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Vista is an integrated human resource, benefits, payroll, recruiting and self-service application that offers tools for administrative HCM and payroll processes.
Functional elements include workflow, tax management, recruit...Read more
Infor CloudSuite HCM is a suite of human resources applications with several deployment options. Applications in the core suite include benefits management, absence and time entry, budgeting, employee safety, talent acquisition, o...Read more
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.
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, o...Read more
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
Faster, smarter, easier payroll and HR
As a small business owner, you’re managing more than ever. And with less time to get it all done — you can’t afford mistakes. You need a trusted payroll and HR platform that can help you st...Read more
ADP Workforce Solution is suited for businesses with more than 50 employees looking to streamline HR processes. ADP Workforce Now includes capabilities such as payroll processing and tax filing, performance management, compensatio...Read more
ADP Vantage HCM is an on-premises human capital management (HCM) solution suitable for large organizations with more than one thousand employees. ADP Vantage offers integrated tools to manage recruiting, talent management, time ma...Read more
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 configurable, easy-to-use, cloud-based HR software ...Read more
BambooHR offers small and growing companies a human resource information system (HRIS) that includes an applicant tracking system (ATS), time tracking, payroll processing, employee engagement and employee satisfaction tools, autom...Read more
eTOTALplan is a cloud-based employee scheduling solution that helps to manage and track employees. The solution caters to different industries such as government, restaurants and charitable organizations. Key features include work...Read more
UKG 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 of use, UKG Ready combines the po...Read more
SAP human capital management (HCM) solutions enable a more flexible, engaged, and resilient business by strengthening the employee experience with cloud HR solutions across core HR and payroll, time and attendance, talent manageme...Read more
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
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
Workday HCM assists global businesses of all sizes in a variety of industry verticals with workforce planning, analysis, and execution. Workday delivers user and administrative tools across financials, HR, planning, talent, payrol...Read more
Triton HR offers small to midsize companies a cloud-based human resources (HR) solution that integrates payroll services, employee benefits and core HR applications into a single system. The system can be configured to support a w...Read more
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
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Their solutions are delivered directly or through their partner network to more than five million employees and 145,000 employers — who us...Read more
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
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.
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:
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.
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.
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.
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.
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.