Global accounts payable software company Tipalti said Wednesday (April 8) it will waive fees for guilds, nonprofits, and trade groups to assist them in getting cash to their members during the coronavirus crisis.
“We know that during this COVID-19 pandemic, many workers are relying heavily on guilds, associations, and trade groups for financial support, so we want to help make it easy for these organizations to pay their members in an efficient, fast, and safe manner,” said Chen Amit, CEO and co-founder of the California-based company in a statement announcing Tipalti’s COVID-19 Relief Payment Program.
Tipalti automates payroll in 190 countries, using six payment methods and 120 currencies, according to the company. To date, the firm serves more than 900 organizations.
Under the new program, the platform fees will be waived for one year, while transaction and other fees still apply, the company said.
To qualify, an organization must be based in the U.S, be registered as a 501c(3), and need to disburse aid to its members.
“This is an unprecedented time where businesses and the service providers who support them are struggling,” the company said in a statement. “COVID-19 has hurt the service industries especially hard, and Tipalti is looking for ways to help our extended community.”
Tipalti is a licensed money transmitter, and to comply with terms of its license and work with its bank partners (JPMorgan Chase and Wells Fargo), must ensure payor companies are screened and payees are checked against international blacklists, according to the company.
For additional protection to limit payment risk, the company said it has software to detect suspicious payments.
Tipalti said its service is safe for members to provide personal and bank data, as such information is encrypted for protection. To add a further layer of security, payees may be required to provide a second authentication method when using the service such as an access code sent to a mobile phone, the firm said.