PaymentEvolution Corporation

PaymentEvolution Corporation

August 19, 2010 08:00 ET

PaymentEvolution Launches PayChequer.com

New Service Validates Pay Statements, Makes Financial Planning Easier for Canadians

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2010) - PaymentEvolution Corporation (www.paymentevolution.com), a Canadian provider of payroll services for small and medium businesses (SMBs), today launched PayChequer.com, a new online service that offers Canadians a more informed experience with their pay statements. PayChequer.com helps employees better understand their pay statements, while enabling better financial planning.

By providing an easy-to-use, secure and feature-rich interface that can be accessed from a Web browser from any location, PayChequer.com enables employees to check their most recent pay statements and validate deductions; see a history of all their previous payments; and gather data they need for tax or financial planning.

"Our research* finds that one third (33%) of Canadian workers do not have a good understanding of the taxes, deductions and benefit premiums on their pay statements," says Steven Van Alstine, CPM, Vice-President, Canadian Payroll Association. "The CPA encourages employers to use tools such as our Pay Statement Guidelines to ensure pay statements provided to employees have appropriate information and that organizations' policies and procedures are in compliance with employment and labour standards."

Helping Employees Understand Where Their Money is Going

PayChequer.com gives employers a better way to communicate complex benefits and deductions while adhering to the Canadian Payroll Association's best practices for pay statements. Powered by PaymentEvolution's calculation engine, PayChequer.com also provides employees with up-to-date and accurate information on their RRSP contributions and vacation days through Web-based links created by their employer.

"With PayChequer.com, pay statements no longer need to be flat, boring reports," says Sam Vassa, Managing Director, PaymentEvolution Corporation. "PayChequer.com turns simple pay stubs into financial planning tools that empower employees to know exactly where their money is going at any time."

PayChequer.com can also be used by employers to provide their workers with an easy way to update personal information (e.g., address changes) through a self-service Web application. All information goes directly into the employer's system which helps to minimize administrative work for HR personnel.

Survey Shows Canadians Open to Electronic Pay Stubs

A recent nationwide Harris/Decima omnibus survey commissioned by PaymentEvolution found that if they had the choice, 45 per cent of employed Canadians would choose to receive their pay stub electronically – either by email, PDF or via a Web site. This is consistent with the CPA's findings that over half (51%) of employees would support receiving e-pay statements.

The survey also found that 63 per cent of respondents would choose to have their RRSP contribution room and vacation days available on their pay stubs to make financial planning easier for them. In addition, 58 per cent said they would choose to receive their pay via an email and be instantly deposited into any account they wanted.

A Tool to Attract New Talent

With 70 per cent of survey respondents between the ages of 18 - 44 saying they want to be able to see both their RRSP contribution room and vacation days on their pay slip, PayChequer.com can also be used as a tool to differentiate employers when they are recruiting new talent.

Secure Payroll Data

PaymentEvolution uses state-of-the-art data centres and replicates data in multiple disaster sites to ensure all payroll data remains secure. The company only uses high encryption techniques that exceed government regulations for security.

Availability

PayChequer.com is available immediately and can be found at: http://www.paychequer.com

About PaymentEvolution

PaymentEvolution empowers Canadian small and medium businesses, accounting firms and partners to manage payroll quickly and easily at low or no cost. Headquartered in Toronto, Canada, PaymentEvolution is lead by a team of technology professionals with many years of experience in Financial Services, Capital Markets and Management Consulting for major corporations and SMBs. Learn more at: www.PaymentEvolution.com

About the Survey

The survey was conducted by Harris/Decima from July 15 - 18, 2010, through Harris/Decima's weekly teleVox, the company's national omnibus survey. A total of 548 employed Canadian were surveyed. With a sample of this size, the results are considered accurate to within ± 4.2 percentage points, 19 times out of 20.

*Based on proprietary research conducted by the Canadian Payroll Association.

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