Important Notice – Annual Compliance Fee

 

Fee

Since 2006, SolidTrust Pay has diligently worked to provide you with outstanding service. We competitively priced our rates, and unlike many of our competitors, we chose to eliminate monthly and annual fees. Regrettably, circumstances change and to meet the increasing demands of global anti-money laundering, crime and terrorist financing regulations, we have instituted an annual compliance fee for all SolidTrust Pay personal and business accounts effective July 19, 2019. For a comprehensive fee table, please see the bottom of this post.

In addition to assisting with rising compliance costs, the fee will help us make improvements to our security infrastructure. This will ensure that your personal information and financial data remains fully protected and beyond the reach of cybercriminals. Furthermore, improvements to our payment platform will make transferring and receiving money online even more convenient and secure.

This fee will enable us to continue to provide the quality and range of services that you have come to rely on. We have refrained from increasing our fees for over a decade, a resolution that continues to guide our fiscal decisions. Our low transaction fees remain unchanged and by restricting the fee’s amount, we have kept our service rates affordable and competitively priced. We strive to provide you with excellent value and promise to continue to make this effort in the future.

The decision to implement a standard flat rate fee for all members ensures that the compliance costs are equally shared, a choice that reflects our mission statement and commitment towards creating a thriving global community. When you reflect on how this small fee will help guarantee the security, privacy and compliance of your personal information, it is our hope that you will see its necessity. We anticipate no additional rate adjustments for the current year.

All of us at SolidTrust Pay would like to thank you for your continued support. Should you have any questions, please contact our Customer Support department. Our representatives will be happy to answer all your inquiries.

 

Fee Table

Personal Accounts $5 per year*
Business Starter Accounts $25 per year*
Business Premier Accounts $50 per year*

*The compliance fee will be charged annually on the date of your account’s creation. 

 

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Can Your Small Business Change the World?

Change the WorldAs a small business owner, you may feel powerless in your ability to enact positive, far-reaching change. After all, corporations like Microsoft and Walmart have millions of dollars at their disposal and teams of highly educated planners ready to initiate projects that have measurable impacts on people’s lives. What could you possibly do with your small business? The answer will surprise you.

Corporate Social Responsibility, or CSR, first emerged in the 1960s as a response to the burgeoning cultural movements that challenged social and economic norms. Many of the rights we currently take for granted trace their roots to the countercultural protest movements of this decade. CSR has become synonymous with corporate ethics and despite being originally a fully self-regulated mandate, over the past decade corporate social responsibility has moved considerably from voluntary decisions at the level of individual organizations, to mandatory programs at regional, national and even transnational levels.

Align Your Business with Your Values

As an entrepreneur your business is an extension of yourself. Your values, beliefs, ethics and passion infuse all that you do, reflecting your ethos to both your customers and wider community. This is why it is tremendously important to align your business with your personal values. Take a moment and reflect on whether your small business emulates your own moral beliefs. If you strongly believe in environmental preservation, do you actively recycle and source sustainable supplies? If community is important to you, do you provide mentorship programs for youth and encourage your employees to give back? By aligning your businesses with your values, you have the opportunity to create change in your local community.

Highlight an Important Issue

You don’t have to look far to find a social problem in need of attention. Do you feel strongly about an issue that lacks public awareness or where change has been slow? Educate yourself about the issue and use your business as a platform to raise awareness. By aligning yourself with a cause that is important to you and your employees, you can enact positive change and raise your company’s profile in your community.

Transformative change also necessitates the development of a long-term strategy. Your business plan should possess a section detailing your chosen issue and how you plan on utilizing your available resources. Creating annual impact reports is an excellent way to measure the positive effects of your work. They also allow you to earnestly take stock of your efforts and plan accordingly for the next year. You may need to adjust your business plan and incorporate impact business models into the structure of your company.

Strive to Become a B Corporation

B Corporation certification is a private credential issued to for-profit companies by B Lab, a global nonprofit organization that believes we should be measuring what matters most: the ability of a business to not only generate returns, but also to create value for its customers, employees, community and the environment. As of June 2019, there were over 2,750 certified B Corporations in 64 countries.

To be granted certification, companies must receive a minimum score on an online B Impact Assessment for social and environmental performance. B Lab is transforming our understanding of for-profit companies. No longer must profits and social responsibility be mutually exclusive pursuits. Thanks to their impact assessment tool, you can easily measure the impact of your work and strive to transform your company into an elite B Corporation.

Invest in Local People

Does your business truly invest in people? Hiring the right team members is crucial to the success of your business, but are you making an effort to invest in your employees? Besides providing much needed incomes for local members of your community, your employees deserve opportunities to better themselves and advance their skills. Many companies are embracing this idea and provide ongoing education and training throughout their employees’ tenure. These efforts can be combined with volunteer opportunities where your business shares it expertise and knowledge with not-for-profit community partners. Investing in people helps build strong, resilient communities, and when an employee does decide to seek opportunities outside your company, who knows what meaningful change they will bring about in their new position thanks to your investment in them.

