Direct deposit services are used to electronically deposit paychecks to the bank accounts of employees. Paper paychecks are no longer required when direct deposit services are used. These services allow an employer to pay one, several or all employees at the same time. Direct deposits can be scheduled and fully automated. On the payday, each employee will readily see the funds in his bank account, even if they are on vacation or sick at home.
ACH is an acronym for Automated Clearing House, a large payment system which operates in the United States and is used for completing financial transactions. ACH is responsible for credit transfers such as direct deposits, making business to business payments, e-commerce payments, state, federal and local tax payments, and more. The Federal Reserve establishes rules and regulations that govern the ACH network. In 2013, the ACH payment system processed almost 22 billion transactions in the U.S.
TRAXPayroll provides direct deposit services which can be beneficial for both the employer and the employee. Here are severable notable benefits of such transactions:
At TRAXPayroll, we know that your time is precious and we strive to provide you with streamlined solutions regardless of the size of your business or its type. Our direct deposit services eliminate the hassle associated with paying employees on time and these services can be fully tailored according to your business needs.
If you want to learn more about our complete direct deposit services, give us a call at 866-872-9123!