By: Raj-Kabir Birk
With the countless payroll services on the market, separating the elite from the rest becomes a tough task. The growth of PaymentEvolution has seen it rise amongst its competition to become a premier provider of payroll services.
PaymentEvolution also operates in a specific niche of the payroll market, catering to small-businesses. “Canadian small businesses haven’t had access to enterprise quality payroll solutions,” says Payment Evolution Founder Sam Vassa. “We’ve changed that – we’ve democratized access to some of the best tools to pay your staff. You can run payroll from anywhere using our cloud-based payroll platform and employees can access their full pay history online.”
Through an application of these principles and possibilities, PaymentEvolution has made great strides in 2013. They started the year with approximately 2800 clients, and that number grew to roughly 4600 active clients by the end of December. The company’s ePay numbers have also grown rapidly, going from a transaction volume of $65 million in 2012 to $195 million in 2013, almost three times as much. The average payment value per client has also doubled in a year. The company is experiencing a growth rate of 70%. A steady growth in monthly payments value has been occurring since 2011, but saw a spike in mid-2013.
The company has also benefitted from the guidance of Altitude Accelerator, who has helped PaymentEvolution develop the channel strategy.
PaymentEvolution is in the unique position of being profitable and self-sufficient, having never taken external funding. They are also the only Canadian payroll service that integrates with the some of the strongest cloud accounting packages on the market.
For instance, the company has helped Kashoo deliver Canadian payroll to their growing base of iPad users. Xero has been introduced to the Canadian market through Payment Evolution, and this in turn has continued to attract many Canadian businesses who are switching their books to the cloud through Xero. Saasu and Inuit QuickBooks round out their accounting partners.
In Human Relations, PaymentEvolution has closed a deal with Akira Systems, providing essential Canadian payroll to their clients. Payment Evolution has also embarked on an important partnership with FreshBooks. They will be the exclusive Canadian payroll provider to FreshBooks clients as the software accounting company expands beyond invoices to embrace more accounting functions.
These growing number of partnerships signal the way forward for PaymentEvolution, and the company insists that they are at the forefront of payroll in the country. “PaymentEvolution is Canada’s largest and most loved payroll and payments service,” says Sam Vassa. “Over 6000 businesses trust PaymentEvolution to pay their staff and contractors. We love small businesses – if you have a business with 5 or fewer employees you can process payroll for free.”
The ambition of PaymentEvolution does not stop there. In 2014, the payroll service hopes to triple their payments volume and client base. With a growing profile and continued innovation, they are well on their way to achieving those goals.