There’s an easy way to speed up your payroll on Paycor: set up direct deposit. But make sure you do it right so that employees don’t have to wait for their payments. There are 13 easy steps you can follow to set up direct deposit on Paycor.
These tips will help you avoid making common mistakes along the way. Not sure how to set it up for the first time or want to make some changes? These simple tips will save you time and make sure payments go smoothly.
Next, we’ll go over the exact steps you need to take to make sure the setup goes smoothly. The first tip will help you get through the process quickly and without stress.
Key Takeaways
Accurate Information Is Key: Collecting and verifying the correct banking details from employees, including account numbers and routing numbers, is essential to avoid delays or mistakes in payroll processing.
Utilize Verification Tools: Asking employees for voided checks or bank verification letters helps ensure the accuracy of banking information, minimizing the risk of errors during direct deposit setup.
Double-Check Data Entry: Ensuring that bank information is entered correctly into Paycor and implementing a two-step verification process can prevent payment delays and avoid payroll issues.
Conduct Test Transactions: Running test transactions before fully implementing direct deposit ensures that the system is functioning properly and that employees will receive their payments as expected.
Use Paycor’s Support Resources: Paycor provides detailed setup guides, video tutorials, and support channels that can help employers successfully set up and manage direct deposit accounts, ensuring smooth payroll operations.
1. Collecting the Right Direct Deposit Information
When you start setting up direct deposit for your workforce, the first step is to gather all necessary bank details from your employees. This includes their bank account numbers, routing numbers, and whether their accounts are checking or savings.
Ensuring you have the correct information is crucial because any errors here can delay the payment process, affecting your employees’ ability to receive funds electronically on payday.
To automate and simplify this process, make use of forms that require employees to fill in their account information clearly.
This method not only secures the information but also minimizes the chances of errors. It’s important to note that getting these details right the first time helps in setting a solid foundation for your payroll processing.
2. Verifying Employee Details Accurately
Once you have the direct deposit information, verifying the accuracy of the employee details is your next step. This includes double-checking names, social security numbers, and bank details.
Errors in this area can lead to significant issues like misdirected payments or payroll tax discrepancies, which can complicate your HR responsibilities.
