KyckGlobal Further Accelerates Digital Payments, Automates 1099 IRS Filing for Payers

MTM: “KyckGlobal’s platform offers the reliability and speed necessary to transform a challenging issue into a tremendous asset for our team”

 

ATLANTA – (June 16 , 2020) Atlanta-based financial technology firm KyckGlobal, Inc. recently announced a major raft of customer-driven enhancements to its innovative payments platform. KyckGlobal offers a cloud-based platform that powers B:B and B:C payments using a broad array of payment types from a single point of reconciliation. Recent enhancements further streamline the payments process and expand services related to annual tax summaries and were the direct result of feedback from KyckGlobal clients.

“KyckGlobal’s platform provides MTM with a superfast solution for payments,” said Amanda Roth, MTM Inc.’s senior manager of accounts payable & receivable. MTM is a private medical and transportation management company based in St Louis, MO. “The satisfaction of our workers is critical to our success, and KyckGlobal’s platform offers the reliability and speed necessary to transform a challenging issue into a tremendous asset for our team.”

MTM Inc. currently uses the KyckGlobal platform to pay workers in cash when requested. At the payer’s instruction, the KyckGlobal payments platform issues a code to the payee via email or text message, which they then present at any of KyckGlobal’s 45,000 domestic endpoints to receive cash.

Among the recent enhancements to the KyckGlobal payments platform:

  • Automated Settlement Reports: Payer can now receive daily settlement reports via secure file transfer protocol (SFTP) to automate data consumption and settlement processes. Ideal for companies with large transaction sets.
  • Quick Payments Dashboard: Payer can add payees and send payments in seconds, directly from the payer dashboard, with 80% fewer clicks than before. This improvement reduces ‘screen time’ and overhead costs.
  • Minimized data entry: Data collection is now contingent on the payment types made available to payees. This improvement accelerates onboarding and reduces error rates.
  • Automated IRS filing: KyckGlobal can now file annual 1099 tax summaries with the IRS on behalf of the payer. This enhancement complements KyckGlobal’s current offering of digital W9s, automated TIN check, contractor payments, and annual 1099 generation.  Support for the new 1099-NEC is now available through bulk data uploads.
  • Batch ACH payments: Payer can combine multiple ACH debits into a single batch, or designate an individual collection for every transaction.  This feature greatly increases the flexibility bank drafts and optimizes the task of reconciliation for payers with large volumes of transactions, or provides granularity smaller requirements.

“Our latest round of enhancements are the direct result of feedback from our customers,” said KyckGlobal Chief Technology Officer Nandu Shah. “The KyckGlobal development team drives to deliver more than just valuable features. We want to create a platform that feels as if it’s reading the user’s mind in terms of workflow.”

 

About KyckGlobal, Inc.

KyckGlobal delivers streamlined outbound B:C payments to accelerate business, featuring a cloud-based platform with a growing array of today’s most popular payment types from a single point of reconciliation. The KyckGlobal solution improves the customer experience with more inclusive payment types and various options for faster payments. For corporates, the solution reduces overhead with automates workflows and reporting, while engaging workers as to how and when they get paid. By allowing payers to issue one-time and recurring payments from one integrated platform, KyckGlobal is transforming how business gets done in the key verticals of specialty consumer finance, marketplaces and staffing, claims and appeasements, and multi-level marketing, among others. Visit www.kyckglobal.com and @KyckGlobal for more info.

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