Verizon Will Help Customers and Small Businesses Disrupted by Impact of Coronavirus

Verizon will help customers and small businesses disrupted by impact of coronavirus During this unprecedented period challenging the world’s health and economy, Verizon announced today, for the next 60 days, it will waive late fees that any residential or small business customers incur because of their economic circumstances related to the coronavirus. In addition, the company will not terminate service to any residential or small business customers because of their inability to pay their bills due to disruptions caused by the coronavirus.  Verizon today signed onto the FCC’s new “Keep Americans Connected” pledge. Verizon’s new customer commitment will help ensure connectivity and offer assistance to customers and small businesses facing challenges from the global crisis.

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FINANCE

YuLend announces strong performance, reaching 150,000 SME fundings since its inception

YouLend | December 14, 2023

YouLend, the leading global embedded financing platform, has reached a major lending milestone, successfully providing 150,000 instances of funding to small to medium-sized enterprises (SMEs) across the UK, EU, and the US, since its launch in 2015. It's estimated that YouLend-backed SMEs have contributed £6.8 billion in revenue to the GDP across our core markets, and have experienced a 26% uplift in sales in the 6 months following funding. The funding milestone follows YouLend's successful expansion in recent years into the US and major European markets, including Germany, Netherlands, Poland, and Spain. In addition to expansion, YouLend has also seen sustained growth in the UK and Ireland, making it one of the largest embedded finance platforms globally. The growth has accelerated from newly secured partnerships with leading ecommerce and payments platforms such as Amazon, Just Eat Takeaway.com, and Dojo. YouLend recently published an impact report, The Widening Access to Capital Report, which found that YouLend attracted 12% more applications from female-led businesses and was more than twice as likely to finance female-led businesses than the UK average. The report also indicated that YouLend makes fast, accurate lending decisions thanks to its sophisticated, AI-driven decision-making model which leverages a broad range of financial data to paint an accurate picture of a business's health. This enables a 90% approval rate for YouLend applicants - well above the 64% average in the UK SME lending market. The unbiased model also enables YouLend to grant financing to SMEs who have been underserved by traditional finance providers. As a result, over half (58%) of YouLend's total 150,000 instances of funding went towards two of the most deprived regions in the UK, serving low-income business owners. Jakob Pethick, Chief Commercial Officer at YouLend, comments: "This milestone underscores YouLend's growth across the US, UK, and the rest of Europe as we continue to invest in our platform. "At the heart of our mission is a commitment to supporting businesses with finance wherever and whenever they need it. This is why we will continue to work with our strategic partners to empower businesses with fast, flexible, and fair financial products to grow and thrive." About YouLend YouLend is the preferred embedded financing platform for many of the world's leading e-commerce platforms, tech companies, and payment service providers. YouLend's embedded finance platform offers fast, flexible, and fair financing to businesses, enabling YouLend's partners and their merchants to unlock revenue and growth opportunities globally.

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TECHNOLOGY

Sovos Acquires Aatrix Software, Expanding Solution and Service Capabilities for SMBs

Business Wire | January 12, 2024

Global compliance technology solutions and services provider Sovos announced today it has acquired North Dakota-based Aatrix Software, a leader in payroll tax forms, extending our leadership in compliance with enhanced capabilities across e-Filing for 1099 and ACA 1095 reporting and W2/payroll reporting – increasing our local, state and federal coverage. This acquisition brings together two companies with significant experience and expertise in helping small and medium-sized businesses navigate the complexity of tax and regulatory compliance. As the regulatory landscape continues to evolve and electronic filing thresholds are lowered, it’s important that SMBs have access to the technology solutions and services they need to ensure proper and timely tax filings to maintain compliance. Together, Sovos and Aatrix will better inform users about changing mandates and provide them easy access to the tools and support they need. Between our two companies, we bring to bear extensive reach in terms of existing partnerships and configurations to work with nearly any platform or systems provider. “The continued digitization of tax compliance affects businesses of every size, and this is especially true for SMBs,” said Kevin Akeroyd, CEO, Sovos. “Small businesses really are the backbone of the U.S. and we have made a commitment at Sovos to provide them with the technology and support they need. We believe that Aatrix shares these same principles and fits perfectly into our existing portfolio, we are excited to welcome them into the fold.” Aatrix occupies a strong segment of the market and offers customers a deep level of form functionality as well as a flexible solution that can adapt to their various software offerings. Primarily focused on serving customers through integrations with ERP and payroll providers, Aatrix has been able to leverage its critical business functionality, embedded relationships with payroll partners, and high customer satisfaction to create a highly sticky solution. Its ‘sweet spot’ is primarily mid-sized companies with geographic scale to require multiple tax forms, however the solution has broad appeal across market segments and industries. “Aatrix has been a leader in helping small and mid-sized businesses meet their compliance obligations for nearly four decades and we are extremely proud of the work we’ve done and the partnerships we’ve created,” said Steve Lunseth, CEO, Aatrix. “I believe that the timing is right for us to bring our solutions portfolio under the Sovos umbrella to create even stronger opportunities for our customers, partners and employees. Our combined expertise and reach will assure that any business that wants to streamline their filing process will have access to the best people and solutions on the market.” The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. Holland & Hart LLP served as legal advisor to Sovos. About Sovos Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates. About Aatrix Aatrix Software is a leading provider of W2, 1099 and ACA reporting solutions servicing over 300,000 businesses. Aatrix has been developing innovative accounting software solutions since 1986. Aatrix' finance software has received numerous awards, including Software Digests highest overall rating and Home Office Computing Editors Pick. Today, the Aatrix Electronic Forms Division is one of the nation's premier payroll reporting specialists.

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TECHNOLOGY

When I Work Launches Payroll to Revolutionize Workforce Management for Small Businesses

PR Newswire | January 09, 2024

When I Work, a market leader in shift-based workforce management software used by more than 200,000 workplaces worldwide, is excited to announce its new product, When I Work Payroll. When I Work Payroll is designed to make it incredibly easy for small businesses to run payroll. Because the employee schedule and time tracking data are on the same platform with payroll, businesses can pay their hourly workers quickly, with a single click. There's no data entry or uploading timesheets, so there's less chance for errors, letting small business owners spend time on their customers, instead of being stuck in the back office. "It's been great to have all of our scheduling and payroll information in one place. We don't have to verify numbers in two places anymore—we're able to verify and run payroll in 10 minutes now," said Tim Hogg, owner of Tressia, a popular North Carolina restaurant. Payroll from When I Work is comprehensive. Your employees track their time by clocking in and out of the mobile app and our payroll software calculates all the data in real time, including hours, breaks, overtime, and paid time off. When I Work automates payments and tax filings to make everything transparent. Employees can update their own payroll forms and personal information through the app. The system automatically handles taxes and sends direct deposits. When I Work also files your payroll taxes with the IRS. "We consistently hear stories from small business owners about the countless hours they spend manually syncing and reconciling errors between systems," said Kavitha Radhakrishnan, Chief Product Officer at When I Work. "Our customers want an easier alternative to legacy payroll software, and they have a long history of trust with us, so we created Payroll for them. Now our small business customers can focus their valuable time on what they do best—building their teams and running their business." About When I Work When I Work is a market leader in shift-based workforce management software and delivers a powerful, employee-first experience that creates happier and more productive teams. Trusted by more than 200,000 workplaces worldwide, When I Work puts scheduling and collaboration at the center of workplace operations and brings empathy, agility, and consumer simplicity to the small business workplace.

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