'Busting Payroll & Credit Card Myths!

We're bustin' myths like the guy's on Discovery's MythBusters!There are six major myths when it comes to payroll and credit card processing. Our team at PayHub are asked these questions on a daily basis, and once we inform them that they are myths, their views on payroll and credit card processing are completely changed. PayHub's Community & Customer Relations Coordinator, Lauren White, created a presentation about these myths and facts to present at a business networking event and she said the feedback from the crowd was great! 

Here are the myths that Lauren 'busted': PAYROLL:

1. A CONTRACTOR can work around my schedule.
   
2. Don’t have to pay for “unauthorized” overtime.
   
3. Costly to outsource & I’ll lose control of it.
   

CREDIT CARDS:

1. Less expensive to KEY-IN sales
   
2. Terminals are EXTREMELY expensive
   
3. It’s TIME CONSUMING to switch
   

Payroll Myth #1

“A Contractor can work around my schedule, and still be a 1099.” 
FACT: Wrong! There are two major deciding factors--WHAT must be done, and HOW it is done.  If you determine/control either of these variables, odds are they might be an EMPLOYEE (W2).

Payroll Myth #2

“I don’t have to pay for unauthorized overtime.”
FACT: Legally, you do! Even if you have clearly stated that they cannot work overtime, you are required to pay. Also, you can’t trade comp time for cash. 

Payroll Myth #3

“It’s too costly to outsource, and I’ll lose control of it.” 
FACT: First off, if you miss any deadlines, penalties can add up extremely quickly.  Starting at 2% of taxes owed in 1-5 days. With payroll software, now you can be as hands on or hands off as you want.

Credit Card Myth #1

“It’s less expensive to KEY-IN sales.”
FACT: Believe it or not, it is less expensive to SWIPE cards. Every time you key in a transaction, and void the CVV code, it costs MORE. 

Credit Card Myth #2

›“Terminals are extremely expensive.”
›FACT: Never lease a terminal. They start at $182.00 and go up from there; our mobile swipers are FREE. It’s easy to assume a lease is the best option, but I’ve seen leases at $75.00/month for 4 years!!!

Credit Card Myth #3

›“It’s time consuming to switch.”
›FACT: All in all, it takes 1-24 hours to approve an account, and then to re-program a terminal takes 15 minutes. You can be up and running within 48 hours. 

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