Direct Deposit
FAQ | Pricing
A: Direct Deposit allows you to pay your employees from within AccountEdge and deposit the funds directly into their checking account.
Q: What are Vendor Payments?A: Vendor Payments allow you to pay your vendors, including 1099 contractors or commissioned salespeople, from within AccountEdge and deposit the funds directly into their checking account.
Q: What do these services cost to get started?A: There is a one time set-up fee of $79 and a one time application fee of $50.
Q: Are the transactions actually posted into AccountEdge?A: Yes.
Q: Will I need to purchase additional equipment to make direct deposit or vendor payment transactions?A: No.
Q: How many Electronic Payments linked accounts can I have?A: AccountEdge allows only one linked account for Electronic Payments.
Q: What happens when an Electronic Payment transaction is Declined?A: When a transaction is returned as declined, you should verify all the information you collected from the employee or vendor before you reverse the transaction and handle the payment in a different way. A declined transaction remains listed in the Prepare Electronics Payment window until you correct inaccurate information, process it again and receive an Approved status, or you delete or reverse it. A Process Electronic Payment Receipt will also launch for each Declined transaction. This receipt includes a code and description of the decline reason and a receipt ID number, as well as the date, account name, and amount of the transaction.
Q: How long does it take from the time a transaction is Authorized until it hits the correct Vendor/Employee Account?A: Once a transaction gets an Approval status, there is an additional period of 24 business hours in which the funds are accessed, the destination account is identified and so on. During this period and through the process, the potential still exists for the payment to fail. Click the Get Update button to open the Online Error Notification window where any transactions that fail during this processing period are listed. If a transaction appears in the Online Error Notification window, you should reverse it and handle the payment in a different way.
Q: How long does it take a Direct Deposit transaction to reach the Employee’s bank account?A: Normal process time is 2 business days beginning the day after the electronic payment is processed. For example, if you want to have payroll funds reach the Employee's account on Friday, the Electronic Payment transaction should be processed on Wednesday 7:30 PM EST.
Q: Can I process credit card payments in all currencies?A: You can only process credit card transactions in US Dollars.
Q: What happens if I press the authorize button twice in the receive payment screen for credit card processing?A: You will receive an error message in AccountEdge, and be given the option to record anyway.
Q: Are Credit Card Transactions, Vendor Payments, and Direct Deposit transactions editable?A: You need to have the preferences set in AccountEdge to be able to edit these transactions.
| Pricing for Direct Deposit Service | |
|---|---|
| Set-up fee | $79 one-time fee |
| Application Fee | $50 one-time fee |
| Per transaction fee | $0.99 ongoing fee |
| Monthly access fee | $14.95 ongoing fee |
| Rejected item rate | $2.50 per occurence |
| NSF Recollect fee (based on a $25 state) |
$10 rebate to the customer (40% of the total fee collected) |
Important note: Due to risk factors associated with providing Direct Deposit, a 1-day hold is put on your transactions, starting the first business day after you submit your transactions. For example, if you have a Friday payroll, you must process it by Wednesday 7:30 PM EST for your employees to have access to their funds on Friday morning. Application approval required. Transaction fees apply.
