Bank Direct Deposit is an electronic method used to deliver payroll. It is an alternative to issuing paper paychecks and eliminates the need for pick-up and cash a check to access funds. It is the quickest, simple, 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, considering an employer’s payroll where the employer instructs the bank to transfer payroll earnings into the accounts. On payday, bank credits the funds to the account, and the employer’s bank debits their account for the same amount.
By taking the advantage of bank direct deposit one can opt for convenience and cost saving fund transfers. Direct deposit takes place electronically, thereby avoiding third-party delays from couriers and eliminating the risk of having checks lost in the mail.
SumoPayroll provides a safe and secure form of “Bank Direct Deposit”. Usually, it is very difficult to pay for each and every employee manually. By using SumoPayroll’s ease of payment format the employee’s salaries can be made without any trouble.
- Simplified option for the payment through direct deposit by just clicking on the button ‘Start Direct Deposit’.
- Provides an hassle-free way to make payment for the employee’s 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.