Showing 1-20 of 284 products
Zenefits is an all-encompassing HR SaaS platform designed specifically for small to midsize businesses. The Zenefits People Platform includes a robust offering spanning HR, Benefits, Payroll, Well-being and Performance apps that combines... Read more
Recent recommendations: 86 recommendations
UZIO is a SaaS-based online marketplace that provides cloud-based HR, payroll, and benefits management software and services. It is built for businesses of all sizes. This integrated solution offers local/regional brokers, employers,... Read more
Recent recommendations: 76 recommendations
Zira is a cloud-based employee scheduling and performance management system designed to automate complex team processes. Zira tools include a web-based manager and admin application that is ideal for creating and publishing schedules,... Read more
Recent recommendations: 62 recommendations
The Arcoro human resources (HR) management solution is the bridge to better HR. With over 10,000 customers and 360,000 daily users in 20 countries around the world, Arcoro offers 11 configurable, easy-to-use, cloud-based HR software... Read more
Recent recommendations: 59 recommendations
RUN Powered by ADP (RUN"), is a web-based payroll solution designed for small businesses. The solution can be deployed on either iPhones, iPads or on any touchscreen device. RUN can integrate with multiple third-party accounting software... Read more
Recent recommendations: 56 recommendations
Gusto is a modern, online human resource platform that helps any small business owner take care of all hr tasks. Gusto offers HR tools and HR services to help with managing employee onboarding, running payroll, administrating health... Read more
Recent recommendations: 49 recommendations
Paycor is an integrated cloud-based software suite that offers functionality to encompasses the entire employee lifecycle - from recruiting and onboarding to time and attendance management. Collectively, the solution offers tools for... Read more
Recent recommendations: 47 recommendations
BambooHR is a cloud-based HR management software solution for small and midsize businesses. BambooHR offers small and growing companies a human resource information system (HRIS) that includes an applicant tracking system (ATS), time... Read more
Recent recommendations: 47 recommendations
UKG Ready (formerly Kronos Workforce Ready) is a flexible and seamless HR solution that provides a connected people experience to easily manage the entire employee journey, from a single solution. Designed for flexibility and ease... Read more
Recent recommendations: 46 recommendations
Dayforce, provided by Ceridian, is a cloud-based solution for Payroll, Benefits, Workforce Management, Human Resources, Talent Management, Document Management, and Analytics. As a single application, Dayforce provides organizations... Read more
Recent recommendations: 44 recommendations
EddyHR’s mission is to help small and midsize businesses move out of paper and spreadsheets, and into an intuitive, modern, all-in-one HR platform. EddyHR is unique because of its seamless combination of hiring, onboarding, and people... Read more
Recent recommendations: 43 recommendations
Namely offers a cloud-based solution for companies seeking a single comprehensive system to manage their human capital. Namely helps midsize companies manage compliance and streamline everything payroll, benefits and talent management. Namely... Read more
Recent recommendations: 42 recommendations
APS has a mission: to make payroll and HR easier. They have been providing payroll and tax compliance services to companies since 1996. In 2004, APS released its cloud-based solution for workforce management. APS delivers a single-system... Read more
Recent recommendations: 38 recommendations
Rippling makes it easy to manage your company's Payroll, Benefits, HR, and IT—all in one, modern platform. It brings all of your employee systems and data together, and helps automate your busy work. Take onboarding, for example.... Read more
Recent recommendations: 35 recommendations
ADP Workforce Now is a comprehensive solution for managing HR, payroll, talent, compliance, and employee benefits. This workforce solution is suited for businesses with more than 50 employees looking to streamline HR processes. ADP... Read more
Recent recommendations: 34 recommendations
iSolved is a unified, cloud-based human capital management (HCM) solution that offers key workforce functions including payroll, HR, time and attendance and benefits enrollment, as well as people-centric functions such as learning... Read more
Recent recommendations: 34 recommendations
Workful is a cloud-based payroll and employee management solution designed to help small businesses automate processes for internal communication, time tracking, onboarding and more. Key features include direct deposit, geo-fenced... Read more
Recent recommendations: 32 recommendations
Support the entire candidate experience from start to finish with a unified recruitment platform. iCIMS offers best-in-class recruiting products for your hiring life cycle, available as part of one unified talent cloud platform, or... Read more
Recent recommendations: 30 recommendations
UKG Pro (formerly Ultimate UltiPro) is a powerful, global HCM solution. Transform your business with a truly connected global workforce experience delivered through resilient and mindful HR technology. From payroll, to talent, to service... Read more
Recent recommendations: 27 recommendations
Ascentis offers a cloud-based human capital management (HCM) suite designed for midsize companies of all industries. It includes HR and benefits, recruiting and onboarding, talent management, time and attendance and payroll. Ascentis... Read more
Recent recommendations: 22 recommendations
What Is Direct Deposit Payroll Software?
