Payments & Money Transfer | Toronto, ON | Founded: 2012 | Employees: 31 | www.wagepoint.com
Last updated January 31, 2019 | To download a PDF version, click here.
Wagepoint is cloud-based payroll software that leverages cloud-computing technologies to provide a payroll platform to American and Canadian small businesses. These features include direct deposits, CRA remittances, year-end T4s, etc. Moreover, Wagepoint is equipped to further streamline clients’ human resource functions through its strategic partnerships with accounting and time-tracking software providers, including additional products of their own.
Shrad Rao: Co-founder and CEO (2012-Present). Previously: CEO, Synapp6 (2010-2014); President, Sociability (2010-2011); Mentor, propel ICT (2009-2010); Financial/Business Analyst, Irving Oil (2006-2010); Financial Analyst, Sobeys (2006). Education: BBA, University of New Brunswick.
Ryan Dineen: Co-founder and COO (2012-Present). Previously: Chief Technology Officer, Wagepoint (2012-2013); Workday Consultant, Jeitsoa Group International (2012-2012); Product Consultant, TribeHR (2012-2012); Managing Director, DenoSys LLC (2003-2012); Adjunct Professor, West Virginia University (2000-2011); Director of Payroll, Benefits, HRIS, West Virginia University (2001-2003); Senior HR Consultant, Bearing Point (1998-2001); HR Consultant, Ceridian (1996-1997). Education: BS., Fairmont State University; MS., West Virginia University.
Bill Murphy: Co-founder and Chairman of Board of Directors, Wagepoint (2012-Present); President, William Murphy Investments Inc (2005-Present). Previously: President and COO, GBL Inc. (2014-2016); COO, Belmont Health and Wealth (2011-2014); Chairman, Synapp6 (2010-2014); Author; Founder, Ledgers (1997-2001). Education: BBA., Cape Breton University.
In 2012, Shrad Rao, Ryan Dineen, and Bill Murphy discussed ways to innovate the human resource industry, while assisting small businesses. After finding that payroll is the biggest and most universal pain for growing businesses, they focused their efforts on eliminating that pain in the HR process. In July 2014, Wagepoint announced they have processed over $120 million in Canadian payroll and announced their American expansion. In December 2014, Wagepoint raises $2 million in seed funding from Extreme Venture Partners, Business Development Bank of Canada, and Atlantic Canada Opportunity Agencies for their US Expansions. In 2016, Wagepoint launched beta versions of Track and Luna, their own time tracking and paid time-off plan tracking products that integrate into the payroll system. In 2018, the two products launched publicly and are now available to Wagepoint’s payroll users.
Wagepoint raised $2 million from TIMIA Capital in their latest funding round in December of 2017. In December 2014, Wagepoint raised $2 million in seed funding from Extreme Venture Partners, Business Development Bank of Canada, and Atlantic Canada Opportunities Agency.
Key Corporate Developments
Press releases: https://wagepoint.com/press
Dec 18, 2016: Wagepoint Raises $2M in Funding from TIMIA Capital to Fuel Exponential Growth
Dec 9, 2014: Wagepoint Announces $2 Million in Seed Funding to Expand US Small Business Market Presence and Product Lines
Jul 22, 2014: Online Payroll Provider Wagepoint Processes $120 Million in Canadian Payroll; Announces Expansion to US
Wagepoint leverages cloud computing from Amazon Web Services (AWS) to offer payroll software to customers, focusing on small businesses. With this technology, Wagepoint allows customers to quickly set up their accounts and run their own payroll since its application is already configured and installed onto the cloud. Moreover, its centralized cloud allows Wagepoint to streamline software updates, thus increasing functionality for its customers.
- Payroll Software Pricing: Wagepoint charges a base fee of $20 and $2 per employee for each biweekly payroll cycle. If the business’s payroll frequency is weekly or quarterly, base fee changes to $10 and $75 respectively.
- Payroll Software Features:
- Direct Deposit: Allows businesses to directly deposit their employees’ paychecks on a weekly, biweekly, and quarterly basis to their respective bank accounts.
- Payroll Calculation: Automatically performs gross-to-net calculations for businesses’ payrolls.
- CRA/WCB Remittances: Helps businesses to stay compliant by submitting source of deductions to CRA to avoid late payments or penalties.
- Year-End T4s & T4As: Automatically submits T4s and T4As to CRA on businesses’ behalf.
- Statutory Holiday Calculation: Calculates statutory holiday payrolls for businesses.
- Record of Employment (ROE): Assists businesses by submitting ROE to Service Canada to remain compliant to regulations.
- Additional Deductions: Allows businesses to deduct RRSP contributions, health benefits, etc. from employees’ paychecks to reduce human resource professionals’ workloads.
- Contractor Payments: Manages payments through direct deposits and create T4As for contractors
- Additional Incomes: Aids businesses by calculating tax implications for bonuses, commissions, etc.
- Integration and Add-ons: Through the creation of their own time tracking and PTO products, and strategic partnerships with other accounting and time-keeping services, Wagepoint allows businesses to fully streamline their human resources functions. Outside of their internal products, their partnered providers include QuickBooks Online, TSheets, Xero, etc.
Wagepoint uses cloud-technologies hosted by AWS to provide security, reliability, and functionality to its clients. By using AWS’ computing, database and storage, Wagepoint streamlines its IT and increase customer accessibility.
Wagepoint services American and Canadian businesses by remitting payments and information directly to both the IRS and CRA respectively. Moreover, Wagepoint provides additional time-tracking and accounting functionalities through its strategic partnerships with over eight SaaS providers.
Wagepoint raises brand awareness by participating in media interviews on various websites like Mixergy, The Globe, and Mail, publishing a blog with internal and guest content, and posting on social media, such as Twitter, Facebook and LinkedIn. Additionally, Wagepoint uses an inbound marketing strategy by offering businesses to sign up and set up their accounts for free before paying to run their first payroll.
Traditionally, payroll services were conducted by internal human resource professionals and Wagepoint was one of the first subscription-based SaaS for payroll services in Canada. Currently, there are new entrants, for example:
- Payment Evolution – (Mississauga, ON) PaymentEvolution provides payroll solutions to small to medium sized businesses using a SaaS model.
- Knit – (Toronto, ON) Knit is a software business that provides payroll and HR services.
Corporate Profile Created By: Patrick Ou, Ivey HBA Candidate 2019