Professional Payment Services

Monday, 13 September 2010 09:02 |

Written by Holly Meredith |

Select Services Inc.

Addressing The Needs Of Companies Who Utilize Direct Contractors.

Professional Payment Services

~MORE AND MORE COMPANIES ARE CHOOSING TO PAY THEIR DIRECT CONTRACTORS THROUGH A SEPARATE FINANCIAL SERVICE..........1

~COMPANIES CHOOSING TO PAY THEIR DIRECT CONTRACTORS THROUGH A SEPARATE FINANCIAL SERVICE HAVE FEWER CHECKS AND PAYMENTS TO PROCESS.......2

~BY SELECTING THE PROPER ENTITY, YOU CAN TRANSFER THE CHORE OF PRODUCING, DISTRIBUTING, AND FILING 1099'S TO YOUR FINANCIAL SERVICE PROVIDER.......3

If your company decides not to pay contractors directly, it is imperative to choose a financial service provider that includes complete 1099 service as part of their regular services. Our payment services include providing 1099's for payments sent through us. And, as an option, we provide 1099 service for payments not sent through us.

HELPING YOU PAY YOUR CONTRACTORS TIMELY AND ACCURATELY

We, Select Services, have been involved in this industry for more than 15 years. We provide knowledgeable and highly customized services to our clients and their contractors.

We customize our services to fit your needs. Because we recognize that your needs can change over time, we remain flexible to adjust our services to meet your needs as they change.

We set up records for payment and 1099 reporting for each contractor. we can disburse net settlements. Or, we can receive gross settlements, make deductions as requested, and disburse funds to contractors and predetermined vendors. Or, we can receive settlements net of certain deductions and disburse the remaining funds to various parties.

One of the payment services we provide that can save on the cost of our service is setting up deductions from settlements for predetermined vendors. Some predetermined vendors will accept a single payment for products/services provided to multiple contractors (as reported on a listing) for a certain period of time (weekly, monthly, quarterly, etc.).

Reports of settlement activity and transactions can be made available to management. The information must be limited to transactions required under contract and cannot include other transactions or information of a "personal" nature (such as optional deductions, optional vendors, direct deposits, etc.).

The cost of our service can be borne by the contractor, by our client, or both.

COMPLIANCE ISSUES

We can help with some of the compliance items stressed by the IRS. Since contractors are usually responsible for paying their own overhead expenses (one of IRS's 20-Factor items), we can assist in helping the contractor with bill paying, including equipment payments, lease payments, uniform payments, estimated tax payments, etc. In addition, if your contract calls for the contractor to be responsible for losses incurred by their actions/inactions (one of the IRS's 20-Factor items), you can establish a method to send notice to us to "set aside" part of any settlement due and remit back to you or a predetermined vendor. Generally, this requirement must be in writing and be part of your agreement with your contractor, and the contractor must give us written authorization make these payments on behalf of the contractor.

SERVICES FOR THE CONTRACTOR

For the contractor, we provide the following services (THIS IS NOT AN ALL INCLUSIVE LIST).

For independent contractors, we provide timely processing and payment services. We provide direct deposits, pay cards, hard checks, and other related services.

Our services include paymemnt of garnishments and other court ordered and IRS levies.

A personal email box is provided for each contracor. -The contractor establishes and controlls their password, thereby, controlling access to their email box. Settlement information and reports can be sent to the email box.

At the approval of the contractor, we can facilitate "proof" of certain specified transactions or deductions.

Financial reports are avaliable to the contractor for their own activity.

At the request of the contractor, funds can be directed to a savings account(s). Or, we can establish a "reserve" account so that funds can be accumulated and disbursed at the direction of the contractor. These reserve funds can only be disbursed under the direction of the contractor

We can provide background checks for contractors who have employees and/or subcontractors and bill the contractor directly.

Also, we can arrange for drug screens, random drug testing, mvr reports, etc. We utilize the services for one of the largest testing and screening businesses in the U.S.

We can provide bill paying services to the contractor. The contractor may have bultiple businesses or need other types of bills to be paid such as mortgage, auto payment, personal insurances, etc.

CONTRACTOR AND BUSINESS OWNER

For the contractors who may have employees and/or their own subcontractors, we can assist with:

I-9's
W-9's & W-4's
Payroll Payments
1099 Payments
Tax Reporting, Filing, & Payments
W-2's & 1099's

We can provide access to various insurance and retirement plans for the business owner.

-Health Care Plans-

-Retirement Plans-

-Worker's Comp/Occupational Accident, etc.-

We work with contractors to provide information to their accountant(s).

.Select

WITH MORE THAN 15 YEARS IN PAYMENT SERVICES, WE UNDERSTAND THE NEEDS AND DESIRES OF BUSINESSES TO PROVIDE TIMELY AND ACCURATE PAYMENTS TO EMPLOYEES AND CONTRACTORS.

Last Updated (Tuesday, 23 November 2010 15:55)