SolidTrust Pay’s Sharing Philosophy

We believe that sharing should be integral to a company’s core values. That’s why a sharing philosophy lies at the heart of our mission statement. Every year, we dedicate a portion of our revenue to charitable giving, both near and far. Currently, we support UNICEF, the Canadian Red Cross, the Toronto Kiwanis Music Festival, Smile Train, World Vision Canada and the Fistula Foundation. We also assist our own members, providing monetary support to those in need. Read our Mission Statement to learn more.

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Peru Joins Our International Bill Payment Service, Bill Pay Your Way

PeruWe’re excited to announce that you can now pay bills in Peru directly from your secure online SolidTrust Pay e-wallet! Last year, we launched Bill Pay Your Way, our exclusive cross-border bill payment solution. Available to all SolidTrust Pay members, Bill Pay Your Way provides you with access to more than 600 billing companies in 17 countries with no transaction fees.

Payments are easily made from your secure STPay e-wallet and are confirmed with the billing company within 48 hours. Simply input the billing account number and the balance owing will be automatically provided to you.

To make your first cross-border bill payment, login to your secure SolidTrust Pay eWallet and go to My Money > Pay Your Bills and click on the Bill Icon at the bottom of the page. Show your loved ones how much you care, try Bill Pay Your Way today!

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Libra: Facebook’s New Cryptocurrency and What It Means to You

Libra

After months of speculation, on June 18th, Facebook officially confirmed it will launch its own cryptocurrency in 2020. Originally dubbed GlobalCoin, it was announced that the new cryptocurrency will be named Libra, Latin for balance. Now, before you rush to transfer your hard earned euros, dollars, pounds, etc. into Libra coins with the anticipation that it will be the cryptocurrency market’s next lucrative asset, you should continue reading.facebook_logos_PNG19753Much like bitcoin, whose value has recently risen above $11,000 for the first time in over 15 months upon the release of Facebook’s news, Libra will use blockchain technology. Thereafter, the similarities between both cryptocurrencies begin to part ways. For starters, unlike bitcoin, Libra was not created to be a speculative asset. Despite what bitcoin’s creators originally intended, for many, the world’s first cryptocurrency has become a financial asset to purchase and sell on the whims of the alternative currency market, in the same way that gold and silver are bought and sold on commodities markets.

Libra is different. It is meant to be a low-volatility cryptocurrency that will enable users to easily make purchases or send money to people for very low fees. To control value fluctuations, Libra will be backed by financial reserves managed by a nonprofit organization called the Libra Association.

Despite its name, the Libra Association has more in common with a board of directors than a not-for-profit entity. The organization is comprised of corporate members who have paid a minimum of $10 million to join. This entitles each of them to one vote on the governing council and a share of dividends from interest earned on Libra’s currency reserves. Currently, the association comprises 28 partners who will oversee Libra and its continued development. The partnership includes venture capital firms, nonprofit organizations, cryptocurrency firms and large financial, telecommunications and technology service providers. These partners will also contribute to Facebook’s Libra Reserve, an asset pool that will ensure every unit of Libra currency is backed by genuine fiat currency.  Libra-Association-Founding-Partners

Despite developing the original idea, Facebook will not control Libra. Like its association partners, the social media giant only has one vote on the council. This raises an important question: what does Facebook hope to achieve with the launch of Libra next year? Many industry experts see Libra as the start of an ambitious plan to dominate the world’s payments systems and challenge the power of sovereign currencies. Clearly, such an assertion should be met with skepticism, after all, this is Facebook we’re talking about, not Google.

Nonetheless, the project is highly ambitious. Using the scale and networking powers of Facebook’s 2.2 billion users, Libra would permit anyone to use the currency to pay for goods and easily send money within and across territorial boundaries. This could positively transform the lives of the 1.7 billion people who currently do not have access to banking services due to poverty.

Setting aside the rosy vision of a future world where every inhabitant has access to financial services, many worry that Libra could also be used to engage in money laundering and terrorism financing. Additionally, Facebook and its partners could use Libra as a bottomless source of financial data. Facebook is notorious for being careless about its users’ private information and the anonymity of the blockchain loses traction if account holder’s addresses are tied to real identities at transaction end points. A user’s financial data would be invaluable in determining their spending habits and open the doors to relentless customized advertising.

Libra has the potential to profoundly disrupt how we pay for goods and services online and transfer money. It may also be the first step towards the creation of a truly global digital currency immune from the price fluctuations that plague bitcoin. On one hand, concerns about Libra from the global banking consortium and numerous international financial ministers could prove to be a standard reaction of established powers to a new industry disruptor, much like Uber and Airbnb disrupted the taxi and hospitality industries.

Nonetheless, the creation of a new global currency controlled by corporate managers who are mandated to enrich their shareholders should raise concerns. Perhaps most importantly, no one yet knows for sure what Facebook hopes to achieve from project Libra.  All that we know for sure is the willingness of Mastercard, Visa and PayPal to be a part of the Libra Association provides evidence that large financial players see potential in Libra. If Facebook’s foray into the cryptocurrency market is successful, we may witness a veritable gold rush of financial service innovation.

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Will you use Facebook’s Libra cryptocurrency when it becomes available early next year? Please let us know in the comments section below. If you enjoyed this post, please subscribe to our Blog and follow us on Facebook and Twitter for news, updates and more helpful content!