Direct Deposit for Organizations
There are several ways to pay your employees. You can issue cheques, pay them in cash, or transfer money directly to their bank accounts through direct deposit. Zoho Payroll, in partnership with CSG Forte, allows you to transfer salaries straight to your employees’ bank accounts. All you need is a Forte merchant account. If you don’t have one, you can register for an account.
CSG Forte is a payment solution that helps you send and receive payments securely and efficiently.
NOTE To automate salary payments to your employees, you need to configure direct deposit for your employees as well.
Once the setup is complete and a payroll is approved, your organization’s bank account will be debited for the total net pay of employees whose payment mode is Direct Deposit, and the corresponding amounts will be deposited into their bank accounts.
You can configure Direct Deposit for your organization in two simple steps:
- Add Bank Information
- Bank Account Verification (handled by Zoho Payroll and Forte)
Configure Direct Deposit
To add your organization’s bank information:
- Go to Settings > Payments > Direct Deposit.
- Click Set Up Now.
- Provide the required details in the following sections:
- Organziation Details
- Bank Information
- Payable Transation Details
- Sales Transaction Details
- Owner Information
- Accept the terms and conditions of Forte Merchant Services Agreement, then click Save.
Organziation Details
| Field Name | Description |
|---|---|
| Legal Name | The registered legal name of your business. |
| DBA Name | The name under which you operate your business. |
| Tax ID Number | Your organization’s CRA Payroll Number. |
| Legal Structure | The legal structure of your business. |
| Industry | The industry your business belongs to. |
| Business Type | The type of business you operate. |
| Address | The business address. |
Bank Information
| Field Name | Description |
|---|---|
| Bank Account Name | Enter the name of your bank account. |
| Bank Name | Enter the name of the bank. |
| Account Number | Enter your bank account number. |
| Routing Number | Enter the nine digit routing number of your bank. |
| Account Code | Enter a unique code for your bank account. |
| Account Type | Select the type of bank account:
|
Payable Transation Details
| Field Name | Description |
|---|---|
| Monthly Payable Volume | The estimated total amount disbursed through ACH transactions each month. |
| Average Payable Amount | The average amount disbursed per ACH transaction. |
| Maximum Payable Amount | The highest amount that may be disbursed in a single ACH transaction. |
Sales Transaction Details
| Field Name | Description |
|---|---|
| Annual Volume | The anticipated annual transaction volume of your business. |
| Average Transaction Amount | The average transaction amount processed by your business. |
Owner Information
Add the details of all owners with more than 25% of the share.
| Field Name | Description |
|---|---|
| Owner Name | Name of the company owner. |
| Date of Birth | Owner’s date of birth. |
| Last Four Digits of SIN | The last four digits of the owner’s Social Insurance Number (SIN). |
| Percentage Share | The percentage of company ownership held by the owner. |
| Address | Owner’s residential address. |
| Country | Owner’s country of residence. |
| Citizenship | Owner’s nationality. |
| Owner’s email address. | |
| Mobile Phone | Owner’s mobile number. |
Bank Account Verification
After you submit your direct deposit details, Forte automatically initiates a verification process to ensure the correctness of the provided information.
This verification process typically takes 12 to 24 hours.
- If the verification is successful, you can configure Direct Deposit for your employees and start processing payrolls.
- If the verification fails, you’ll need to update your bank information.