PaymentEvolution, the payroll, payments, and benefits management solution for small and mid-sized businesses across Canada, announces the launch of a Small Business Payroll Solution with Central 1 Credit Union (Central 1). As 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.



Incorporating the industry-leading payroll platform from PaymentEvolution, clients of Central 1 can now make integrated payroll available to their business members and customers.

"Central 1 is redefining what online banking means for small businesses by developing innovative ideas that will help credit unions support the financial success of both individual and business members," said Mark Blucher, President and CEO, Central 1. "Our research shows that payroll is one of the biggest frustrations for entrepreneurs and that our integration with PaymentEvolution addresses that head on, in a way that is simple for any small business to operate."

"PaymentEvolution and Central 1 share a common goal of empowering small businesses across Canada to do more. By enabling financial institution and credit union clients of Central 1 to deliver innovative small business solutions, we're helping Canadian business owners succeed in their communities while giving their staff an amazing employment experience," said Sam Vassa, CEO and Co-founder, 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

• Cutting payroll processing times in half – from the typical six business days that occurs when using a third-party payroll provider to three, resulting in three 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 Small Business Payroll Solution from PaymentEvolution is flexible and serves the entrepreneurs and business owners who fuel Canada's economy. 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.