This article applies to Payroll by Wave in the US.
We’re bringing the direct deposit process in-house to give you more control and deeper insights into the payroll process. Read on for what’s changed.
Does this affect how I pay my employees or payment timelines?
Nope! Just continue to run payroll as normal. Payment timelines will also remain the same. The only thing that’s changed is the underlying plumbing that moves the money from your account to your employees’ accounts.
If you do want to change your funding bank account (where the payroll withdrawal comes from), you can do so now or at any time, with one exception: the days payroll withdrawal is scheduled. On these days, your funding account information is locked to ensure payroll is processed correctly.
Will everything still work?
We’ve been working on this feature for quite some time – and in fact, it’s the system new Payroll by Wave customers have been working with for several months! It’s worked wonderfully, so we’re excited to be rolling it out to all our US Payroll by Wave customers.
So what else has changed?
Bringing direct deposit in-house to Wave means that you have greater visibility of where you are in the payroll process. You can now view the status of each payroll and see when the funds are withdrawn from your account, or if the payroll is refunded or cancelled.
You’ll also be able to see the payment status for each employee’s direct deposit, so you’ll be in the loop if there are any issues.
If a deposit fails, you’ll be guided through how to resolve the issue, and you now have the option to resubmit transactions.
If there are any errors during the payment process, you’ll see an alert next to the payment, along with a detailed explanation of what went wrong and steps to resolve it.
Is my information secure?
Your information is protected by by our security policy. Wave is not collecting or storing any more information than we did before.
Do I have to do this right now?
The update will only take a moment, and we recommend you complete it right away so that you can benefit the new features described above. However, if you need to run payroll urgently (it happens!) and don’t want to review the changes right now, you can ignore the notification and run payroll as normal. Make sure you come back to the Payroll hub afterwards to update your account – we promise it won’t take long!