Wells Fargo has acquired PayDay of Minnesota, a privately held payroll services provider.
PayDay of Minnesota provides payroll, tax, direct deposit, and integrated time and attendance system to small and medium-sized employers, and will become part of Wells Fargo's business payroll services.
The president and CEO of PayDay of Minnesota, Michael Borchert, will manage the business for Wells Fargo. Service and support to current customers will be provided by the same team as before under the Wells Fargo name.
Jerry Gray, head of Wells Fargo SBA lending and business payroll services, comments: "We'll be able to satisfy more of the financial needs of our business customers because they'll be able to choose from an even broader set of fast, reliable, and affordable payroll solutions to help them save time and money,"
He says the acquisition will not affect existing customers of the OnlinePayroll by Wells Fargo service.