, the speaker discusses their experience with fintech solutions, particularly focusing on embedded finance. They emphasize the importance of focusing on what you are good at, and in their case, they don’t want to be thinking about payroll compliance. The speaker talks about the need to partner with the right businesses for embedded finance solutions, emphasizing the importance of service mentality and creating lifetime value for customers. They highlight the complexities and risks associated with payroll and the necessity of having experts to assist. The goal is to offer a seamless, user-friendly experience for clients while owning the end-to-end customer relationship. The video also touches on the significance of payroll, especially during challenging times like the pandemic.
00:15:00
In this segment of the video, the speaker discusses the benefits of marrying capital and payroll together, highlighting how it can make giving capital easier by tracking cash inflows and outflows. The concept of earn wage access is introduced as a new trend, allowing employees to access their earned pay immediately. Embedded finance can streamline payroll processes, making it simple for merchants and beneficial for employees. The speaker advises listeners to consider if embedded payroll fits their business needs and if they have the infrastructure to support it. Finding the right partner, like Gusto, is crucial for successful implementation. The process may require iteration and learning, emphasizing the importance of choosing the right partner for the business.
00:18:00
In this segment of the video, the speaker stresses three key recommendations for those considering embedded payroll: differentiation aligned with product strategy, upselling and servicing approach, and measuring business and lifetime value. They emphasize the importance of customizing payroll to fit specific industries, effective upselling to existing and new customers, and understanding the long-term profitability of investing in payroll. The speaker also highlights that embedded payroll can lead to higher margins by providing extra customer care, making it a valuable endeavor for both customer retention and financial gain. Finally, the speaker expresses excitement about building a platform that adds value for customers in the embedded finance space.
00:21:00
In this segment of the video, the speakers discuss the benefits of embedded payroll with Gusto for partners and customers. They emphasize the importance of strong partnerships in providing comprehensive solutions and customer support. The conversation highlights the complexities of payroll services, such as tax calculations and compliance, and stresses the expertise required to ensure accurate and timely payments. The speakers conclude by underscoring the responsibility involved in handling people’s paychecks and the critical role Gusto plays in embedded payroll solutions.