I agree the Jettis reserves are a problem. It has had us worried for well over a year. I've had multiple phone conversations with jettis regarding our reserves and they all led to nothing. Not one dime. I think it was obvious to anyone using Jettis that the day they would no longer be a 3rd party processor was around the corner.
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Regarding Jettis reserves. Jettis has always mirrored our various banks in terms of reserve holdbacks and releases. Now that we are out of the IPSP business, client reserves will be released from our banks and in turn released to our clients. Jettis will be sending out a letter to all clients explaining this process in the coming weeks.
The good news here is that most of our old clients will be getting reserve releases, but will have no new reserves held by Paycom due to their "zero reserve policy". This means increased cash flow to many of you!
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I remember Sleazy introducing me to Ken Lawson last year. He introduce me as a webmaster that processes with Jettis. Ken's response? "Thanks for making me money. " He laughed and walked off. He acted like a real prick. And all those around me couldn't believe it. We've been phasing Jettis out since that day. So thanks to that meeting this move doesn't hurt us one bit. Thanks Ken .
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This is simply false. Anyone who knows me or has done business with me (including Sleazy) knows that's not my style. I've always treated everyone in this business (big or small) the same. I'm sorry if you walked away from meeting me with a bad impression, but I said nothing even close to what you stated above. That's now how I think and certainly not how I act.
Regardless, we chose Paycom to service our clients on a going forward basis for very good reasons. They are clearly the industry leaders, they have a very good management team (Chris, Clay and Joel) and they have set up an amazing organization. In our opinion, Paycom is here for the long run and brings much needed stability to an industry that changes constantly.
As Rand posted above, Paycom is prepared to help you with any issues or questions you might have. Having said that, Kjell and I continue to be here to help any of our old clients with their new Paycom relationship. You can always e-mail
[email protected] or
[email protected] and we will assist you in dealing with any concerns or questions you might have.
My advice to anyone who has concerns would be to give Paycom a little time. They are working around the clock to deal with a large influx of new clients, etc. Given the magnitude of this transition, I think they are handling it very well, with very few problems.