Vendor Analysis
published on Sep 09, 2022
Report Overview:
This NelsonHall vendor assessment analyzes Payzaar's offerings and capabilities in Payroll Services.
Who is this Report for:
This profile is a comprehensive assessment of Payzaar's Payroll Services offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Payzaar’s Payroll Services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
Payzaar, headquartered in Ireland, is dedicated to providing global payroll technology and services. It was formed in 2016 to bring an open marketplace-style approach to global payroll services, leveraging a proprietary platform. The open marketplace offers buyers the choice of using any local payroll solution or service model while harmonizing and integrating their payroll operations in one central global platform . Its model supports country-based services that are managed in-house and also outsourced.
Payzaar has a technology-led global payroll offering. It does not process any payrolls with Payzaar delivery teams. Where clients require an outsourced payroll in a country, Payzaar subcontracts (back-to-back contract) with in-country payroll providers (ICPs). However, only ~5% of the employees processed in the platform are managed through a Payzaar outsourced model (i.e. the ICPS are contracted and managed by Payzaar). Typically the client keeps the contract with the ICPs. Payzaar has ~35 employees, and its technology services ~500 payroll clients and servicing ~500k client employees.
As well as supporting employers, Payzaar has strong partnerships with accounting firms (such as Grant Thornton and Mazars) and other payroll service providers who use the Payzaar platform to service their own payroll clients. Its business model is 50% via service providers and 50% direct to clients.
Payzaar offers its technology and services across 120 countries, through three core service levels, including:
- Payzaar Global Platform: platform technology only (SaaS)
- Payzaar Vendor Selection: payroll selection support and onboarding
- Payzaar Managed Services: platform technology, payroll processing, and vendor management.