Hartford Financial Services Group (NYSE:HIG)Â has unveiled its new Quickbooks Silver Certified product to help monitor cash flow issues associated to workers' compensation payments for policyholders. XactPAY Web helps manage premium payments for small and midsize business employees by automating premium calculation and payment when businesses run payroll.
Companies using Quickbooks to run payroll that adopt a Hartford workers' compensation policy receive a login and password for each insured, which allows for the download and installation of XactPAY Web on worker PCs. The XactPAY Web utility automatically takes payroll information generated by QuickBooks Payroll and securely transmits the data to XactPAY Web. Based on that data, workers' compensation premiums are calculated and automatically withdrawn, given prior approval, from the business' bank account via electronic funds transfer. There is no charge for any part of this service.
"Since QuickBooks has the largest market share of accounting products for small business in the country, it's familiar to our insurance customers," Ray Sprague, senior vice president of small business insurance at The Hartford, said in a statement.