Direct Deposit in QuickBooks Payroll With Telpay
Telpay is QuickBook’s third-party application that facilitates direct-deposit payments. Telpay is based on an easy-to-use payroll direct-deposit system that is integrated with QuickBooks. The Telpay for Business payment software lets users pay their employees via direct deposit. And the cost for doing so is tremendously low.
The following Are Some Of The Features of Telpay
- Using Telpay, you can pay one employee, a few, or even all your employees.
- Telpay lets you remit CRA as well as reimburse employees’ expenses.
- Telpay deposits payroll into the accounts of employees as quickly as 2 working days.
- Telpay provides single/dual signing authorization, similar to checks.
- With Telpay, users can approve checks, even when they are not in office.
- Telpay provides a transparent audit trial, as well as robust and accurate reporting.
This is How Telpay Works
Users have to calculate the payroll in QuickBooks. After this, they must import the net of the payroll information into Telpay for Business. Next, the payment-related file must be sent to Telpay and the Telpay trust account must be funded.
Following this, users can transfer funds via the online bill payment process or give instructions to Telpay for automatically debiting their bank accounts.
- ✔ When Telpay correlates the payment file to the funds and finds the information to be correct, it allows employees to be paid via direct-deposit.
- ✔ Telpay allows users to select the payment funding process that they find appropriate. Users can choose to transfer via online banking from their financial institution to Telpay’s Trust Account. The other option is to let Telpay withdraw funds from user’s accounts.
- ✔ Telpay’s funding timeline ensures timely and accurate delivery of payments. There are two options:
Allowing Telpay to debit user’s account: For this option, users must send their files to Telpay 5 days before the date of payment. Users’ accounts will be debited 4 working days before the date of payment.
- ✔ New customers in the US have to pay a one-time fee of $ 99 for installing software and setting up system.
Monthly charges include fee for system updates and support. For new customers, this is $ 15 and existing customers $ 10.