What is direct deposit?
Direct deposit (also known as direct payment, direct credit, & ACH credit) makes it easy to pay your employees, sales agents, and contractors. In addition to simplifying your payroll process, direct deposit from EasyACH™ can save your business money, up to $3.15^ per payment versus a paper check. If your currently providing paper checks to your employees or outsourcing your payroll process, direct deposit from EasyACH™ will help you simplify and fully streamline your payroll process.
FOR EMPLOYERSDirect deposit via ACH will not only simplify your companies payroll process, save you money, and make your employees happy, it will protect you and your employees from stolen checks and check fraud.
HOW IT WORKS
Using the ReceivePay gateway or ReceivePay API you can submit a ACH credit to your employees account at a time of your choosing or setup your employees on a salary with automatic recurring credit schedule. Depending on the setup of your merchant account, it may take between 1-2 business days before the credit appears on the consumers bank statement, for this reason you'll want to initiate the deposit before the actual pay date. The diagram below shows how the ACH credit process works from start to finish.
how much does it cost?
ACH payment processing is a low cost method of accepting payments from your customers. Most new merchants are approved for a 1.00% discount rate. EasyACH offers one flat monthly fee and volume based transaction fee's that adjust from month to month along with your transaction volume.
|Discount per transaction:||1.00%*|
|Volume based transaction fee:||As low as $0.35|
|Monthly gateway fee:||$19.95|
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^Data obtained from electronicpayments.org