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Aug 21, 2023
The Many Wonders of Direct Deposit
Direct deposit makes payday easier for employers and employees alike, but a lot of smaller businesses do not pay via direct deposit under the guise that it is too complicated. Read through to better understand the practice and benefits of direct deposit, digest the drawbacks and set up direct deposits for either you, your employees or both.
Are you unsure about how to set up direct deposit for your employees or contract workers? Though it may seem daunting at first, especially if you're not familiar with the process, direct deposits can be set up rather quickly.
Let's start by defining direct deposit. In essence, a direct deposit is an electronic payment of funds from one bank account to another. It's that simple! You transfer the appropriate funds from your business bank account to your employees' bank accounts, all without having to worry about physical checks or cash.
When the direct deposit goes through, your employees will receive the electronic payment equivalent to their salary, and the payment goes directly from your bank account to theirs. Direct deposits result in an automated clearing house, or ACH, payment. Ultimately, direct deposits eliminate the need to pay employees physically. Instead, all payments are processed digitally.
How do direct deposits work?
You'll need to initiate direct deposit payments with your bank. As you strive to set up direct deposits, the ACH will receive the direct deposit orders and then allocate them to the appropriate bank accounts in accordance with each of your employees. From there, your employees' banks will receive those orders and distribute the proper amounts to the accounts of your employees.
The process of directly depositing funds into your employees' accounts generally takes between one and two days. There are also many rules in place to eliminate safety and privacy risks.
Now, the exact timing of the direct deposits will often depend on your bank, the banks of your employees, the payroll software that you use and national holidays that may affect bank operations. Your payroll software and your bank can usually help you plan out your payroll schedule and subsequently your direct deposit schedule.
Cost of setting up direct deposits
So how much will it cost you to set up direct deposits for your employees? The exact amount that you can expect to pay will depend on a few different factors; namely, which direct deposit provider you choose.
Alternatively, if you use a bank, the costs of setting up direct deposits will depend on your bank's fees and regulations. Generally speaking, banks often charge a setup fee that usually ranges anywhere from $50 to $149, according to the National Federation of Independent Business.
Some banks charge ongoing monthly fees, though many do not implement this practice, and others charge transaction fees as well. These transaction fees might be charged per pay period or employee. Once again, it all depends on your specific bank's procedures and requirements.
Likewise, the dollar amount of the fees will vary, depending on the bank, the size of your business and your direct deposit agreement. According to NFIB, the average dollar amount of transaction fees can vary from $1.50 to $1.90 per deposit.
If you utilize payroll software or some sort of technology that has payroll capabilities, the fees that you pay will depend on the individual software. Many software programs give you access to direct deposit services at no additional cost, but not all software options include the direct deposit service as part of the subscription price. So look into these details before deciding which software program to utilize.
Setting up direct deposits with your bank
If you set up direct deposits through a bank, be prepared to provide recent financial statements to verify that you have the necessary finances to set up direct deposits for your employees. If you opt for a payroll software instead, you'll need to input your business's bank account information and respond to a verification email to confirm that you are the administrator of the account.
Most setup processes will require a direct deposit test as well as a small withdrawal from your bank account. From there, you'll verify that the transaction was successful to confirm that the direct deposit process is working as it should.
You'll also need to receive a signed authorization form from each of your employees before you can transfer funds to them electronically. With the help of HR software that employees can log in to and monitor as they please, employees can give direct deposit authorization within seconds.
It can take anywhere from seven to 10 days to officially set up direct deposits. The pay schedule that you set up for your employees will be up to you, but make sure the schedule you impose is one you can stick to so that your employees can rely on consistent payments.
Communicate the payment schedule with your employees and payroll administrators so that everyone is on the same page. Finally, you'll want to set up a cutoff date so employees know when they must submit their hours for review and timely processing as part of payroll.
The benefits of direct deposits
From an employee's perspective, they can expect to receive their direct deposit every pay period. Direct deposits arrive in employees' bank accounts on a regular basis, so they will always know when to expect their payment and how frequently they'll be paid. The predictability factor will also help them plan their personal finances accordingly.
For you, the employer, direct deposits can provide you with much better control over your business finances because you'll know when money is going to be withdrawn from your account every month. Additionally, you won't have to worry about the possibility of payments being stolen or having important data about your business in the hands of thieves with ill intentions.
The drawbacks of direct deposits
A potential hassle that you may face when setting up direct deposits for you and your employees comes down to the maintenance involved in creating new accounts. There will likely be undesirable fees and security requirements.
But at the end of the day, direct deposits are worthwhile for everyone involved. For more information about setting up direct deposit payments for your employees, contact us.
©2023
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Oct 05, 2020
Employer on the GO Tutorial: HR Time-Off Requests
A walkthrough detailing how to process time-off requests within the Employer on the GO software!
