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Remote
Remote
Remote revolutionizes HR for global businesses by offering seamless onboarding, efficient payroll, and dedicated support. Our platform is designed to provide a human touch, making the software purchase process easy and approachabl...Read more about Remote
Vista
Vista
PDS’ Vista is the complete HCM software solution for organizations with employees based in the United States, Canada, or the Caribbean. All the pieces—recruiting, onboarding, human resources, benefits, payroll, time and attendance...Read more about Vista
Omniprise
Omniprise
Omniprise is an on-premise as well as cloud-based customer relationship management solution designed to provide companies a view of all customer interactions on a real-time basis. The solution is suitable for businesses of all siz...Read more about Omniprise
BambooHR
BambooHR
Instead of using fragmented spreadsheets, limited or clunky software, and physical paper, BambooHR helps you centralize your data and automate the way you complete key HR tasks. As you hire, onboard, and pay your employees, every ...Read more about BambooHR
Bullhorn ATS & CRM
Bullhorn ATS & CRM
Bullhorn provides cloud-based CRM solutions for relationship-driven businesses. The solution offers automated data capture and customer insight technology to help companies win customers and keep them engaged. Bullhorn’s CRM ...Read more about Bullhorn ATS & CRM
People-Trak HRIS Suite
People-Trak HRIS Suite
People-Trak is a cloud-based HR Solution suite that allows users to deploy the application in the cloud or on-premise. Canopy's People-Trak solution comes with a free HR database which includes alerts, reporting and 1 GB of s...Read more about People-Trak HRIS Suite
PeopleStrategy
PeopleStrategy
A full-service broker, PeopleStrategy offers expert benefits consulting, intuitive HR software and comprehensive administrative services to provide employers with a single source for the tools and resources to attract, manage and ...Read more about PeopleStrategy
Triton HR
Triton HR
Triton HR's cloud-based, HR solution for small to midsize companies, integrates payroll services, employee benefits, and essential HR applications into a cloud-based single single sign on system. Tailored to fit a broad spectrum o...Read more about Triton HR
TimeForge
TimeForge
TimeForge is a workforce management (WFM) solution that helps HR professionals and business operators with applicant tracking and onboarding, attendance, absence management, employee scheduling, sales and labor reporting, HR certi...Read more about TimeForge
isolved
isolved
isolved is the most-trusted HCM technology leader, providing the best combination of software and services to meet the needs of today’s People Heroes – HR, payroll, and benefits professionals. From talent acquisition to workforce ...Read more about isolved
Criterion HCM
Criterion HCM
HCM Without Compromise. Criterion provides human capital management (HCM) software for midmarket organizations, helping organizations in construction, financial services, nonprofits and higher education streamline their critical ...Read more about Criterion HCM
Manage With Success
Manage With Success
Manage With Success is a cloud-based human resources (HR) solution for small to midsize businesses. It caters to multiple industries including finance, retail, food, non-profit, consulting, manufacturing, construction, distributio...Read more about Manage With Success
TriNet Zenefits
TriNet Zenefits
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 c...Read more about TriNet Zenefits
APS Payroll
APS Payroll
Automatic Payroll Systems (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 manag...Read more about APS Payroll
Namely
Namely
Namely provides modern, intuitive HCM solutions including scalable technology, expert-managed payroll and benefits services, and fully comprehensive professional employer services. Backed by a 24-7 customer success team, Namely em...Read more about Namely
Patriot Payroll
Patriot Payroll
Basic Payroll: $17/month + $4 per employee or contractor. You run payroll and handle your tax filings. Full Service Payroll: $37/month + $4 per employee or contractor. You run payroll, but let us handle the payroll tax filings. ...Read more about Patriot Payroll
HROffice
HROffice
Developed for companies seeking a workforce planning tool for both permanent and temporary staff, HROffice Planning is a web-based solution used to coordinate, plan, and report on an organization’s workforce. Staffing and temp age...Read more about HROffice
Staffpoint
Staffpoint
Staffpoint is a cloud-based human resource (HR) management solution that helps in scheduling employee tasks and manage staffing requirements. Key features include scheduling dashboard, personal ranking, reporting, data access and ...Read more about Staffpoint
Wagepoint
Wagepoint
Wagepoint is a small-but-mighty company on a mission to simplify payroll – and even dare to make it delightful! Our online payroll software was built just for small businesses, automating the most “ugh” parts of payroll so that ou...Read more about Wagepoint
Rival Recruit
Rival Recruit
Rival Recruit empowers organizations to source, recruit, and hire the best talent, add precision to their strategy, and maximize their technology investment. Recruit is a flexible talent acquisition suite that transforms the candi...Read more about Rival Recruit
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Buyers Guide
Last Updated: March 16, 2023What 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:
What Is Direct Deposit Payroll Software?
Common Features of Direct Deposit Payroll Software
Benefits of Direct Deposit Payroll Software
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.
Direct deposit records in SurePayroll software (Source)
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. |
If you need help determining which vendors offer which specific features, give our advisors a call at (855) 998-8505.
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.
Key Considerations
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.