To offer a suite of human resources and payroll products and services to their credit union business members, CU Business Group LLC has partnered with Paychex Inc. to make it happen.
Credit unions can sign up for Paychex services through CUBG to take advantage of their exclusive referral program, according to CUBG, a business services and lending CUSO in Portland, Ore.
For each successful business referral sent to Paychex, the credit union will receive a referral fee.
The organizations teamed up in an effort to help credit unions become a one-stop shop for business members, CUBG said.
“Credit unions need to better position themselves as the primary financial institution for their business members,” said Larry Middleman, president/CEO of CUBG. “The more services the credit union can offer, the stronger the relationship they can build to become the trusted financial adviser for that business and others in the community.”
Based in Rochester, N.Y., Paychex offers payroll, human resource and benefits outsourcing services for small- to medium-sized businesses including payroll processing, payroll tax administration and employee pay services such as direct deposit and check signing.
Paychex’s human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services. The firm also provides business insurance products through Paychex Insurance Agency Inc.
CUBG serves 426 credit unions in 44 states providing business lending, deposit and consulting services. Paychex has more than 100 offices serving approximately 567,000 payroll clients as of May 31, 2012.