ebun Okubanjo
Aug 23, 2017 · 2 min read

Neat new features on our Payroll product

So expect us to make a habit out of announcing new features. Not just for the sake of it, to hell with bloat (we are actually preparing to sunset a product) but the sunsets will pale in comparison to the exciting but difficult product roadmap we have laid out.

We were talking to a friend the other day that has worked at Hiers Holdings and Stanbic IBTC, he is currently working on a startup. Asked whether he can pull up his pay slips to see how much he has made over the years, he said he would need to go into his bank records but the thing is, bank records don’t go that far back. Here is the other thing, this dude has done all the right things, made the right calls but somehow all that data has not been housed and forever lost. When we build products for Verifi to integrate into other products, data protection is key in our minds; these bits that we leave behind are the pools that will power the interactions that will make tomorrow so interesting and exciting.

We are happy to announce the launch of the following features to our pay product.

1. PAYE — You can now calculate and deduct taxes

2. Pensions — You can now calculate and deduct pensions — logical next step is to plug into a pension company. We are going to announce our first pension partner very soon.

3. Salary advances — we love this feature. Employees can request salary advances and submit through the member portal and approvers can either grant/deny or modify it. If approved, the money paid along with the next payroll and based on repayment terms, the money is deducted from each pay check till it’s paid back. Our guess is that a lot of SME’s lose money from unpaid back advances and this is also a neat tool for the staff, they can seamlessly request a loan in a world where access to financial services are still limited.

4. Deductions and Bonuses — So we are biased and hope that the bonus feature is used a lot more than the deduction feature. This feature allows you to assess one-time bonuses and one-time deductions either for punitive or compensatory reasons.

So log in and give these features a whirl. We are super excited about them. Our payroll product is almost 3months old, to date we have processed almost N40m in payroll and have 129 companies signed up. Most are small companies. We are on track to process about N25m this month, short of the N50m goal we set but we believe these new features will increase adoption. The stat that we are really excited about is that 100% of people who have used the product continue to use it, stickiness is a stat we can stick with.

Verifi

A business solutions company whose flagship product, Pay by Verifi, is a salaries and benefits solution that helps businesses do more with less.

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ebun Okubanjo

Written by

The man Without Qualities

Verifi

Verifi

A business solutions company whose flagship product, Pay by Verifi, is a salaries and benefits solution that helps businesses do more with less.

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