If you are an employer here to understand the difference between Wingspan and Melio, you're in the right place.
What is the difference between Wingspan and Melio?
Melio is a simple Accounts Receivable platform that helps small businesses get started with digital payments. If you are hiring contractors, and want to streamline your contractor onboarding, payments and compliance, Wingspan could be a better fit.
Streamline 1099 Payments
It's expensive and time consuming to stay compliant when paying contractors. Wingspan integrates with all the tools you use, and automatically files 1099s at end-of-year with the IRS.
Increases Contractor Retention
The biggest challenge facing businesses is hiring and retaining their talent. Wingspan, unlike Melio, increases your contractor retention by providing them a full-suite of tools to manage their business. When you pay your contractors through Wingspan, they can set aside for taxes, find insurance, and organize their income & expenses.
Help your contractors with taxes
Freelancers, unlike full time W-2s, struggle with taxes which distracts from their work and leads to attrition.
The biggest challenges contractors face are setting aside enough income for taxes, paying quarterly estimated taxes and identifying tax deductions.
When you pay your contractors through Wingspan, they can opt-in to automatically set aside the correct portion of their income for estimated taxes. Freelancers are obligated to pay quarterly estimated taxes. Wingspan reminds your contractors to make these payments, and makes 1-click payments directly to the IRS.
Many 1099 expenses can be deducted, reducing their tax obligation. Wingspan allows your freelancers to link their bank accounts. Deductible expenses are automatically identified and your 1099s can understand their income and expenses over time.
Keep your contractors focused on work
Wingspan allows you to offer your contractors subsidized benefits, while staying compliant with employment law. Wingspan can assist your 1099s with finding insurance and establishing their LLCs. Big-company benefits like Health Advocate, 24/7 Telemedicine and more can be subsidized.
Pay faster than the competition
Contractors have more employment options now than ever, and seek employers that offer fast payments for their work. Offer your contractors instant or next day-ACH payments.