Payroll + Banking now integrated

PaymentEvolution announces the launch of Small Business Payroll with Central 1 empowering Canadian businesses with integrated banking, payroll and employee management.

Central 1 is Canada’s leading digital banking and payments provider for credit unions and financial institutions. Central 1 will make the easy-to-use payroll solution available to thousands of Canadian business owners.

Central1-PaymentEvolution

Currently, banks connect to external payroll service providers but don’t have an integrated view of all their financial transactions built in, which results in many time-consuming side effects.

Central 1’s fully-integrated online Small Business Payroll Solution from PaymentEvolution simplifies the entire payroll system by:

  • Significantly cutting payroll processing times – from the typical six business days that occurs when using a third-party payroll provider to two, resulting in four extra days of cash flow per pay period.
  • Setting up the integrated payroll solution with a company’s credit union; it’s quick and easy because of the existing financial institution relationship, avoiding the nearly week-long wait it can take to set up a third party payroll service.
  • Calculating files and automatically paying all federal and provincial payroll taxes on behalf of the small business.
  • Creating and clearing payments quickly using direct deposit so business owners can see and understand their cash flow quickly, at a glance.

The flexibility of this payroll solution allows business owners to pay all employees, including full-time, part-time, and seasonal workers, vendors, gig-workers, and contractors. All Canadian bank accounts are supported, giving employees flexibility to receive their pay at the financial institution of their choice.

The Small Business Payroll Solution is currently available from Prospera Credit Union and Newfoundland & Labrador Credit Union. Look for additional credit unions and financial institutions shortly.