KeyLink offers 4 methods to pay your staff and the IRD. You can even use one method to pay your staff and another to pay the IRD.
We know that cash flow is an issue for most companies, so we leave the money in your account until we need it to make a payment.
I don’t want to worry about a thing and I have a NZ bank account – AMSL
Most of our customers want KeyLink to look after all payments.
Once you have approved your payroll, KeyLink generates and sends a bank file to ASB Management Services Limited (AMSL). AMSL debit your account and credits your employees’ accounts.
Money leaves your account on the evening of payment. Money is credited to you employee’s account that evening and is available for employees to withdraw by 7am the next day.
Cost: AMSL charges $3.25 per batch + 21c per transaction.
- AMSL can only debit from a NZ bank account
- AMSL and KeyLink each need to perform Customer Due Diligence.
- AMSL require a Letter of Credit from your bank.
- On-time payment is guaranteed
Typical set up time is 2 weeks from getting all the appropriate documentation, however we can use one of the other methods in the meantime.
I don’t want to worry about a thing, but I don’t have a NZ bank account – Commercial Trust Account
This option is popular with our overseas employers as it minimises International Bank Transfer fees. It is also useful for customers who like to keep have a separate account for payroll related costs that they can’t easily access.
KeyLink operates Commercial Trust Account at ASB Bank on your behalf. Each customer using this service has their own account.
KeyLink uses AMSL to facilitate payment, fees are charged to your Commercial Trust Account.
Cost: $60 per month + AMSL fees.
- KeyLink need to perform Customer Due Diligence to meet requirements of Anti-Money Laundering and Counter Financing of Terrorism legislation.
- Cleared funds must be available before bank file is sent to AMSL for payment.
- KeyLink guarantees on-time payments if cleared funds are available.
I like to make payments myself, and have a NZ bank account – Bank File
Some of our customers need to manage their cash flow very closely and/or want to have complete control over the timing of payments.
KeyLink generates and e-mails you a bank file in specific format for your bank.
You upload into your Internet or Desktop banking application, approve and send.
Cost: Your bank charges its normal fees
Notes: NZ bank accounts only.
I like to make payments myself, and don’t have a NZ bank account – Pay from Reports
Employer makes payment from reports.
This option is generally used by overseas employers, or employers with very small payrolls.
Cost: Your bank charges its normal fees.
Customer Due Diligence
To meet the requirements of Anti-Money Laundering and Counter Financing of Terrorism legislation, KeyLink is required to perform Customer Due Diligence (CDD) on customers who use AMSL or a Commercial Trust Account.
AMSL is also required to perform CDD on their customers.
We will ask you to use another method of payment until CDD is complete.
The process for CDD will depend on the type of organisation you are. Typical time to complete is 2 weeks. The basic steps are:
- Collect basic information about your organisation
- We determine who we will need to identify from your organisation and how we will determine your “source of funds”.
- For individuals we have to identify, we will require certified copies of your:
- Proof of residence