SOURCE: PayCycle, Inc.

July 14, 2008 06:00 ET

PayCycle Eases Small Business Cash Crunch With "Pay-as-You-Go" Workers' Compensation

Teams With The Hartford to Offer Workers' Compensation Premium Payment Service With Online Payroll

PALO ALTO, CA--(Marketwire - July 14, 2008) - PayCycle, Inc., America's #1 online payroll service, today announced a fully integrated "pay-as-you-go" premium payment service for workers' compensation insurance provided by The Hartford. By partnering with the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation's largest insurance and financial services companies and a leading workers' compensation insurance provider, PayCycle helps take the guesswork out of paying workers' compensation premiums and makes payment as easy as its award-winning online payroll.

Traditionally, small business owners must make large up-front premium down payments for workers' compensation, and payments throughout the year that are based on an estimate of the business' gross annual payroll. With The Hartford's XactPAY® premium payment service, PayCycle provides an additional tool for small business owners to more carefully manage cash flow in these difficult economic times.

With XactPAY, PayCycle customers automatically pay their Hartford workers' compensation insurance premiums one payroll at a time. After a customer runs payroll in PayCycle, the payroll information is automatically sent to The Hartford. The Hartford calculates the workers' compensation premium amount for that payroll period and withdraws the funds directly from the small business' bank account. There are no checks to write. In addition, because premiums are calculated based upon actual payroll, customers using XactPAY are not required to pay a large up-front premium deposits, and costly finance charges and the chance for audit surprises at the end of the policy year are reduced.

"In this tough economy, small businesses are struggling to make ends meet," says Jim Heeger, president and CEO of PayCycle, Inc. "We are taking away a variety of uncertainties that traditionally come with workers' compensation insurance premium payments and making the whole process much more straightforward, convenient and easy. And, since XactPAY is fully integrated with our payroll service, PayCycle is offering convenient one-stop-shopping to our customers," continued Heeger.

"Getting workers' comp right is such a hassle, especially when staffing levels change throughout the year. The old process is insane: you spend hundreds on deposits, get hundreds in refunds. When XactPAY is combined with PayCycle, a ton of work just falls away," said Mike Schreibman, executive director, Children's PressLine.

"XactPAY brings a certainty to the premium payment process which is an ideal complement to PayCycle's proven convenience, affordability and ease-of-use. This combination helps small business owners gain control over their workers' comp expense and gives them the convenience of an online solution," said Donato Monaco, vice president at The Hartford's Payroll Alliances Center.

For a PayCycle service fee of $5 per month (which is not part of the premium charged by The Hartford), PayCycle customers can take advantage of the XactPAY solution to automatically pay premiums for a Hartford-issued workers' compensation policy.

When selecting an online payroll service, small business owners should look for the ability to run unlimited payroll, anytime and anywhere, with full control over payroll funds; for a complete online experience for all stakeholders including employees; and for seamless integration with leading accounting solutions and world-class support. PayCycle® online payroll service offers all of this as an easy and convenient web-based service and at an affordable monthly price.

About The Hartford

The Hartford, a Fortune 100 company, is one of the nation's largest diversified financial services companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford's Internet address is www.thehartford.com.

About PayCycle

PayCycle is America's #1 online payroll service, serving more than 75,000 small businesses. PayCycle provides an easy-to-use, innovative, efficient service for small businesses backed by outstanding customer support. PayCycle also powers payroll services for leading financial institutions including Capital One and PNC Bank, and provides client payroll services through many of the nation's accounting professionals. PayCycle's service integrates with leading accounting programs such as QuickBooks®, Quicken®, Peachtree®, and Microsoft® Money. PayCycle's unique "Do-It-With-You™" (DIWY™) technology platform guides customers through the entire payroll process from paychecks to W2 forms. Visit www.paycycle.com for a free trial of the service.

Note: 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

  • Contacts:

    Julie McHenry
    Communications Insight, LLC for PayCycle
    (650) 347-1333
    Email Contact

    Robert Blodgett
    CRVisions Communications Inc.
    (619) 823-4357
    Email Contact

    Thomas Hambrick
    The Hartford Financial Services Group, Inc.
    (860) 547-9746
    Email Contact