Oct 02, 2020
Fact Sheet: Pennsylvania Overtime Rule
Changes to Pennsylvania's overtime regulations are coming soon - stay up-to-speed on the latest information!
Sep 25, 2020
Employer on the GO Tutorial: HR Forms and Documents
A walkthrough showing how to upload and access important forms and documentation using Employer on the GO's human resource system!
Sep 21, 2020
Employer on the GO Tutorial: Using the HR Org Chart
A walkthrough showing the organizational chart function of Employer on the GO's human resource system!
Sep 17, 2020
Employer on the GO Tutorial: HR Employee Tasks
A walkthrough detailing how to assign tasks to members of your team with Employer on the GO!
Sep 14, 2020
Employer on the GO Tutorial: Entering HR Information
A walkthrough showing how to view and edit employee HR information with Employer on the GO!
Sep 10, 2020
Employer on the GO Tutorial: HR Performance Management
A walkthrough showing the functions of the Employer on the GO performance management system!
Sep 07, 2020
Employer on the GO Tutorial: HR Company Announcements
A walkthrough showing how to post and view company announcements with Employer on the GO!
Sep 03, 2020
Initial Guidance: Employee Tax Deferral Executive Order
New language from the White House offers a temporary payroll tax deferral - should you take advantage of it?
Aug 28, 2020
Back-To-School FFCRA Guidance
The "when," "where," and "how" on returning to school aren't set in stone just yet - here are a few answers to questions you may have in the meantime.
Aug 17, 2020
At-Will Employment: What Does it Mean?
You've heard the term - let's dig a little deeper!
Jul 23, 2020
Potential New FFCRA Rules from the Department of Labor
The guidelines surrounding employee leave due to COVID-19 are still evolving - stay on top of it all!
Jul 10, 2020
Q&A: COVID-19 Employer Guidelines
Managing employees is different than ever before - what should you be prepared for?
Jun 26, 2020
Employer on the GO Tutorial: Payroll Journal Access & Summary
A walkthrough detailing the contents of your payroll journal in Employer on the GO!
Jun 25, 2020
Employer on the GO Tutorial: Approve Payroll & Notify Provider
A walkthrough showing how to finalize your payroll and inform your provider with Employer on the GO!
Jun 24, 2020
Employer on the GO Tutorial: Preview & Process Payroll
A walkthrough showing how to preview your payroll before processing using Employer on the GO!
May 26, 2020
Employer on the GO Tutorial: Enter Payroll Hours using the Enhanced Pay Grid
A walkthrough showing how to enter payroll hours using the Enhanced Pay Grid from Employer on the GO!
May 19, 2020
Employer on the GO Tutorial: Navigate Enter Payroll Setup Menu
A walkthrough showing how to edit and understand the Enter Payroll Setup menu with Employer on the GO!
May 07, 2020
Should You Rethink Paid Leave?
Don't demonize paid time off - celebrate it!
Apr 28, 2020
Employer on the GO Tutorial: Access and Manipulate Payroll Detail Reports
A walkthrough to access and customize your payroll detail reports as an Employer on the Go user.
Apr 27, 2020
IRS Unveils 'Get My Payment' Feature
Curious about your eligibility for COVID-19 stimulus payments? Check out this new tool from the IRS!
Apr 24, 2020
Employer on the GO Tutorial: Payroll Document Access and Details
A walkthrough to access and understand your payroll documents package as an Employer on the Go user.
Apr 22, 2020
9 Advantages Of Automated Time Tracking
Take advantage of automated time tracking to optimize your workforce.
Apr 15, 2020
The Importance of Time-Off Management
Paid time off can be a great tool to improve employee morale and productivity.
Apr 13, 2020
Employer on the Go Tutorial: Quarterly Report Access/CARES Act Report
A walkthrough to access quarterly reports packages as an Employer on the Go user.
Apr 09, 2020
TimeWorksPlus Has Geofencing!
If you need to know whether or not your employees are working in the correct location, you need Geofencing.
Apr 07, 2020
Scam Warning: Fraudsters Using New Tactics to Steal Personal Data During COVID-19 Pandemic
Unfortunately, even in times of crisis, there are those who seek to benefit at the expense of others.
Mar 20, 2020
Why Is Taxation Related To Cannabis Businesses So Complicated?
Beware: 2020 Could Be A Banner Year For IRS Audits Of Cannabis Businesses
Feb 23, 2020
3 of 4 Business are Underinsured – Is Yours Protected?
Insurance often feels like an unnecessary cost - until you need it.
Dec 31, 2019
Six Payroll Problems To Keep In Mind
Getting a grip on your payroll can ease the burden on cash flow and help your company remain afloat.
Dec 30, 2019
Solutions To 7 Frustrating Employee Scheduling Problems
Employee scheduling doesn’t have to be a dreaded chore. TimeSimplicity is your solution.
More News & Press can be found in our Archive.
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