iiPay has launched a payroll solution to help multinational corporations manage payments to contractors.
The new ContractorPay streamlines payments to contractors across the globe, the provider of cloud-based global payroll software solutions said in a Tuesday (June 6) press release.
“iiPay ContractorPay will provide businesses with the flexibility and agility needed to pay their contractor workforce, while benefiting from a seamless end-to-end payment journey,” iiPay CEO Curtis Holmes said in the release.
ContractorPay reduces administrative burdens, enables on-time payments to contractors in multiple currencies and countries, and provides a dashboard for tracking payments and making data-driven decisions, according to the press release.
The new solution harnesses the capabilities of iiPay’s existing platform that facilitates payroll and payments for organizations of all sizes, the release said.
“Given iiPay’s extensive experience in global payroll complexity and compliance, ContractorPay is a natural extension to enable our existing clients to benefit from this solution while opening doors for new customers to have an integrated payroll and payments solution regardless of whether their valuable talent is an employee or contractor,” Holmes said in the release.
PYMNTS research has found that 67% of companies that are based in the United States or the United Kingdom and have over $100 million in revenue are interested in hiring more international contractors.
At the same time, paying and managing international workers presents challenges like handling taxes, financial data security, fluctuating exchange rates and legal or regulatory issues, according to the “Cross-Border Payroll and Contractor Payments Report,” a PYMNTS and Nium collaboration.
The report also found that 87% of firms hiring internationally are at least slightly interested in innovating cross-border worker payment methods, with 24% being very or extremely interested.
In addition to juggling multiple currencies, companies must also deal with the myriad ways workers want to be paid, Nium Chief Revenue Officer Frederick Crosby told PYMNTS in an interview posted in September 2022.
Some workers want to be paid in card form or in the digital wallet that they have in their country, Crosby said at the time.
“You have to suddenly be able to host a wide variety of people in different places, using different currencies, and still get that money to them almost instantaneously as if it was in their own town — otherwise, they’ll just move on to the next gig,” Crosby said.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.