How Bank Direct Deposits Work In Sumopayroll Software?

Bank Direct Deposits in Payroll Software

Companies use Bank Direct Deposit as an electronic method to deliver payroll. It is an alternative to issuing paper paychecks and eliminates the need for pick-up and cashes a check to access funds. It is the quickest, simplest, secure, and most reliable payment method available. Firstly, one has to set up a bank direct deposit once with the payer, and then the recurring payment appears in the account every time the payer initiates one.

For example, consider an employer’s payroll where the employer instructs the bank to transfer payroll earnings into the accounts. On payday, the bank credits the funds to the account, and the employer’s bank debits their account for the same amount.
By taking advantage of bank direct deposit one can opt for convenience and cost-saving fund transfers. Electronic direct deposit eliminates courier delays and the risk of lost mail, ensuring efficient payment processing.

Sumopayroll provides a secure “Bank Direct Deposit” method that simplifies the often intricate process of manual employee payments. The conventional manual payment approach can be laborious. Still, Sumopayroll’s streamlined payment format offers a hassle-free way to process employee salaries, ensuring efficiency and security in payroll transactions.

Easy payment format to pay employee salaries

  • Simplified option for the payment through direct deposit by just clicking on the button ‘Start Direct Deposit’.
  • Provides a hassle-free way to make payments for the employees irrespective of any organization.
  • Ease in the scheduling of direct deposit depending on the payroll information for the chosen batch.
  • Reviewing and Confirming the direct deposit charges and payment details.
  • Scheduling the transaction date and submitting to the further process.

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SumoPayroll is an accurate and easy-to-use cloud-based Payroll and HR application It is among the top of India’s leading HR & Payroll software companies, packed with features that will help streamline your HRMS & Payroll.