Fiserv, Inc., a premier global provider of payment and financial services technology, and ADP, a top global technology firm offering human capital management solutions, have declared a strategic alliance today. This Fiserv and ADP partnership will combine Fiserv’s leading small business solutions, such as Clover and CashFlow CentralSM, with ADP’s top-tier small business payroll and HR service, RUN Powered by ADP.
The collaboration between Fiserv and ADP is set to commence this quarter, with plans to launch their combined services at the start of 2025, according to the announcement.
Key Takeaways
- Integrated Solutions for Small Businesses: Fiserv and ADP have partnered to deliver an all-in-one platform combining Fiserv’s payment and cash management tools with ADP’s payroll and HR services, streamlining essential operations for small business owners.
- Enhanced Efficiency and Financial Management: The collaboration integrates features such as payment processing, payroll management, and cash flow tracking, reducing administrative tasks, minimizing errors, and enabling real-time financial decision-making.
- Robust Support for Growth and Compliance: By uniting Clover, CashFlow CentralSM, and RUN Powered by ADP®, the solution offers scalability, accurate payroll processing, tax compliance, and workforce management, helping businesses adapt to evolving needs.
- Launch Timeline and Market Impact: Services will be available by early 2025, targeting U.S.-based small businesses. This partnership is expected to enhance operational efficiency, promote local economic growth, and provide a competitive advantage to adopters.
Fiserv and ADP Partner to Simplify Small Business Operations with Integrated Solutions
In a strategic move poised to revolutionize small business operations across the United States, Fiserv, Inc., a global leader in payments and financial services technology, has partnered with ADP®, a renowned provider of human capital management (HCM) solutions. Announced on November 19, 2024, this collaboration aims to deliver an integrated, all-in-one solution that streamlines small business owners’ payroll, cash management, and payment processes.
Fiserv’s suite of small business solutions, notably the Clover® platform and CashFlow CentralSM, will be integrated with ADP’s RUN Powered by ADP®, a leading HR and payroll solution tailored for small businesses. This integration will provide U.S.-based small companies with a comprehensive platform that addresses critical operational needs, enabling entrepreneurs to manage their businesses more efficiently.
Clover is a cloud-based point-of-sale (POS) and business management system that facilitates payment processing, inventory management, and customer engagement. Its versatility makes it a preferred choice for various small business types, including restaurants, retail stores, and service providers. CashFlow CentralSM is an integrated account payable (AP) and accounts receivable (AR) management platform that assists businesses in efficiently managing cash flow, ensuring timely payments, and maintaining healthy financial operations.
RUN Powered by ADP®is an industry-leading HR and payroll solution designed specifically for small businesses. RUN offers features like tax filing, payroll processing, compliance support, and employee management, simplifying workforce administration.
Research conducted by Fiserv indicates that 87% of small business owners express interest in a unified, easy-to-use business management system. The fragmented nature of existing tools often leads to inefficiencies, increased administrative burdens, and potential errors. By integrating their respective platforms, Fiserv and ADP aim to alleviate these challenges, providing a seamless experience that consolidates essential business functions into a single interface. The benefits of an integrated platform include:
- Operational Efficiency: Combining payment processing, payroll, and cash flow management reduces the need for multiple systems, minimizing manual data entry and the risk of errors.
- Enhanced Cash Flow Management: With real-time insights into accounts payable and receivable, business owners can make informed financial decisions, ensuring liquidity and economic stability.
- Simplified Payroll and HR Processes: The integration facilitates accurate payroll processing, tax compliance, and employee management, allowing business owners to focus on strategic growth initiatives.
Frank Bisignano, Chairman, President, and CEO of Fiserv, emphasized the partnership’s alignment with Fiserv’s commitment to meeting the unique needs of small business owners. He remarked that their strategic alliance with ADP reinforces their dedication to developing an integrated solution tailored to the specific requirements of modern small business owners. Incorporating ADP’s payroll services into Clover simplifies the financial management for small businesses, enhancing their ability to conduct transactions, settle bills, and handle payroll more easily.
Maria Black, the CEO and President of ADP stated that uniting two established industry leaders enhances their capacity to support the numerous small businesses that are vital to the U.S. economy. From the outset, their goal has been to assist companies in prospering, and they are streamlining how small businesses handle their workforce with outstanding payroll and HR solutions supported by excellent service. Their commitment continues to be firm in backing, applauding, and investing in small businesses, aiding them in amplifying their community influence.
The partnership between Fiserv and ADP is set to commence in the current quarter, with services anticipated to roll out to small businesses by early 2025. This timeline ensures sufficient preparation to integrate the two platforms and deliver a robust, user-friendly solution.
The collaboration between Fiserv and ADP is expected to have a profound impact on the small business landscape:
- Competitive Advantage: Businesses adopting the integrated solution may gain a competitive edge through streamlined operations and improved customer service.
- Scalability: The unified platform can accommodate business growth, offering tools that scale with the enterprise’s evolving needs.
- Community Impact: By empowering small businesses with efficient management tools, the partnership contributes to local economic development and job creation.
Small businesses that expanded their payment acceptance methods — covering in-store and online transactions — tended to perform better than those offering fewer payment options. Research indicates that in 2023, small businesses experiencing growth averaged 6.4 types of accepted payments, while those with declining revenues accepted only 4.7.
On October 31, Fiserv unveiled a new collection of tools tailored for small businesses, launched through Clover and specifically designed to cater to the needs of restaurants, retail stores, and service-oriented businesses.
In January, ADP announced a partnership with AWS to introduce ADP Assist, a generative AI-powered, cross-platform solution to improve support for employees and managers across various businesses.
About Fiserv
Fiserv is a leading global company serving over 13,000 clients and is supported by a dedicated team of 21,000 associates worldwide. The organization is committed to empowering its clients to achieve exceptional outcomes through cutting-edge financial technology and innovative services. Fiserv is renowned for its expertise and offers award-winning solutions across mobile and online banking, payments, risk management, data analytics, and core account processing.
Focusing on pushing the limits of innovation in financial services, Fiserv partners with financial institutions, businesses, and consumers to streamline money movement and management. By delivering advanced tools and specialized knowledge, Fiserv enables faster, easier, and more efficient financial transactions, shaping the industry’s future.
About ADP
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Automatic Data Processing, Inc. (ADP) provides cloud-based human capital management (HCM) solutions to businesses globally. The company operates through two main divisions: Employer Services and Professional Employer Organization (PEO). Employer Services offers strategic cloud-based platforms like RUN Powered by ADP for small business payroll and HR needs, ADP Workforce Now for mid-sized and large businesses to manage employees, and ADP Vantage HCM for advanced HR, payroll, and talent management solutions.
Under the ADP TotalSource brand, the PEO division provides HR outsourcing through a co-employment model. This includes employee benefits, compliance support, recruitment process outsourcing, and comprehensive HR management. Founded in 1949 and headquartered in Roseland, New Jersey, ADP is a trusted partner for businesses looking to optimize workforce management and streamline HR processes.
Conclusion
The partnership between Fiserv and ADP marks a significant step forward for small businesses, offering an integrated solution that combines payroll, HR, payment processing, and cash flow management into a single, efficient platform.
By leveraging the strengths of Clover, CashFlow CentralSM, and RUN Powered by ADP®, this collaboration aims to simplify operations, enhance financial decision-making, and support growth. Scheduled for rollout in early 2025, this initiative underscores both companies’ commitment to empowering small business owners with tools to succeed in an increasingly complex market.
