There's a great new concept called split direct deposit that's being pioneered by some of the top brokers in the industry. It's the first real game changer I've seen in my 25 years in the business. Consider these questions to ask before selecting what we refer to as a Bill-Pay Facilitation Service, a company that implements your split direct deposit platform.

Does your BPF have a secure facility where all documents are housed? Are they compliant with all industry standards? Do they require electronic badge/secure access to the facility?
Does it have a secure software system? Do they employ PCI-DSS, NACHA rules for data storage? How do they handle data encryption?
Does it have a Bank Secrecy Act/Anti-Money Laundering Compliance Program? Does your provider have a BSA Compliance Officer?
Does your BPF comply with Gramm-Leach-Bliley and HIPAA?
Does Your BPF ask you to split commissions?
Does it have a contract with your carriers of choice that ensures the same payroll products/services can be offered as of the account was a traditional payroll account? Is there a potential conflict of interest between you and your BPF?
Does your BPF have a proven track record in insurance, banking and technology?

With the right questions, you can separate the legitimate business professional from the huckster who's simply looking for a quick buck.

Instant Insights /

The industry's next big thing

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