Direct deposit FAQ and pricing

Q: What is Direct Deposit?

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 $49.95 .

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, or you delete or reverse it.

Q: How long does it take a Direct Deposit or Vendor Payment transaction to reach the Employee or Vendor’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: 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 Vendor Payments and Direct Deposit transactions editable?

A: You need to have the preferences set in AccountEdge to be able to edit these transactions. Editing a submitted payment in AccountEdge will not effect the electronic payment. Turning on the Audit Trail will track changes made and who made changes to already recorded and submitted transactions.

Pricing for Direct Deposit Service
Set-up fee $49.95 one-time fee
Per transaction fee $0.99 ongoing fee
Monthly access fee $14.95 ongoing fee
Rejected item rate $2.50 per occurence

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.

Apply for direct deposit