Canadian Direct Deposit Payroll Processing
Managing payroll and all the paperwork that comes with it is a tedious, time-consuming task that is also complicated and error-prone. In fact, one third of small businesses get fined each year as a result of incorrect filing/paying of taxes.
A direct deposit is the deposit of money by an employer (Payer) directly to an employee’s (Payee’s) bank account. In Canada, the CPA (Canadian Payments Association) processes all credit (deposit) and debit (withdrawal) transactions coming through banks, credit unions, and third party processors.
Replacing printed cheques with direct deposit to employees’ bank accounts is the most efficient way for your business to operate. In addition to a paperless payroll system being environmentally friendly; it is also a more secure, reliable, convenient, and affordable way to pay employee wages. Plus, your employees will be thrilled to see funds available immediately on pay day, without payroll mistakes (due to human error) and the risk of lost/stolen cheques and/or fraud.
Start moving your business towards becoming paperless by choosing direct deposit to process your employees’ payroll. All you need is your employees’ direct deposit information and/or a void cheque: including, a 5-digit transit number, 3-digit institution number, and 3 to 12-digit bank account number (all of which are standard with a Canadian Bank Account) …We will do the rest.
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