I've refrained from writing about this for two years, but I'm concerned about your future. We're on the edge of a new frontier, where there's gold in them thar hills, but you have to get to the hills first, and bandits are popping up everywhere.

Have you heard about the next big thing? It will change your life.

What do you do when a decision maker says, “We don't have a payroll slot,” or “Ms. Edna, my payroll lady, said no so I guess we aren't doing it?” In the past, you just walked away. After all, how do you sell a payroll-deducted product or service when the employer cannot or will not payroll deduct?

You do it without a payroll slot. And when you do, the employer never holds funds and never gets a bill—from anyone. If you think single-point billing is cool, wait until you see zero-point billing.

There's a great new concept called split direct deposit that's being pioneered by some of the top brokers in the industry. It's the first real game changer I've seen in my 25 years in the business. Consider these questions to ask before selecting what we refer to as a Bill-Pay Facilitation Service, a company that implements your split direct deposit platform.

Does your BPF have a secure facility where all documents are housed? Are they compliant with all industry standards? Do they require electronic badge/secure access to the facility?
Does it have a secure software system? Do they employ PCI-DSS, NACHA rules for data storage? How do they handle data encryption?
Does it have a Bank Secrecy Act/Anti-Money Laundering Compliance Program? Does your provider have a BSA Compliance Officer?
Does your BPF comply with Gramm-Leach-Bliley and HIPAA?
Does Your BPF ask you to split commissions?
Does it have a contract with your carriers of choice that ensures the same payroll products/services can be offered as of the account was a traditional payroll account? Is there a potential conflict of interest between you and your BPF?
Does your BPF have a proven track record in insurance, banking and technology?

With the right questions, you can separate the legitimate business professional from the huckster who's simply looking for a quick buck.

Instant Insights /

&ldquo;Shoot low, boys; they&rsquo;re ridin&rsquo; shetland ponies&rdquo;

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“Shoot low, boys; they’re ridin’ shetland ponies”