Payroll Services Providers Today
In today’s busy world, payroll services companies provide invaluable services to small and large businesses, including paycheck generation, tax filings, and reporting. Over the past five years, the industry has boomed thanks to an increasing customer base, new tech opportunities, and a growing workforce.
However, providers still face challenges. Industry growth is expected to continue over the next five years, though at a slower pace. Additionally, because so many large payroll services providers dominate the industry, smaller companies face stiff competition.One way for payroll services providers to set themselves apart is to increase the services they offer.
As a payroll security provider, you’re accustomed to handling personally identifiable information (PII) and other confidential data — and you know the importance of preventing breaches. As concern about cybersecurity increases, you can give your clients peace of mind by providing exclusive security solutions.
BENEFITS FOR PAYROLL SERVICE PARTNERS
- Provide your customers with exclusive CSR privacy services.
- Help them better safeguard personally identifiable information by providing self-assessments, steps to remedy identified deficiencies, policies and best practices, and regular performance monitoring.
- Offer CSR breach reporting services, which act sort of like insurance in case of a security event. Despite preparation, businesses are eventually going to be breached—it’s just a matter of when. Our breach reporting system can help minimize the harm in terms of fines and reputational damage.
- Generate new leads.
- Increase loyalty and customer retention.
- Gain recurring monthly revenue without capital investment.
WHAT TYPES OF DATA DO SMALL BUSINESSES STORE?
Cyberattacks can happen to any business, large or small. However, because people mostly hear about large businesses being breached, some small business owners tend to believe it won’t happen to them. A 2017 survey by Manta revealed that a staggering 87 percent of small business owners don’t believe they’re at risk.
Why? According to a 2016 survey, many small business owners report that they simply don’t believe they store valuable data that would interest cybercriminals. However, the survey revealed they commonly possess the following data:
- 68% of small businesses store email addresses
- 64% of small businesses store phone numbers
- 54% of small businesses store billing addresses
What does this mean? It’s possible that many people simply aren’t familiar with the definition of personally identifiable information (PII), nor do they understand the risks associated with handling it. Unfortunately, the disconnect between perception and reality can greatly increase risks of data breaches to already vulnerable companies.
ATTRIBUTES OF A CHANNEL PARTNER
As a payroll service professional, you may be an excellent fit as a CSR channel partner. Here are some desired traits:
- You have a strong roster of small- or medium-size business customers.
- You bill your customers monthly for services.
- You are eager to stand out in the competitive marketplace.
HACKERS HARVEST CREDIT CARD INFO FROM COSMETICS COMPANY
Recently a hacker harvested sensitive data from cosmetics firm Tatcha. Though the company does not store credit card information, the hacker potentially captured information while it was keyed in, including customer names, mailing and billing addresses, credit card numbers, expiration dates, verification codes, and Tatcha.com passwords..
The company sent a letter to notify affected consumers and temporarily took down the site to perform maintenance and upgrades. Tatcha also expressed that it will perform internal reviews to help prevent such attacks in the future.
BECOME A CHANNEL PARTNER
Are you ready to increase your income, grow your business, and diversify your offerings? Fill out the form below to apply for the channel partner program. If you have any questions, call CSR today at 888-294-6971.