Paying Employees With Online Bill Pay
When you’re choosing ways to pay your employees in Patriot Software — printed paychecks, handwritten paychecks, cash or direct deposit — there is another option you may not have considered.
You may already pay some monthly bills for your business through your bank’s online bill pay service. Did you know you can also use online bill pay to pay your employees?
Handling your payroll via online bill pay may offer several advantages over other pay methods. Online bill pay may help you keep track of your business finances. This method may also cost you less in banking fees than direct deposit, and you don’t have the expense of check stock or printer ink. Once you set up your employees in your bank’s online bill pay system, you most likely won’t need to do it again.
To take advantage of your bank’s online bill pay feature, run payroll as usual in the payroll software. Give your employees a record of the payroll transaction by printed pay stub, or give them access to their pay details through the MY Patriot Employee Self-Serve website.
Once you’re in your bank’s online bill pay system, set up each employee as a payee, and enter the payment instructions directly on your bank’s website. How your employees actually receive their pay will depend on the type of online bill pay your bank offers. Your bank can either send the employee a paper paycheck in the mail or electronically transfer funds (EFT) into their bank account (you will need your employees’ ABA and account numbers).
For more information, check with your bank to learn more about the types of online bill pay they offer.