Direct deposit makes paying your workers easier for you, and them, by having OnPay deposit the funds in the employee's accounts each pay day! You can still print checks and distribute them to your workers, as needed. You can even decide when running payroll who's paid by direct deposit and who gets a physical check. And you won't need separate pay runs!
What we'll cover
Why do it yourself when we'll do it for you? When you get started with OnPay, you'll receive an email from us, requesting the following basic information for each worker you've employed this year:
- Full legal name
- SSNs or EINs (For all employees and contractors)
- ITINs (For contractors only, learn more)
- Date of birth
- Home address
- Worksite (if different from the main company location)
- Date of hire
- Work department
- Federal and State (if applicable) tax withholding elections for all W-2 employees
Once we hear back from you with this information, we can get you ready to run payroll by setting up profiles for each of your employees and contractors for you. Here's more on entering workers→
Have you already paid employees this year?
If you've already paid employees this year, we'll also need their prior payroll histories in order to accurately withhold and file your payroll taxes. Follow the instructions in the email you received from us. More about Prior Pay→
Verify your bank account
When verifying your bank account, we'll notify you that we've made a credit and two small offsetting debits to the bank account you enrolled with. When you do see these amounts, you can proceed with verifying the account. Enter the debit/credit amounts found in your bank account in My Company> Company Bank Account. Need help? Follow these instructions for how to verify your bank account.
Risk assessment and deposit turnaround
Once you've verified your bank account, our Automated Clearing House (ACH) team will perform a risk assessment. This will determine your company's approval for direct deposit. If approved, we'll email you confirming your turnaround (2-4 days based on risk assessment). In some instances, you may be approved for Wire Only or Reverse Wire Only.
Run payroll on Wednesday by 11:30 PM EST and direct deposit goes in that Friday morning.
Run payroll on Monday by 11:30 PM EST and direct deposit goes in that Friday morning.
Note: You can schedule your pay runs in advance. Learn more about pay schedules.
For companies with very large payroll amounts, we may require that you wire the direct deposit and/or tax funds in order to process your payrolls.
Reverse Wire Only
For some companies, we may require that you authorize OnPay to perform a reverse-wire, or drawdown request from your bank account in order to process your payrolls.
Once you are approved, you can add direct deposit information to your employees.
Your approval status may be reevaluated every 6-months, by our ACH team upon request. If you receive an approval that doesn't fit your needs, please contact us at email@example.com so we can discuss other options with you!
Note: Allow 1-2 business days to complete direct deposit setup. Not all clients are approved for direct deposit. Any data entry mistakes by the employer resulting in misapplied deposits or NSF fees will be the sole responsibility of the employer.