PAYROLL PROVIDERS
We are pleased to present our employee loan service, FinFit. Our ground breaking product creates an instant revenue stream to your organization and adds value to your client's benefits packages, at no direct cost or risk to them. This timely, much-needed service will also set your organization apart from your competitors. As members of IPPA and NAPEO, we understand the need to help companies like yours remain successful by providing a program that offers a residual revenue stream, and a unique "stickiness" effect.
Residual Revenue:
The processing fees for each company you enroll or refer through your organization are two-fold: you can earn both an Enrollment Processing Fee and a Utilization Servicing Fee.
- Enrollment processing fee: $3.00 to $5.00 per eligible employee for every employer who enrolls with FinFit through your company paid 50% after the first loan is generated through that employer's account; and 50% 180 days later.
- Service fees: $3.00 to $5.00 per loan, starting with the 1st loan generated through enrolled employer's account, paid monthly.
Client Retention ("Stickiness"):
How do you feel when a client pulls out of your organization? The loss of revenue and referrals can be steep, and the reasons may often never be fully explained. Research has shown an independent payroll processor's clients typically will pull out in order to transfer service to the "big guys" (the ADP's of the industry), where key products are offered in addition to those your organization is able to provide. If, however, you can present a unique, affordable, loan program for employees that will require no cost, or risk to your client companies, you can add "stickiness" to your service portfolio with FinFit. Our experience tells us employees who are provided financial assistance for their cash emergencies will generally utilize this benefit more than once, and consequently, commit to longer employer/employee relationships. To offer this benefit to a workforce, and then eliminate it in order to switch payroll providers would cause a severe morale deficit for employers. It's a great service to help encourage them to "stick" with you.
Earning Possibilities
As an example of earnings possibilities, if you enroll a company with 800 eligible employees, you could receive a processing fee between $1,200 - $2,000 at the time the first loan is generated, and another $1,200 - $2,000 180 days later. If you have 50% penetration, then 400 employees will request a loan in the first year. If those employees request two loans each, there will have been 800 loans generated through that account in its first year. This would equate to approximately 200 loans per quarter. Therefore, your first year processing fee breakdown could be as follows:
| Enrollment: | $2,000 | (1st Signing Processing Fee) |
| Loans 001-200: | $1,000 | |
| Loans 201-400: | $1,000 | |
| Enrollment: | $2,000 | (2nd Signing Processing Fee) |
| Loans 401-600: | $1,000 | |
| Loans 601-800: | $1,000 | |
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Total 1st Year Earnings: $8,000 |
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This earning structure, if all other things remain equal, would yield a total payment of $24,000 over three years, and even more if the enrollee is a growing company. The pontential earnings are even greater when you consider these figures are based on enrolling just ONE employer!
Partner with FinFitLoans
We would like to speak with you for 10 minutes to discuss our program and all the advantages that come with offering FinFit to your client companies.
We look forward to hearing from you, and encourage you call our corporate offices in Virginia at 888-928-7248 for more information about enhancing your service catalog with the FinFitLoans program. (You may also email us at info@finfit.com.)
We look forward to working with you!
