DIRECT PAYROLL DEPOSIT
Enable customers to minimize or eliminate paper cheques, ensuring faster payroll for employees and enhanced cash flow management for them.
Small Business Payroll – coming November 2024
Attract and retain small business customers with a truly powerful and fully integrated payroll system built directly into their online banking.
A payroll powerhouse for small business customers
Help your small business customers save their two most precious resources – time and money. With Small Business Payroll, payments are sent, cleared and deposited directly into employee accounts within two days*. Even the CRA automatically gets its cut.
Small Business Payroll does it all
- Pays everyone including full-time, part-time, seasonal, and contractors
- Supports all Canadian bank accounts; no one is out of reach
- Calculates, files, and automatically pays all federal and provincial payroll taxes
- Allows owners to approve payments anywhere in the world. Supports Delegates and Dual Signers
- Delivers quick summaries of employee deductions and employer contributions for tax payments: CPP, EI, T4s, ROEs and more
- Improves cash flow because payments are created, sent, and cleared in just 2 business days, rather than 6
- Stores all historical data automatically
- No more lost pay slips
- Employees have their own profiles to update personal info, download pay slips and T4s
- Data is secured in state-of-the art data centres and replicated in several disaster recovery sites
Features for your customers
CUTS PAYROLL PROCESSING TIMES FROM 6 DAYS TO 2 OR LESS*
Simplified tax filing
Eliminate the headache of complex payroll tax calculations for your customers and ensure they know exactly how much their business owes ahead of tax time.
Fully integrated system
Help customers say goodbye to multiple accounting programs and hello to payroll processing in minutes, with everything integrated into their online banking.
Flexible payment options
Let customers choose the payment method that works best for them and their clients – making payments quicker and easier for everyone.
Customizable pay rules
Eliminate the need to build custom deductions / benefits into base payroll calculations. Customers can now add them separately, for free.
Enhanced business insight
Let customers segment employees and analyze compensation in a variety of ways to understand who they’re paying and how much.
Features for your financial institution
Easy to set up. Easy to use.
No need for significant technical resourcing during set-up or extensive staff training to provide customer support post-launch.
No banking host changes
Just turn it on and go. No additional banking host costs incurred and no reliance on your banking host to make changes.
Enhanced acquisition & retention
Be one of the first to offer customers a one-stop money headquarters – making it easier to attract, retain and cross-sell to build your book of business.
Industry-grade cyber security
Enjoy 24/7/365 protection from our expert cyber security team, advanced risk engine and PaymentEvolution’s state-of-the-art data / server security.
Updates done for you
No need to worry about your payroll solution’s legislative and tax compliance. Small Business Payroll manages it all for you.
Diversified revenue
Deliver a critical sticky service that customers need, while increasing your share of wallet and diversifying your financial institution’s revenue pool.
Streamline your customers’ invoicing too
Empower your customers to spend less time on invoicing and more time on growth with a fully integrated system that makes creating and reconciling invoices a breeze within online banking.
Learn moreBigger, better benefits for you and your small business customers
Offer your customers the feature-rich payroll package they need to succeed and revolutionize the way they view your financial institution.
Frequently asked questions
Yes, customers do not need to wait for the start of their next fiscal year to make the switch. They can migrate their existing payroll information into the Small Business Payroll solution straight away.
Yes, each financial institution sets their own price. There is a monthly fee, plus a fee per employee/pay run.
We do. Small Business Payroll is always up to date with the latest tax rules and legislative changes. Your customers don’t need to install anything, run patches or worry about expensive yearly updates.
Absolutely. Small Business Payroll is accessed via the Small Business banking platform, and integration with Small Business Payroll follows the strict security requirements of online banking. This includes 24/7/365 protection from our expert cyber security team, advanced risk engine and PaymentEvolution’s state-of-the-art data / server security.
Yes. Small Business Payroll gives your customers full control in adding custom deductions without additional costs to the service. In addition, legislative updates, new payroll tables and other changes are included and are always up to date.
*Payroll needs to be approved by 9am PST on a business day to ensure payment on the next business day.