Bank Deposit 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
The company’s ‘Super Admin’ will be given the option to start the ‘Direct Deposit Process’ followed by the selecting the processed payroll month.
Review and confirm the direct deposit charges, employees’ salary information, and Virtual account details The funds have to be transferred to the ‘Virtual Account’ by the ‘Super Admin’.
Once the funds are transferred to the Virtual account, SumoPayroll will process salaries as per the payroll.
payment to employees
The salaries will be credited to individual employees’ savings bank accounts.