Bank Deposits is an electronic method used to deliver payroll. It is an alternative to issuing paper pay cheque and eliminates the need for pick-up and cash a cheque to access funds. It is the quickest, simple, secure, and most reliable payment method available.Firstly, one has to set up a bank deposit once with the payer, and then the recurring payment appears in the account every time the payer initiates one.
Payroll Software overview
Review Payroll Information for the Batch
Simplified option for the payment through bank deposit by just reviewing the payroll information based on Batch Name, Period, and Number of Employees etc.
Bank Deposit charges and payment details
Ease in the scheduling of bank deposit depending on the payroll information for the chosen batch. Review and confirm the bank deposit charges and payment details proceed further for the transaction.
How it works
Schedule
The company’s ‘Super Admin’ will have the option to initiate the ‘Direct Deposit Process’ and select the processed payroll month.
virtual account
Review and confirm the direct deposit charges, employees’ salary information, and virtual account details. The ‘Super Admin’ must transfer the funds to the ‘Virtual Account.’
funds transfer
After transferring the funds to the Virtual Account, SumoPayroll will process salaries according to the payroll.
payment to employees
Individual employees’ savings bank accounts will receive the credited salaries.
