Interview with Sam Vassa, CEO and Co-Founder of PaymentEvolution
18 October 2011 - We asked Sam Vassa, Co-Founder and CEO of PaymentEvolution, a few questions about his company and his view of the markets they serve.
Sam Vassa
Co-Founder and CEO
GETAPP.COM: Who are you and what is your role in the company?
VASSA: I'm the Co-Founder and CEO of PaymentEvolution. PaymentEvolution was started by alumni of Microsoft, HP and other technology firms. We found the payroll industry to be behind the innovation curve and have brought our experiences from the tech industry to this market. Our CTO is Ameet Mehta who is, among other things, credited with patents on portable database technology. Our COO is Nirav Mehta who ran a large reseller focused on services to the small business community. We have payroll specialists and accountants on staff to ensure our calculations are accurate and adhere to the latest legislative changes.
GETAPP.COM: Are you a cloud or a Software-as-a-Service (SaaS) company?
VASSA: PaymentEvolution runs in the cloud as a service accessible from any modern web browser. We're always up to date and offer our services without messy update files or patches. It's a loaded term but I think you could consider us a SaaS provider.
GETAPP.COM: What are the points of difference of your solutions?
VASSA: Payroll is a critical function for most businesses, but one that should not detract from the core operations of the firm. PaymentEvolution provides small and mid-sized businesses the tools needed to run payroll accurately, and quickly from their browser. We spend a lot of time on the employee experience to ensure they are happy with their pay. We provide free employee sites for common requests like paystubs, pay history and even year-end tax information like T4s. For business owners we focus on getting payroll done efficiently. Most businesses using our system can complete a payrun in about 30 seconds. It's simple, straight forward and accurate. We also understand that every business is unique and has their own payroll requirements. That's why we built our service on rules engine technology. Say, for example, you wanted to create a coffee fund deduction. In PaymentEvolution Payroll you can create your custom rule for that and have it applied to any or all your staff. Importantly, we offer the service for free to small businesses with 5 or fewer employees. The efficiency of our calculations allows us to offer the service at no cost. We're trying to democratize access to professional level tools like payroll. It's our way of giving something back to entrepreneurs and the small business community.
GETAPP.COM: How would you like to be evaluated by a prospect?
VASSA: If you want the best employee experience, the easiest to use payroll service and the quickest way to get started – PaymentEvolution is the best payroll service for your business.
GETAPP.COM: Why do your customers buy from you?
VASSA: Clients love our simplicity and stay because we offer them the ultimate flexibility to manage their own payroll.
GETAPP.COM: Can you mention some of your key clients?
VASSA: We have clients ranging from single-person firms like consultants, to some very large clients with thousands of employees. We truly believe that all of them are key clients and we work hard to ensure they get a great payroll experience.
GETAPP.COM: What do you see as the key trend emerging in the industry?
VASSA: Payroll has lagged the innovation curve for many years. The last real innovation was direct deposit introduced in 1990. Our small business clients are savvy and expect a payroll service that can keep up with their business challenges. Integration with other SaaS offerings, mobile employee access and faster payment methods are all trends we're seeing and facing head-on.
GETAPP.COM: What is THE most important message you feel you should get across to someone considering buying your solutions?
VASSA: Your business needs full featured, simple to use payroll that is fast, accurate and employee-friendly. Only PaymentEvolution offers this for free.
GETAPP.COM: Thanks for your time, Sam.