Categories: B2B Payments

Payroll FinTech Paylocity Acquires Video Communication Platform

Paylocity, which provides HR and payroll services, has acquired VidGrid, which works with peer-to-peer video services, according to a press release.

Paylocity said the partnership will help enable more connectivity for workers, particularly amid the rise in working from home and other remote opportunities — factors more important now than ever with the coronavirus pandemic mandating people stay out of public gatherings.

VidGrid will help Paylocity in the fields of employee collaboration, allowing for more flexibility in how co-workers talk to one another in the modern day, which the company said it hopes will lead to greater retention of employees and more engagement with the businesses using VidGrid as a whole.

Paylocity has already used VidGrid for years to put out a Learning Management System (LMS) program allowing employers to use videos from outside parties to distribute expert knowledge in various subjects to employees. With growing need from clients, Paylocity saw an opportunity to “expand the relationship” by acquiring VidGrid, the press release stated.

Using videos will become more and more important for businesses as the definition of work expands, including more remote positions and other such changes to the traditional office sphere. Thus, VidGrid was a choice to help Paylocity better respond to its customers, the press release stated.

Paylocity CEO Steve Beauchamp said the implementation of videos would be crucial as the world evolves. He said VidGrid shared Paylocity’s dedication to doing good work for clients.

Nick Stokman, co-founder and CEO of VidGrid, said he wants to help foster better communication everywhere and looks forward to the future of the two companies now intertwined.

Paylocity has been doing its best to keep up with the times in terms of payments and has recently rolled out an on-demand payment service which the company said will help people get paid faster, without the sometimes cumbersome and slow once- or twice-a-month pay cycles that used to be the norm.

Beauchamp said many young people are used to gig economy jobs that paid faster, and, upon being told they’d only be paid a few times a month, found that incompatible with their lifestyles.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Recent Posts

Summer 2020’s New Winning Accessory

The history of American fashion trends is bedecked with some strange entries. The summer of love in 1969 saw hippies…

15 hours ago

Coronavirus Refunds: Golden Knights To Reimburse Fans

As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for…

19 hours ago

Goldman Takes Bitcoin To Task

Bitcoin: not worth much – except what someone else is willing to pay for it. Goldman Sachs’ withering assessment of…

23 hours ago

United Airlines Announces Executive Staff Cuts

The “friendly skies” of United Airlines are not so friendly for employees facing layoffs as the pandemic has devastated the…

23 hours ago

Bitcoin Daily: BitClave Settles SEC Charges By Agreeing To Return ICO Proceeds; Authentication Startup Magic Notches $4M In Funding

The U.S. Securities and Exchange Commission (SEC) unveiled charges against California-based blockchain services firm BitClave PTE Ltd. for allegedly holding…

24 hours ago

Chicago Purchasing Managers Index Tumbles To 38-Year Low

The widely watched Chicago Purchasing Managers Index fell to 32.3 in May, hitting its lowest level since the recession year…

24 hours ago