In 1968, I received a brochure proposing that I take on the franchise for a service that provided a group of accounting systems. What I found interesting about the offer was that it included all the usual accounting reports except payroll. That was the very application I was looking for but I never could find an offering that made me want to buy the service.
I could easily imagine reasons why others wouldn’t want to jump into providing that service. The computer programs were complicated. The processing was a bit cumbersome because of the need to produce separate cheque forms for each customer. There were fairly efficient manual systems that were widely used. But still, it seemed like an attractive application for computers because the entry of a small amount of data-enabled production of significant output, the ideal combination for computer applications.
I mulled this question over for a few days when suddenly an idea struck. What if you produced a system that drew all the payments on the same bank account? A whole list of added benefits would follow. Computer operations would be simplified and significantly speeded up. Cost of forms would be reduced. Separate forms would not have to be stored. Bank charges would be eliminated if you allied with a bank or trust company for handling the funds and clearing the cheques. Cheques did not have to be individually signed. Individual bank reconciliations would be eliminated. The interest earned on the float required to be in place until cheques cleared provided unseen revenue to cover some of our added costs. When you added it all up, the combination certainly looked like a winner.
A Simple Idea Becomes Comcheq
That simple idea was what made Comcheq the success it became. Though I knew the ins-and-outs of payroll production, I had a lot to learn about computer programming. But once learned, it became a huge benefit. Not long after I started Comcheq, the banks became my competitors. That was scary but I knew more about payroll than they did. In fact, I knew very little about computers but a fair bit about payroll and payment systems. It was easier for me to learn computer skills than for bankers to learn the intricacies of payroll. In 1968, Comcheq processed its first live payroll that integrated the payroll and payment functions.
by W.H. (Bill) Loewen
We are regularly reminded of the importance of innovation. Governments often spend large sums encouraging innovation and on so-called centres of innovation. In some cases, it is necessary to add fuel, but that may not be the source of true innovation. It is more a case of solving a known problem than inventing something that did not previously exist.
Probably the most important innovation ever has turned out to be the telephone. It’s invention by Alexander Graham Bell was the direct result of the fact that both his mother and wife were deaf. He was interested in discovering how the ear worked. Once he could see that, he determined that he was able to translate that process into building a replica. And that became the telephone.
Does your Business have a subscription program or any kind of regular monthly billing? Telpay for Business can help you get paid with our Pre-Authorized Debits (PADs) service.
Your customers authorize you to debit their bank account using the form that we provide. This form assures you that all the bases are covered so that you meet Payment Canada’s requirements.
It’s Payment Canada’s job to establish and enforce the rules and regulations around PADs to make sure they are properly authorized and to protect against improper withdrawals. Want more information on the rules and regulations around PAD’s, please have a look at Payments Canada’s payment guide.
It’s a global village, and Telpay makes international payments easy. The United Nations recognizes many currencies around the world, and so does Telpay.
Telpay is pleased to partner with Payline by ICE, International Currency Exchange, the engine behind our currency exchange. Payline by ICE has over 40 years of experience in custom international brokerage. Together, Telpay and Payline make international business easier, more cost-effective, and accessible to companies of any size. Payline is a Canadian neighbour, headquartered in Victoria, BC with a great track-record for community involvement as well.
At Telpay, we help build great relationships between businesses and their customers. Like every relationship, the needs can vary considerably from one organization to the next. That’s why we look at every possibility and devise custom solutions. Here are three ways that we’ve made things easier for you:
1. Error-free account number validation
Have you ever wondered how Telpay can immediately validate a customer account number?
Account numbers are often 16 digits long or more, so it’s easy to input it incorrectly. Within each account number, there is always one of the numbers designated as a verification digit. That number corresponds to a complex math formula. At Telpay, we’ve worked out all the formulas required to make sure that account numbers are correct immediately as you finish entering them. Correcting any errors at the point of entry is a lot easier than correcting it at a later stage. We have your back.