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Is your company still cutting paper cheques or sending etransfers to pay employees? Hey, we get it — old habits die hard.
But when you stick to these outdated payment methods, you’re weighing your entire business down. Think about it — the time and money spent on writing, printing and waiting for cheques to clear are resources you can never get back. And let’s not forget the security loopholes and potential errors that can haunt manual processing.
So, what’s your lifeboat out of this old-school quagmire? Direct deposit payroll services and software. These innovative tools take payroll management from a cumbersome chore to a streamlined operation. They make your life as a business owner easier and add a layer of happiness to your employees’ lives.
Today, we’re examining the top direct deposit payroll solutions.
Payroll services and software up for consideration
- Rise People
- Deluxe Payroll
Benefits of direct deposit.
- Time-saving: Cut back on manual cheque processing.
- Cost-efficient: Less money spent on printing and mailing.
- Convenience: Employees get paid directly into their bank accounts.
- Enhanced security: Less risk of cheque fraud or theft.
- Environmentally friendly: Reduces paper waste.
What you’ll need from your employee to set up direct deposit.
Alright, so you’re sold on making the leap to direct deposit for your method of payment. Before you can relish the glory of hassle-free payroll, there’s a bit of groundwork to be done. You’ll need specific information from your employees, including from every new employee after you’ve got direct deposit up and running.
Employee’s bank account information
- Employee’s full name: Make sure it matches what’s on their government-issued ID. Typos can cause delays.
- Bank name: Confirm where the money will go.
- Bank transit number, institution number and account number: These numbers dictate where the money’s coming from and where it’s going. Think of them as the road map for your digital money transfer.
- Bank address: The physical location of the bank branch where the employee’s account is held. This is often required for verification purposes.
- A void cheque or pre-authorized debit form: These documents contain all the banking info you’ll need from employee bank accounts, in a format that leaves little room for error. Some employees may be able to download these directly from their online banking platforms.
Remember, the devil’s in the details, especially when you’re dealing with financial transactions and these types of payments. Missing or incorrect info can cause delays or even the return of funds, which neither you nor your employees want to deal with. But once you’ve got this all squared away, you’re ready to dive into the world of direct deposit payroll software and services.
- Simple user interface: Designed with simplicity in mind, Wagepoint’s interface is no-nonsense and provides easy access to process payroll smoothly and efficiently.
- Quick direct deposit: Wagepoint has a direct deposit lead time of three business days on each pay run.
- Simplified payroll taxes: Wagepoint handles most federal and provincial tax calculations. Whether you’re filing with the Canada Revenue Agency (CRA) or another organization, you can rest easy knowing the software has processed your payroll remittances for you. Even year-end filing!
- Expert customer support: Many on the Wagepoint customer service team members have taken Payroll Compliance Professional certification.
- Employee self-service portal: Employees can log in anytime, anywhere to view their financial documents in an encrypted, secure application.
- Limited international payroll options: Currently only available in Canada.
Wagepoint offers a straightforward, simple approach to payroll without sacrificing the essential features. Tailor-made for Canadian small businesses, their user-friendly platform eliminates the guesswork often associated with payroll processes. You get to focus more on running your business and less on navigating complicated software.
- Comprehensive HR solutions: In addition to payroll, Payworks has a full suite of human resource management tools, streamlining various administrative tasks.
- Scalability: Designed to accommodate small, medium and large businesses.
- Customizable reports: The software allows for highly customizable reporting.
- Multi-jurisdictional support: Ideal for businesses that operate in multiple provinces, as it can handle differing tax codes and employment laws.
- Ease of use: The platform could be more intuitive, especially for users who are new to payroll software.
- Cost: While feature-rich, Payworks can be on the pricier side for very small businesses.
Payworks offers an expansive range of features suitable for a variety of business needs. However, the software may be a bit complex for those who are new to payroll management, and budget-conscious small businesses may find it a bit pricey.
- All-in-one platform: Combines HR, employee benefits and payroll in a single application.
- Employee self-service: Allows employees to access their pay stubs, tax forms, and benefits information.
- Automated workflows: Offers automation features that can simplify tasks like onboarding and offboarding.
- Cloud-based: The software is cloud-based, meaning you can manage payroll from anywhere at any time.
- Learning curve: With a multitude of features, it might take some time for new users to navigate through the platform effectively.
- Integration limitations: While it does integrate with some third-party applications, the options are limited compared to other payroll services.
Rise People offers a comprehensive, all-in-one solution for businesses that want to consolidate their HR, benefits and payroll management. The platform is feature-rich, but may require some time to master fully. Limited third-party integrations may also be a factor for businesses that rely on various software tools.
- Tax compliance: Strong focus on ensuring tax compliance, automatically calculating, filing, and paying your federal and provincial taxes.
- Employee self-service portal: Features an employee portal where your team can view pay stubs, tax documents, and other essential information.
- Flexible payment options: Offers a range of payment methods to suit your business needs.
- Customer support: Deluxe offers support through multiple channels, including a dedicated support line, to resolve issues quickly.
- Interface usability: The user interface is somewhat dated and may require time to get accustomed to.
- Cost: Deluxe Payroll can be pricier than some other options, particularly for small businesses that don’t require its extensive feature set.
Deluxe Payroll provides a comprehensive service with a strong emphasis on tax compliance and customer support. But, its user interface might feel outdated, and the cost may be a stumbling block for smaller businesses that don’t need all the bells and whistles.
- Integrated platform: Rippling is an integrated employee management platform that covers HR, IT and more.
- Automated payroll: The software allows for a fully automated payroll process.
- Customizable: Rippling offers a high level of customization.
- Robust reporting: Advanced reporting features let you delve into payroll data, giving you insights into labour costs.
- Complexity: The wide array of features can make it overwhelming for small businesses that just need a straightforward payroll solution.
