Paychex, FSAstore.com Partnership Offers Simple and Convenient Solution for Maximizing FSA Funds
by Business Wire
Paychex, Inc., a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses, today announced a partnership with FSAstore.com, a national online store stocked exclusively with FSA-eligible products and services. The partnership provides participants in the Paychex Flexible Spending Account (FSA) a simple and convenient way to use their FSA funds.
“Our partnership with FSAstore.com enhances our FSA offering, making it easier for our clients’ participants to use their Paychex FSA Debit Cards and FSA funds,” said Paul Davidson, Paychex director of product management. “For a small business owner, offering employee benefits such as a flexible spending account can serve as a powerful tool for attracting and retaining employees, and just as it offers tax savings to plan participants, it offers tax savings to employers by reducing their payroll taxes.”
Through the partnership with FSAstore.com, Paychex FSA participants have access to more than 4,000 FSA-eligible products, a national provider database of FSA-eligible services, a prescription request service for obtaining needed prescriptions for over-the-counter drugs, and the site’s FSA Learning Center that offers helpful tools, resources, and answers to frequently asked questions.
With access to the features and products available on FSAstore.com, the partnership offers improved ease-of-use for participants of the Paychex FSA and helps increase overall participation in employers’ FSA plans. Items purchased through FSAstore.com using an FSA debit card are auto-substantiated, which streamlines the purchasing process by eliminating the need for participants to make manual claim and receipt submissions to Paychex. With only FSA-eligible products and services available on the website, it’s easier for FSA participants to rest assured that the items and services they’re looking at are reimbursable, and comply with even the most recent healthcare reform provisions.
"We are very pleased to add an industry leader such as Paychex to our 100+ strong Third Party Administrator Network," said Jeremy Miller, president and founder of FSAstore.com. "Access to simple and convenient benefits solutions such as FSAstore.com help consumers better understand, use, and manage their FSAs, and ultimately save money."
Employers and employees currently enrolled in the Paychex FSA can learn more about the FSAstore.com partnership and start shopping by visiting the respective Paychex FSA employer and employee sites. For more information about the Paychex Flexible Spending Account, visit http://www.paychex.com/employee-benefits/section-125/flexible-spending-account.aspx.
FSAstore.com is the only one-stop shop exclusively stocked with FSA eligible products and services, eliminating the guesswork behind what is reimbursable by an FSA. Consumers with flexible spending accounts can access thousands of high quality FSA eligible products, in addition to FSA eligible services, and much-needed information through the FSA Learning Center. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+. There is no need to submit receipts for products purchased with an FSA card.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 567,000 payroll clients as of May 31, 2012. For more information about Paychex and our products, visit www.paychex.com.
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