About Wave's relationship with VersaPay

This article applies to both 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?

If you decide to connect Wave with VersaPay, you will be asked to create a VersaPay account. This is where your banking details will be stored. The storage and management of your banking details is handled exclusively by VersaPay, and Wave has no access to or control over them. By using direct deposit in Wave, you are agreeing to VersaPay's terms of use. Wave does not store your bank account or password information, and Wave personnel have no access to them. 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 with 256-bit SSL encryption to protect your information.

Is VersaPay secure?

VersaPay's secure electronic funds transfer platform is powered by TD's robust financial network and hosted on fully redundant equipment located in a top-tier data centre. 
 
You should still take the same precautions you would take with any other secure online transactions (such as online banking and desktop software):
  • 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.