Merchant Account Services - Direct Deposit

Any company or organization that forwards a payment to an individual's savings or checking account automatically (via an electronic transfer) is using Direct Deposit. The obvious and most popular application of Direct Deposit is for payroll where the employer authorizes the employee's paycheck to go directly into the employee's account. Of course, the employee must also agree to this process, but why would anyone say no to such an offer?

Consider some of the advantages. An employee no longer has to worry about losing a check or having it stolen. He/she no longer has to make trips to a bank, wait on line and make a deposit. He/she does not even have to wait for checks to clear because the payroll information has been delivered to the employee's financial institution one or two days prior to the effective date.

Companies love direct deposit, too - and not just to make their employees happy. See the benefits to understand Direct Deposit's explosive popularity.

Take a Look at our Direct Deposit Advantages:

Reduces cost to deliver checks (especially if employees are at multiple locations).
Eliminates the need for special check handling when employees are on sick leave, holiday, etc.
Decreases the possibility of fraud.
Dramatically diminishes problems with a check. (It is estimated that the possibility of encountering a problem with a check is 20 times greater than with Direct Deposit.)
Eases payroll reconciliation.
Negates concern about lost or stolen checks. No more stop payment and check replacement fees!
Saves time as it is an automation tool.
Streamlines tax reporting at the end of the year.

Are you still undecided about the benefits of direct deposit (online payroll), not certain that the gains outweigh the cost for payroll service? By maintaining the status quo - the "tried and true" method of printing checks, distributing them and storing them - you consistently leave your business vulnerable to a slew of problems. Here are just a few examples of problematic situations that may arise:

An employee informs your accounts payable department that he/she lost the check.
An employee reports the check stolen.
A worker who is responsible for the distribution of checks somehow misplaces one.
Costs are then incurred, associated with stop payment fees.
The check must be re-printed and reissued costing time and money.
An employee may forget to cash his/her check making account reconciliation a more difficult task.
Don't forget about that absent or remote employee who is still entitled to a check. You better make special arrangements.
An employee may go to the bank to deposit his/her check during work (waiting on lines), decreasing productivity.

While other problems may arise, it is quite evident that there must exist a more efficient, effective, safe, and reliable method to pay employees - one that saves money and saves time. Why not use the same system that our federal government uses to pay social security benefit payments? The Direct Deposit model is a perfect solution and even our government has not lost a single payment through this process!

The question arises: How do you implement direct deposit? The following briefly describes the process of our payroll service:

Step 1 - Continue to use your payroll accounting software to calculate what each employee has earned for the pay period.

Step 2 - Create a Nacha or comma delimited file of this information by using the software's "direct deposit" or "payroll processing" function. If your software does not have such a function, our technical experts can easily help you create this comma delimited file.

Step 3 - Save this file on your hard drive.

Step 4 - Use our software to import the file. (Don't worry, we can walk you through this process.)

Step 5 - The file is submitted on the software to automatically deposit payment into your employees' designated accounts

Step 1 - Continue to calculate your employees' earnings.

Step 2 - Input the information (for each employee) on our payroll software. Just key in the required fields. (This will only have to be done once for each employee as the payroll software easily allows recurring payments.)

Step 3 - Submit the information to automatically deposit payment into your employees' designated accounts.

Get into the financial mainstream and join the thousands of others companies that are using direct deposit, particularly payment processing. You should find that our direct deposit system is the easiest to use and cheapest! We consistently beat the prices that banks and other competitors charge for this service and our payroll software reporting capabilities are much better for enhanced reconciliation. Our payroll service has an outstanding reputation and is applauded by our esteemed customers.

Indeed, jump on our direct deposit bandwagon for a smooth ride en route to saving money, saving time and increasing productivity. Our payroll service does not cost - it pays!

Note: Aside from providing an ideal electronic solution to process payroll, our payroll software can be used for bonuses, expense reimbursements, tax refunds, stock dividends and pensions.

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Direct Deposit