Securely issue pay with direct deposit at no extra cost. Learn how to set up payroll direct deposit
Before setting up direct deposit with Wave, the following payroll setup tasks should be completed: add employee(s) or contractor(s), enter business details and add your company signatory.
Step 1: Add a bank account that will be used to fund your payroll
- Under Payroll > click Run Payroll
- Click Payroll Setup
- Under Business > locate Funding Account
- Click Add Account
- Select a bank from the list, or search for your bank to connect directly.
Trouble finding your bank?
If you can’t find your bank by searching, select “Can’t find your bank?” and enter your account details manually.
Step 2: Authorize direct deposit
You will need to complete the direct deposit application to authorize Wave to fund your payroll directly from your bank account.
Have your company signatory ID and information ready
You’ll be asked to scan a piece of photo ID, like your drivers’ license, or answer a series of questions only you would know the answer to. You will have 3 minutes to answer the questions asked, so try to do this as quickly and accurately as possible without leaving the page.
- Click Payroll > Run Payroll
- Click Payroll Setup
- Under Under Simplify your payroll locate direct deposit
- Click Authorize
- Scan your photo ID and answer the questions
- Review and agree to Wave's Terms of Service for Direct Deposit
Once submitted, your direct deposit application will be reviewed in 2-3 business days. You will hear from us at the email address you used to sign up for Wave.
If you need to pay your employees before your application is approved, you can run payroll and issue checks in the meantime.
For employees to receive pay by direct deposit, you will need to enter their direct deposit information and turn direct deposit on in their employee profile.
Did you know? Employees can enter and manage their own bank details if you invite them to Wave. When you add a new employee to Wave, select the option to have them onboard and enter their own information. Find out more in our Add your employees guide. For more frequently asked questions about direct deposit, check out Direct deposit with Wave.