Funding Options for Electronic Payments

Mandy Leung
Mandy Leung
  • Updated

We offer a number of methods to fund your employees payroll. Each option has its advantages and you can select the one that best fits your business and how you run payroll.

 

Pre-Authorized Debit

With this method, we automatically debit your company / source bank account for your payroll obligations and then make payments on your behalf to your staff and vendors. This option must be completed 2-4 business days in advance of the payment date depending on your pre-funding schedule.

 

You can determine what your pre-funding schedule is by going to the Run Payroll tab of your Knit account and checking the deadline to run your payroll.

 

For example, if the Pay Date is Friday, and your deadline to run payroll is on Monday, your account is on a 4-day funding schedule. If the deadline is Tuesday, your account is on a 3-day funding schedule. If the deadline is Wednesday, your account is on a 2-day funding schedule.

 

Wire Transfers

With this method you should fund your payroll at least 2 business days in advance of the payment date. Wire payments are initiated by you and your bank. Funds must be in Canadian dollars. For this option please contact us for our receiving bank details.

 

Interac E-Transfer (Up to $25,000)

Pre-funding via Interac E-Transfers are available for pay runs up to $25,000. Payment must be received by 3:30pm EST for next day payment. Please send E-Transfers to finance@knitpeople.com.

 

Bill Payments

(Payee “Knit Payment Service”)

Using the Bill Payment feature in your bank’s online business banking, you can send us the funds for your pay run. You’ll need to fund your pay run at least 2 business days prior to the payment date by 3:30pm EST. While almost all banks in Canada show Knit Payment Service as a payee, double-check in your online banking prior to using this option.

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