SOURCE: PayCycle, Inc.

June 12, 2007 06:30 ET

PayCycle Announces 50,000th Customer

Online Service Is Nation's Fastest-Growing Payroll Company

PALO ALTO, CA--(Marketwire - June 12, 2007) - PayCycle, Inc., America's #1 online payroll service, today announced that it now serves more than 50,000 customers, making it the nation's fastest growing payroll company. Since May 2006, PayCycle's net client growth has been 80 percent year over year in an environment that, according to analysts' reports for traditional payroll companies such as ADP and Paychex, is growing 6 percent or less annually.

"PayCycle's robust growth illustrates that small businesses prefer the simplicity and low cost of a web-based software service," said Jim Heeger, president and CEO of PayCycle. "Our top-line customer growth continues to be outstanding and, equally gratifying for us, our customers are extremely loyal and satisfied."

PayCycle Growth Drivers

PayCycle attributes much of its growth to the following factors:

-- Continued rapid adoption of online services by small businesses.

-- Increased focus on making payroll easy for the small business owner.

-- Expansion of electronic state payroll tax payments and filings. (PayCycle offers more direct state e-tax support than any other payroll offering.)

-- The first year success of a private label offering in partnership with one of the nation's largest financial institutions.

-- Redesigned Web site that makes it easier for prospects to try before they buy.

-- Renewed Microsoft Money Home & Business partnership for the 5th consecutive year.

"We're delighted to be working with PayCycle for a 5th year," said Chris Jolley, senior product manager for Microsoft Money. "Through our integration with PayCycle it is our goal to streamline small business accounting and eliminate the hassle of data re-entry for our customers."

Thank You Brian Ohr, PayCycle's 50,000th Customer

PayCycle also announced its 50,000th customer, Brian Ohr, owner/operator of F. M. Mortgage Corp. in Niles, Illinois. Ohr first began using PayCycle over two years ago on another business. He has turned to PayCycle again to electronically manage the entire payroll process associated with his three current employees and three independent contractors.

"We want to extend a hearty 'thank you' to Brian and all our other small business customers who have helped PayCycle reach this important milestone," said Heeger. "It is small business owners like Brian who want an easy and affordable online payroll solution bundled with electronic tax support, that are fueling PayCycle's tremendous growth. We look forward to continuing to serve Brian's business for many years to come." In recognition of being PayCycle's 50,000th customer, Brian receives complimentary PayCycle payroll service for the life of his business.

Ohr, like thousands of small business owners, initially turned to a traditional payroll service for support. "I had a lot of problems with them," said Ohr. "Sometimes they would forget to call. They also made mistakes with my payroll and were often hard to contact."

PayCycle made Ohr's job easier. As he explained, "I like PayCycle's simplicity and flexibility. I can pay any time I want. My employees enjoy the direct deposit option and I find e-filing taxes and forms through PayCycle extremely convenient. I am not a technical person but PayCycle easily guides me through the process and the email reminders help me remember important due dates."

PayCycle Garners Awards

As these recent awards demonstrate, PayCycle is the proven and trusted online payroll service for small businesses and the accounting professionals who serve them:

-- "Best Tool for Managing Payroll," March 2007, Inc. Magazine

-- "Best Customer Service Organization" and "Most Innovative Company," Finalist, 2007 Stevie Awards

-- "Awesome QuickBooks Add-On," 2006, The Sleeter Group

-- "Reader's Choice Award," 2007, CPA Technology Advisor

-- "Top 100 Products," 2006, Accounting Today

-- "Top 100 Practioner Products," 2007, CPA Magazine

PayCycle 2007 Features Exciting Enhancements

PayCycle continues its tradition of product innovation with the following recent enhancements:

-- Electronic State Tax Payments and Filings: PayCycle leads all on-demand payroll services by continuing to add paperless payroll support for more states.

-- Health Savings Account (HSA) Tracking: PayCycle supports both employee pretax contributions and employer contributions to HSAs, including W-2 reporting and unique state taxation.

-- Employee Notes: The all-new "Add a Note" option on the Employee Overview for all employees enables PayCycle customers to keep track of information about each individual employee. Also, notes can be tied to a custom "to do" list to provide alerts signaling when performance reports and other employee-related activities are due.

-- Online Pay Stub Access for Contractors: The pay stub access option extends the popular to include electronic pay stubs for contractors.

About PayCycle

PayCycle, America's #1 online payroll service, is on a mission to make payroll so easy that PayCycle will become the online payroll standard for very small businesses. PayCycle's unique "Do-It-With-You(SM)" (DIWY(SM)) technology platform guides customers through the entire payroll process from paychecks to W-2s. By integrating with the leading small business accounting packages such as Microsoft® Money Home & Business, QuickBooks®, QuickBooks Online and QuickBooks for Mac, PayCycle eliminates the hassle of data re-entry. PayCycle is committed to providing outstanding customer service and is a proud finalist for the 2007 American Business "Stevie" award for "Most Innovative Company" and "Best Customer Service Organization." Founded in 1999, PayCycle has received more awards and recognition than any other online payroll service.

PayCycle is a registered trademark, and "Do-It-With-You" and "DIWY" are service marks of PayCycle, Inc. All other product names and trademarks are the property of their respective owners.

Contact Information

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