PayPal's Pioneer Plants a New Seed

Bank Technology News, December, 2003 by John Adams

One of the fathers of electronic payments, Elon Musk, is bellying up to the bar at a Silicon Valley startup that hopes to help small businesses manage a key part of their operations. Musk, the former chairman, founder and CEO of PayPal, became a lead investor and board member of Perquest, which offers products to help small businesses manage, organize and process their payrolls.

In Musk's view, the innovation gods have skipped payroll, a function he says had operated pretty much the same way for decades. And in the case of small businesses, about three quarters still process their payroll internally, in part because the $6 billion payroll outsourcing industry is mostly aimed at larger companies. Larger payroll service providers have been slow to adopt the Internet, choosing...

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