Direct deposit payroll software is a tool that enables organizations to process salaries, make deductions, calculate bonuses, and manage employee time off. The software allows organizations to set up a recurring process with banks to transfer money from their bank account to employees’ bank accounts on a specific day every month.
Any business with paid employees should be using a dedicated payroll solution. To make the payment process transparent and convenient, businesses of any size can opt for direct deposit payroll software.
Direct deposit is a form of electronic payment via ACH (automated clearing house) that many organizations use to pay their staff. Even the U.S. federal government uses it to send social security payments.
Directly depositing employee salaries to their bank accounts saves the cost of paper checks, is environment friendly and lowers the chances of fraud due to loss or theft of paper checks. Direct deposit payroll software helps out by processing unlimited transactions to meet your staff's payment needs.
We created this buyer's guide to help you understand how this software works. We're detailing everything you need to know before you choose a solution for your business.
Here's what we'll cover:
This type of software also makes it easy and safe to consistently pay staff salaries. Businesses can set up a recurring process with their banks to electronically transfer the money from their savings or checking account into the employees' bank accounts on a specific day every month.
Common Features of Direct Deposit Payroll Software
Vendors in this market offer a variety of functional breadth and depth in their solutions. Let's look in detail at the common capabilities of direct deposit payroll software:
|Direct deposit||Lets users deposit employee salaries directly into their bank accounts on the payout day each month. The software automatically withdraws funds from your bank account and deposits it into employees' bank accounts.|
|Tax management||Calculates state and federal payroll taxes automatically and deducts the correct amounts from employees' salary. It also considers tax exemptions that the government offers to employees to reduce their taxable gross income.|
|Employee time off management||Allows employers to track time off hours that they've allowed, have been taken by employees and are left remaining as sick days or paid vacation time.|
|Employee portal||Allows employees to access and manage their personal information. They can also perform a few functions, such as viewing their time off activity or leave balance.|
|Third-party integrations||Lets users integrate the direct deposit payroll software with other existing systems in the organization such as HR and accounting software.|
What Type of Buyer Are You?
Before you start evaluating various direct deposit payroll software, you should know which buyer category you fall into and what that means as you choose direct deposit software. We believe most buyers can be categorized as one of the below types:
Small businesses. These buyers focus on basic day-to-day requirements such as depositing employee salary, calculating taxes quickly and managing employee time off efficiently. They require a simple, dedicated direct deposit payroll software that fulfills their needs and can be scaled up over time. They're mainly looking to streamline their payroll process at an affordable price.
Midsize businesses. Apart from the basic capabilities, these buyers may need additional and more advanced features. They usually have an established HR team, so they'd also need third-party integrations with existing HR software to import/export employee data.
Large businesses. These buyers need almost all the features in a solution. They ideally look for a full-featured solution that's part of a suite that covers extra modules, such as HR and accounting, for smoother operations. Due to a larger number of employees and to avoid the hassle of handling everyone's daily needs, they may also require an employee portal that allows employees to access, view and manage their personal information at any time.
Benefits of Direct Deposit Payroll Software
While a streamlined payments process is the most important benefit of this software, here's a list of additional benefits:
Safety and reliability. The direct deposit process is a convenient way to pay employees on the payout day itself, regardless of their location. Paper checks can get delayed in reaching the bank due to bad weather, misplaced checks, employees on vacation etc. Any of these reasons could result in employees not getting paid on time, which can put a financial strain on their personal lives.
However, direct deposit isn't dependent on any such factors. Businesses can easily set up the software and ensure stress-free pay schedules for themselves and their employees.
Time and cost savings. Employees who receive paper checks may feel the need to leave work on payout days to deposit their check during business hours. This means low productivity on payout days. As the software automatically credits the salary into employees' bank account, you save their time as well as your organization's.
In addition, you'll no longer have to spend hours writing or printing checks. With direct deposit payroll software, you also save on costs for paper checks, postage, shipping and packaging.
Now that you're aware of the features and benefits of direct deposit payroll software, you should consider purchasing the software to automate pay distribution. Here's a list of questions you should ask the vendor before shortlisting suitable solutions:
Is the software scalable? Check whether the direct deposit payroll software you're considering will adapt and scale up as your business grows. The software should automatically add new employees to the distribution list when they're onboarded. Make sure you ask the vendor whether you'll be charged extra for adding new employees.
Does the software support integration? Ask vendors whether their solution supports integrations with your existing applications such as HR and accounting systems. Be specific about all the stakeholders who'll use the software and the effort, time and costs associated with integrations.
Does the vendor offer customer support? Find out whether the vendor offers support 24/7, only during business hours or not at all. Also, ask for the available support options such as email, phone or live chat. Make sure to ask the vendor about their usual response time, so that you're able to get your employees' salary issues and queries resolved on time.