A recent survey of American entrepreneurs revealed that 23 percent rank landing new clients as their top challenge and 16 percent struggle with setting the right pricing for their services and products. Many payroll service bureau owners and managers wholeheartedly agree.
Fortunately, pitching prospective customers and upselling existing clients can be the easier part when you’ve got the right payroll and HCM software behind you. Apex HCM’s cloud-based, customizable suite of solutions allows you to confidently pitch a myriad of benefits including:
- Efficiency: Payroll, HR, time and attendance – virtually any HCM-related element can be integrated into one seamless system tailored to your firm’s unique needs and client base. This affords your customers significant time and cost savings
- Security: A lot of employee data points get shared over multiple payroll and HCM systems and portals. A single-source provider limits risks and better allows your employer clients to assure workers that their data is safe.
- Mobility: Cloud-based systems allow for 24/7 access from anywhere via computer, tablet and mobile phone. It’s a must for employers looking to recruit the best of today’s tech-savvy Millennial and Gen Z workforce.
But what about pricing? Multiple pricing structures are used in the payroll industry including the traditional per check or per employee pricing.
A popular alternative price structure is bundled pricing. Bundled or value pricing offers several benefits to your service bureau:
- Bundling: The value pricing approach allows for grouping services into popular bundles (payroll only, payroll + HR and payroll + HR + time) and negotiating accordingly.
- Service Bureaus then can establish a bundled price for each product bundle either as a per check (PEPM) or per check pricing.
- This method provides product alternatives to prospects and upfront positions additional services and products to prospects to upsell in the future as well.
- Similar to a McDonald’s Happy Meal® – the client receives additional value over individually purchasing the products a la carte.
Of course, bundled pricing in the industry demands offering a suite of top-shelf payroll and HCM software and services. Call 877-750-2739 or contact Apex HCM online to learn how we can help your payroll firm do just that.