The privately held Bloomington, Minnesota company provides payroll, payroll tax, direct deposit, and integrated time and attendance solutions to small and medium-sized employers. PayDay will become part of Wells Fargo’s Business Payroll Services, according to a news release.
President and CEO of PayDay , Michael Borchert, will manage the business for Wells Fargo. Service and support to current PayDay customers will be provided by the same team of payroll experts as before under the Wells Fargo name. The acquisition will not affect Wells Fargo Business Payroll Services, Wells Fargo said in the release.