What is PayCode®?
PayCode® is a unique new high frequency payroll payment processing system that can completely eliminate costly cheque payments to employees – even un-banked employees – saving time and money for both your business AND your employees.
PayCode® converts your cheque payments to electronic payments while providing your employees with easier, quicker and more convenient access to their net payroll funds, eliminating a trip to the nearest bank or ATM on payday, and avoiding the stress of a bank ‘hold’ on funds deposited by cheque.
- PayCode® Cash provides your employees with on-site cash payments of their net payroll funds, using our proprietary PayCode® Cash Kiosk/ATM.
- PayCode® eTransfer can provide your employees with same-day eTransfer payments direct to their bank accounts, initiated directly from your payroll system. PayCode® eTransfer uses the Interac® Bulk eTransfer payment system to process your payments without the need to login to your own bank’s online banking or online cash management systems.
Who uses PayCode®?
PayCode® Cash works particularly well for un-banked daily-pay temporary labour employees, providing them with instant access to cash funds as an alternative to taking a cheque to a 3rd party cheque-cashing service.
Employees with established bank accounts can choose to be paid by PayCode® eTransfer, providing them with same-day access to their net pay funds in their bank account.
The PayCode Cash Kiosk/ATM
How does PayCode® Cash work?
PayCode® places a secure Kiosk/ATM at the employer’s place of business where your employees get paid. Instead of issuing a cheque payment to your employees, PayCode® Cash enables you to pay your employees their net pay as a cash payment dispensed from the on-site Kiosk/ATM.
Each PayCode® Cash payroll payment generates a unique one-time use QR code (aka “PayCode®“) that is printed on the employee’s payroll statement of earnings and deductions. The employee then simply scans the QR code at the PayCode® Cash Kiosk/ATM located at the branch, and instantly obtain cash funds for their net pay amount!
PayCode® Cash and PayCode® eTransfer have both been designed to integrate seamlessly with the ELF.online payroll system to quickly and efficiently transfer funds via a secure electronic transaction from a pre-funded employer PayCode® account to the PayCode® account of the employee, or to the Interac® Bulk eTransfer processing system.
Less time, Less cost, Real Value!
Imagine. No more printing and signing of cheques, no more telephone calls from 3rd party cheque-cashing services to confirm details of cheques issued to employees, no more monthly reconciliations of outstanding un-cleared cheques, no more stop payments on lost or stolen cheques, no more fighting with the bank over duplicate-paid cheques (e-Deposit + 3rd party cashed), no more costly and time-consuming ‘positive-pay’ cheque-clearing services required from your bank, no more ordering of costly pre-printed secure cheque stock, no more worrying about storing and securing access to pre-printed cheque stock, no more cheque fraud!
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The economic benefit of adopting the ISO 20022 payment message standard in Canada
PayCode has replaced 85% of our payroll cheque payments to employees within the first year of implementation, resulting in annual cost savings measured in the tens of thousands of dollars at a single branch location.
Trades Labour Corporation
PayCode customers are happy and satisfied employees!
PayCode® is a registered trademark of PayCode Canada Corporation.
...the cheque costs between $2.00 and $3.85 more in its journey through origination, administration, reconciliation, clearing and settlement... versus electronic payment.