For Organisations
to Satisfy Today's Super Processing Needs
SuperChoice is Australia's leading specialist superannuation contribution exchange service for Organisations. The service electronically handles default and choice superannuation contributions that are transferred with member registration to any complying superannuation fund in Australia.
The electronic clearing house can help you mitigate errors, reduce processing times and increase satisfaction when administering superannuation.
The service functionality validates and dispatches transactions by checking multiple reference fields including SPIN, account and employer number. This significantly reduces returned payments due to incorrect or incomplete details.
SuperChoice is the superannuation clearing service and contribution processing technology behind some of Australia's largest superannuation administrators.
Why Employers Struggle with Superannuation Processing
A survey conducted by The Association For Payroll Specialists (TAPS) and SuperChoice found 60% of employers believe their choice-of-fund process is cumbersome and unsatisfactory due to the labour intensive tasks involved.
Many said they struggled with manual processes including writing out multiple cheques and remittances to funds. Others experienced high error rates and returns due to:
- Lack of standardisation of remittance formats
- Lack of acceptance of EFT
- No control over returns of rejected payments
- Frustrations associated with fund registration
SuperChoice takes this burden away and provides a quick and cost-effective alternative to lengthy in-house operations.
Superannuation Compliance Obligations
Organisations are increasingly turning to SuperChoice to improve or utilise an online clearing service capability that better protects them from Super Guarantee liability.
To avoid paying incorrect choice funds, SuperChoice displays fund alert warnings for funds that aren't eligible to accept superannuation contributions. The SuperChoice fund database holds all relevant fund rule information. It is based on live feeds from over ten different industry and government sources. The information is updated regularly by our customer care team to keep you informed of changes to the funds you're trying to pay.
Why SuperChoice
SuperChoice has grown to become Australia's leading superannuation exchange and contribution service. The service electronically handles default and choice payments made by over 50,000 employers on behalf of 1.75 million employees annually. SuperChoice is projected to process 20 million transactions in 2010. This represents around 20% of all employer superannuation contributions made Australia-wide.
How Does it Work
Organisation Benefits
The SuperChoice superannuation clearing service takes all non-default superannuation contributions and transfers the contribution data and funds via a secure connection to the correct administrator. This eliminates the need to process, validate, write and post cheques manually. Organisation benefits include:
- Single electronic payment for all choice contributions
- No more cheques and postage
- Lower cost than paper-handling
- Reduces delays and returns
- Eliminates fund remittance preparation
- Provides seamless integration with the receiving fund systems
- Checks funds rules BEFORE you pay
- See reference numbers, times and dates of choice presentment
- Helps prevent inaccessible employee choices
- Reduces strain on staff and resources
Clearing House Updates
For Organisations
Are All Clearing Services the Same?I no longer cringe everytime superannuation comes around.
Carmel Bull, National Payroll Manager, WORKFORCE