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The Green SheetGreen Sheet

The Green Sheet, Inc.Breaking Industry News – Wednesday, September 18, 2019

Payroll firm vanishes, saddling payment processors with losses

In a case that could have implications for direct deposit and payroll services providers, a payroll processing firm ceased operations, vanishing into the ether with $35 million earmarked to pay client employees and their tax withholdings. Now the FBI and regulators in New York, where the payroll company was based, are investigating the matter.

“I am calling on the [New York Department of Financial Services] to investigate the sudden and disturbing shutdown of MyPayrollHR in Clifton Park,” Governor Andrew Cuomo stated in a recent tweet. “The company’s reckless actions have left employees across the state with negative bank accounts. They deserve answers.”

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Spotlight Innovators

The Green SheetOnline Edition – Issue 19:09:01

Nonbank finance: policies and politics

By Dale S. Laszig

Nonbank finance has evolved over the past decade, but experts say lawmakers don't yet understand its nuances. Industry leaders are rallying stakeholders to join them in educating Washington while promoting best practices from within. Their syllabus highlights the differences between merchant cash advances (MCAs) and loans, and consumer and business finance models. Self-regulatory approaches have centered on disclosure, transparency and industry best practices.

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The Green Sheet It’s Showtime!

Featured Shows

Merchant Sales Podcast
Merchant Sales Podcast
September 16th, 2019
Achieving Success by Playing to Your Strengths

Laura Demke-Calixte, Founder & CEO of EPNA, describes how she's building that ISO, a certified woman-owned business enterprise, on a foundation of trust and integrity, with unique flourishes, like operating a retail storefront where merchants can get statements analyzed and product demos. James drills down on the skill set needed to support successful agent training, and Patti discusses POS debit trends.

SurchX

Company profile from GS190901

Reducing the pain of processing fees

What happens when a group of friendly entrepreneurs and technologists assemble to solve a new problem? If serial entrepreneur Robert Maynard gets involved, it could easily result in a new venture.

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