Time Needed to Process Payroll
If you're paying your employees through direct deposit, you'll want to run your payroll 3 business days (excluding weekends and bank holidays) prior to your employee payday due to the standard Electronic Fund Transfer (EFT) processing time. This will ensure that your employees will get paid on time.
For example, if your employees are paid on Friday:
- Tuesday: Run payroll by 12 PM EST. We'll contact your bank account to verify that funds are available to cover payroll and the funds are debited from your company's bank account the same day.
- Wednesday: Funds are collected and processed with the bank.
- Thursday: Payments to the employees are initiated.
- Friday: Funds are deposited in the employee's bank account in the morning.
Missed the deadline to run payroll? Not a problem. Run an off-cycle payroll.