Payroll Direct Deposit: An Extensive Guide & Top 4 Softwares
As a small business, it’s vital that you pay your staff correctly and on time.
You don’t want to get a reputation as an employer who suffers from paycheck issues as there is no chance any skilled workers will want to work for you.
You’ll want a way to quickly and efficiently pay your staff each month that guarantees that the money gets to them on time.
That’s why direct deposit can be a great way to go.
But what is a payroll direct deposit? And what is the best software out there?
We’ll take a look at the top 4 currently on the market for small businesses.
Here’s What We’ll Cover:
What Is Payroll Direct Deposit?
Direct deposit is a payment method where funds are electronically transferred to a checking or savings account.
This can help the payee receive payment faster and means that neither the employer nor the employee has to deal with physical paper checks.
Direct deposits are a great way to transfer wages to your employee. They are directly deposited into their bank account for quick and easy access, and can also be used for tax refunds and other types of payments.
Which Software Should I Use?
There are a number of online payroll software programs available to use for any sized business. But which one would work best for you?
Let’s take a look at the top 4 currently on the market.
FreshBooks is a fantastic choice for dealing with your payments. It' services are perfectly tailored for small business owners looking to send and accept all types of payments.
FreshBooks is accounting software that provides accounting solutions for small business owners. It has a range of options that allow you to keep all of your business needs in one place.
The service also offers FreshBooks Payments. This is a solution that makes it easier for your clients to process online transactions. That means you can get paid twice as fast.
They offer simple pricing, the software is easy to use and there are no hidden costs.
Gusto is a modern, online HR platform that helps small business owners take care of and manage their HR tasks.
Gusto offers tools and services that aim to help with tasks such as running payroll.
Everything within Gusto is one fully integrated, easy-to-use platform that is used by over 100,000 employers.
Gusto offers pricing across four different plans: Contractor plan, Core Plan, Complete Plan, and Concierge Plan.
Their most basic plan costs $39 per month and an extra $6 per month for each additional employee.
Patriot Payroll is an integrated HR and payroll management solution. They promise to streamline all of the processes that you would normally associate with managing your payroll and also your taxes.
Patriot Payroll offers its users the ability to process their payroll through direct deposits. You can also process through electronic checks.
They also offer personalized portals. This is for employees to access their payroll and all of their related financial information.
Patriot Payroll is specifically designed for small to medium-sized businesses with 1-100 employees.
They offer a 60-day free trial so you can try it out before you put money down. If you decide to upgrade to their basic paid plan, it starts at just $10 per month and an extra $4 per month per employee.
Let's say you’re not looking for fully integrated software with your direct deposit provider. You just need a quick and easy way to process a direct deposit, then you don’t have to look much further than PayPal.
PayPal is a tried and trusted software that is easy to use, quick to set up and relatively secure.
All you’d have to do is to sign up to a PayPal Cash Plus account, and you can start using direct deposits straight away.
PayPal Cash Plus doesn’t require you to pay a monthly fee, but there are fees attributed to any payments made.
Direct deposits are a quick, easy and secure way to process your employee’s payroll.
A bonus is by using integrated software such as FreshBooks, you’ll be able to streamline your payroll process. This means you can have everything in one place which can give you some much-needed peace of mind.
When it comes to choosing which software is right for you, it depends on the type of business you’re running. All four methods listed above are great options, so do some reading and decide which is best for you and your business.
Are you looking for more business advice on everything from starting a new business to new business practices?
Then check out our FreshBooks Resource Hub.