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| Improve Cash Flow With PCSTruePay |
How Is PCSTruePay Different?
Most workers compensation policy premiums are based on estimated payroll for the coming year. However, the final premium is based on actual payroll and is determined after the policy expires via a premium audit. When the annual payroll is higher than estimated, the employer owes additional premium. When payroll is lower than estimated, money is returned, but usually months later.
With current economic conditions, many employers’ payrolls are declining which means they are paying higher than necessary workers compensation insurance installments due to over estimated payroll expenditures at the inception of the policy. Pay-As-You-Go is the answer to this problem, but you need to have a payroll service bureau in order to facilitate the calculations needed. The down side is that most payroll service bureau Pay-As-You-Go offerings require you to forsake your agent and work long distance with the service bureau’s broker. With PCSTruePay, you get to keep your existing agent or you may choose from other local agents and brokers we’ve selected that specialize in Workers Compensation Insurance.
PCS TruePay integrates the PCS payroll processing engine with the calculation and payment of workers compensation premiums. By utilizing this service, the employer makes monthly payments that are based directly on the actual payroll processed for that month. Better yet, there are no upfront deposits or down payments.
Obviously, one of the main advantages of PCSTruePay is improved cash flow. Your workers compensation premiums will be immediately reduced if your payroll declines during any given month. If your payroll goes up, you won’t be surprised by a large premium due as happens with annually estimated plans.
Benefits of PCSTruePay
- Zero down payment
- Improved cash flow
- Premiums are based on real time payroll vs. a best guess estimate
- “A” rated insurance carriers by AM Best, including Liberty Mutual, Travelers and CyberComp
- No audit surprises!
- Personalized care from your agent or a local agent of YOUR choice
To find out more about PCSTruePay, contact:
Bob Willbanks
Payroll Control Systems
Sales and Marketing Manager
763.746.1934 Direct
bwillbanks@pcspayroll.com