- Cost: Due to its extensive functionality, Rippling can become expensive as you add more features or employees.
Rippling offers an all-in-one platform that goes beyond just payroll, encompassing HR and IT management tasks as well. While this comprehensive approach is a boon for larger organizations, smaller businesses may find the platform a bit too complex and pricey for their basic payroll needs.
- Dayforce platform: A single, cloud-based platform that manages HR, payroll, employee benefits and workforce management.
- Real-time payroll: The software has real-time payroll calculations.
- Compliance management: Helps navigate complex labour laws and tax regulations.
- Employee self-service: The platform includes a robust self-service option.
- Complexity: Ceridian may be overwhelming for small businesses that need a more streamlined solution.
- Cost: Given its extensive capabilities, Ceridian can be on the expensive side, especially for small businesses.
Ceridian offers a robust, all-in-one workforce system for managing not just payroll, but also HR, benefits and more. While its comprehensive feature set is a strong point, it can also serve as a limitation for small businesses seeking a simpler, more cost-effective payroll solution.
- Full-service payroll: A complete payroll service that handles everything from wage calculations to direct deposit services and tax filing.
- Scalability: ADP can serve businesses from small startups to medium-sized businesses to large enterprises.
- Time-tracking and scheduling: The platform offers integrated time-tracking and employee scheduling features, reducing the need for third-party apps and add-ons.
- Data insights: Advanced analytics and reporting tools give you valuable insights into your workforce and financials.
- User experience: While ADP offers a range of features, the interface might not be as intuitive as simpler platforms, potentially making it less appealing for small business owners looking for more hands-on control.
- Less control in full-service option: ADP’s full-service payroll is a hands-off solution that handles most payroll tasks for you. If you’re a small business owner who prefers a hands-on approach to managing payroll details yourself, this might not be the best fit.
- Pricing: The costs can be on the higher side, especially when adding extra features and services, which might not be ideal for budget-conscious small businesses.
ADP offers a comprehensive and scalable payroll solution that can accommodate a wide range of business sizes and needs. However, the platform’s complexity and potentially high costs might not make it the ideal choice for small businesses looking for a simple, budget-friendly option.
- Automatic integration for Sage users: Sage’s payroll software isn’t just an add-on — it’s a seamless extension of its accounting platform. This means if you’re already using Sage for accounting, integrating payroll is a breeze.
- Mobile accessibility: Sage offers mobile apps that allow you to run payroll or access financial reports on the go.
- Customizable payrolls: The software provides options for customizing pay rules, deductions, and contributions.
- Automatic updates: Sage automatically updates tax tables and compliance forms, ensuring you’re always up-to-date with regulations.
- User interface: The software’s user interface is not the most intuitive, requiring a bit of a learning curve for those new to the platform.
- Not a standalone product: One key limitation is that Sage’s payroll service can’t be used independently — it’s tethered to their accounting software. If you’re looking for a payroll-only solution, this could be a deal-breaker.
Sage offers a comprehensive financial management tool that integrates payroll with accounting features. While this integrated approach can be a major plus, the platform does have a learning curve, and support options may not be as extensive as some users would like.
- Automatic integration with QuickBooks platforms: Whether you’re using QuickBooks Online or QuickBooks Desktop, QuickBooks Payroll is an add-on that integrates effortlessly with these accounting software options.
- Automated tax calculations: The software automatically calculates federal and provincial taxes.
- Employee self-service: Employees can access their own pay stubs and tax forms.
- User-friendly interface: QuickBooks offers an intuitive, easy-to-navigate user interface, which can be a boon for small business owners unfamiliar with payroll software.
- Feature limitations: While it offers a good range of features, QuickBooks Payroll may lack some of the specialized payroll functionalities found in more dedicated platforms.
- Pricing: As you add more features and employees, the costs can quickly add up, making it a potentially expensive option for some small businesses.
QuickBooks provides a user-friendly payroll solution that integrates well with its cloud-based software for accounting. It’s a strong choice for small businesses already using QuickBooks for accounting, but might fall short in specialized features. Additionally, the costs can escalate as your needs grow.
- Automatic integration with Wave’s accounting platform: Wave Payroll is an extension of the Wave ecosystem.
- Quick direct deposit: Wave has a three business day payment processing period for direct deposit.
- Payroll tax filing: Wave Payroll’s features include filing payroll taxes with the CRA.
- Employee self-service portal: Employees can access their pay stubs and payrollinformation.
- Cost: Wave is known for its free accounting platform. It’s important to note that the Wave Payroll add-on, however, is not free of charge.
- Not a standalone product: Wave Payroll cannot be used on its own outside of the Wave accounting platform.
Wave’s cloud-based solution includes its payroll add-on. It keeps payroll processing simple for small businesses, but it does come at an extra cost to its otherwise free platform.
Choosing your direct deposit software.
Switching to a direct deposit system for payroll is like trading in your flip phone for a smartphone — you wonder why you didn’t do it sooner.
When on the hunt for the best payroll software for direct deposit payments, it’s a good idea to really examine the options. The right payroll software won’t just take employee payments and pay cheques off your plate — it’ll make the whole payroll experience better than ever.
Wagepoint stands out among payroll software options.
Wagepoint stands out among payroll software solutions for its simplicity and Canadian market focus. The perfect fit for small business owners in Canada who want to cut through the noise and get straight to efficient payroll processing. Its user-friendly interface and quick direct deposit feature can be genuine lifesavers for folks with salary and hourly employees as well as independent contractors.
Get back to running your business instead of getting bogged down by payroll complexities. Plus, our expert, friendly and dedicated team will take care of you so you’re never left in the dark.
So, what are you waiting for?
Sign up for Wagepoint today and modernize the way you pay your employees.