Employer of Record Service
Does your company use independent contractors (also known as 1099 employees or sole proprietors)? Independent contractors are a great way to address your changing staffing needs, but they also increase your compliance risk. If the government determines that you have misclassified full-time employees as independent contractors, you could be stuck paying large fines, penalties, and back taxes. Visit our News section to learn more about corporations that have recently realized penalties.
Our Employer of Record service eliminates this risk. Through this service, Payment Services Corp. becomes the employer of record for your independent contractors or all your employees, as needed.
Payment Services Corp. will then serve as the employer for the purposes of all federal, state, provincial, and local taxes, as well as employer-required insurance. Once processed and verified, these independent contractors can return to your workplace as Payment Services Corp.’s contract employee to your firm. The benefits of this service include:
- Centralized Processing - Compliance
Proper processing of all government and corporate paperwork
Verification of background and pre-employment certifications (as applicable)
Verification of employment eligibility (as applicable)
- Consolidated Invoicing
We consolidate all contractors/employees on one detailed electronic invoice
- Electronic Timekeeping
All time entry and approval can be accommodated by our web-based system and accessed 24/7 from any browser with an Internet connection
- Expense Processing
We consolidate all contactor expenses into one invoice. Expense tracking and approval can be processed electronically via our web-based system.
We can also use our purchasing power to offer these employees various other competitive benefits, giving you an attractive recruitment tool.