Specifically, Check has launched Credit & Fraud Protection, Embedded Setup, and Embedded Support tools, which complement the company's core embedded payroll API and Check Components, providing solutions for platforms entering the payroll sector. The new tools aim to address challenges such as fraud management, data migration, compliance, and support.
In the official press release, representatives from Check highlighted the significance of these tools in the evolution of embedded finance and payroll. The suite of offerings aims to simplify the complexities associated with launching and operating a payroll business, providing a fully embeddable business line with improved unit economics and reduced risk.
The press release further highlights that one important area of concern is payroll fraud, which is notably prevalent in businesses, with small businesses facing double the risk compared to larger organisations. Check's Credit & Fraud Protection was designed to tackle these concerns by assuming credit and fraud losses, offering credit underwriting to facilitate faster employee payments, and incorporating fraud monitoring and prevention services. This enables platforms to stay clear of financial risks without the need to establish their own credit, fraud, compliance, and regulatory teams.
When it comes to onboarding customers in the payroll industry Embedded Setup was designed to streamline the process by providing an end-to-end solution for onboarding new employers or migrating existing ones to Check's payroll product. This includes data migration to minimise the time required for onboarding.
Embedded Support addresses the need for quick, reliable support in payroll processes. In essence, Check's Embedded Support can provide real-time answers to employers' payroll queries, eliminating the necessity for platforms to maintain a dedicated payroll support team. The goal is to allow organisations to focus on growth and customer satisfaction, while Check's team handles payroll-related questions and issues.
Founded in January 2021, Check has emerged as an important payroll platform, enabling companies to integrate payroll seamlessly into their platforms.
According to Check's official press release, since the company's launch, various SaaS companies and large-scale workforce management horizontal platforms have built successful payroll businesses on its infrastructure. Moreover, Check is backed by Stripe, Thrive Capital, Index Ventures, and Bedrock.
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