Central 1 is first to market with integrated online payroll for Canadian small businesses
Small business payroll launches today with Prospera Credit Union
VANCOUVER, BC (July 17, 2018) — Canada’s first small business payroll system integrated with online banking, offered by Central 1, launched with Prospera Credit Union today. Other financial institutions are expected to follow throughout 2018. Small Business Payroll is an innovation that will transform how Canadian small businesses operate by integrating payroll with day-to-day online banking. This solution is designed to work seamlessly and automatically—payroll is paid, reconciled, and securely stored, as well as easily analyzed to help future business decisions.
“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 solution addresses that head on, in a way that is simple for any small business to operate.”
“Serving the small business community has been a cornerstone of Prospera Credit Union’s mission from day one, and being able to offer original technology solutions like Small Business Payroll helps us to do just that,” said Shawn Good, President and CEO, Prospera Credit Union. “Providing this fully integrated and seamless online payroll solution will address a longstanding pain point in the business community and we’re thrilled to partner with Central 1 to make it available.”
Currently, banks connect to external payroll service providers but don’t have an integrated view of all their financial transactions built in, resulting in many time-consuming side effects. Central 1’s fully-integrated online Small Business Payroll simplifies the entire payroll system by:
- Cutting the 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 credit union relationship, avoiding the nearly week-long wait it can take to set up a third-party payroll services.
- 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. Business owners can see and understand their cash flow quickly, at a glance.
The Small Business Payroll solution 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 as well as seasonal workers, vendors and contractors. All Canadian bank accounts are supported so no employees will need a separate solution.
This is the second service from Central 1’s Small Business product suite, following the successful launch of Small Business Invoicing in October 2017. To learn more about the features of Small Business Payroll, or to learn about a free 30-day trial, please contact Randy Johal at firstname.lastname@example.org.
About Central 1 Credit Union
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $13.2 billion as at September 30, 2021, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
About Prospera Credit Union
Building on more than 65 years of history in British Columbia, Prospera Credit Union is proud to be a member owned co-operative enterprise with operations that extend from Vancouver to Kelowna. As a full service financial institution that prides itself on building relationships, we serve our members through sixteen branches; online and mobile banking; and a locally-based contact centre. Through our membership in The Exchange network, our members enjoy fee-free access to more than 2,300 ATMs across Canada.
Making life better for everyone is important to us at Prospera. With an extensive community investment program devoted to supporting the organizations, events and volunteers that make our communities stronger, Prospera makes a meaningful difference in the financial well-being of our members and our communities. To learn more about our community investment programs, check us out on YouTube, Facebook, Instagram and Twitter. For all the latest news from Prospera Credit Union, visit our newsroom online at prospera.ca.