This article is applicable for Payroll by Wave in Canada and the U.S.
Wave has partnered with VersaPay to allow you to pay your employees electronically with direct deposit.
What is VersaPay?
VersaPay provides electronic transaction processing services to businesses in Canada and the U.S. It's the service Wave uses to pay your employees with direct deposit, remit your taxes and collect the fee for running your payroll through Wave.
How do Wave and VersaPay work together?
VersaPay will ask that you verify ownership of your bank account before any funds can be transferred.
When you run your payroll, Wave sends instructions to VersaPay to withdraw payroll funds from your bank account and deposit them into your employee's bank account. All of the communication between Wave and VersaPay is locked up with 256-bit SSL encryption to protect your information.
Is VersaPay secure?
- Keep your password secure. Don’t choose passwords that can be easily guessed. Don’t use the same password for all your accounts. Don’t write your password down in a place where it could be found.
- Keep your computer secure. If you’re logged into Wave or any other secure service, don’t leave your computer unattended, especially in a public space.
- Keep your browser software up to date. We like Firefox and Chrome. Whatever your browser of choice, make sure you download security updates when they’re released.
Learn more about VersaPay on their site.
Updated on January 3rd, 2014