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Besides the banking issues, when do the people get paid? If the disappeared payroll company got money from employers, it's possible some employers may not have
by JJMcJ 7y ago
Besides the banking issues, when do the people get paid?
If the disappeared payroll company got money from employers, it's possible some employers may not have enough cash to pay a second time.
Then they out of business, or close to it.
The old businessman's phrase "You've never had to meet a payroll" is really meaningful here, the scramble to pay everyone.
- kaikai 7y agoThe article said that Cachet is covering the transactions, even though they haven't been paid. The companies will have to find a new payroll provider before their next payroll, but not have to come up with the extra cash.
- londons_explore 7y agoIf I were Cachet's shareholders, I wouldn't be happy about that...
- notfoss 7y agoIf I was one of their shareholders, I would be happy instead, as they seem to have come out as the real good guys in the whole story (unless they were legally obligated for covering the mess).
- philpem 7y agoIf they begin to offer payroll services directly to some of the affected companies, I imagine the shareholders would be quite happy. They might be out the money until the insurance pays up, but ongoing fees and goodwill could well cover that inside of a year or two.