You cannot process payroll until your account has been verified and setup successfully with our ACH partner, NatPay. Please allow at least seven (7) business days before your first payroll to set up and verify your bank account.
Verify your account
- Navigate to the Banking > Account verification tab.
- Bank account verification in Wagepoint is a 2-step process. The first step involves validating your account via a micro-deposit and the second step involves verifying your identity and bank account details using *Yodlee, an FFIEC supervised technology service provider.
- Micro-deposit (first step of verification)– after you save your bank details, we send a small amount to your bank account. It takes a minimum of two (2) business days for the micro-deposit amount to show up in your company’s bank account.
- Once you have the micro-deposit amount, navigate to the Banking > Account verification tab and enter the micro-deposit amount, without the dollar ($) symbol.
- Click “Complete validation”. You will now be able to proceed to the second step of verifying your account using Yodlee. Note: you will need online banking access to your company bank account for this step.
- Yodlee verification (second step of verification) – click “Verify bank information.” This will open a new window.
- Click “Get started” to search for your bank.
- Select your banking institution from the search list and then enter your online banking credentials. Note: your online banking credentials are not saved or stored by Wagepoint.
- Yodlee will display all bank accounts associated with your login credentials. Select the bank account that matches the information you entered in Wagepoint.
- Click "Confirm" and you will be directed back to the Wagepoint Banking tab and the second step of the verification process will be updated to reflect that your account details have now been submitted to our Finance team for verification.
- Yodlee sends us the following info to help us verify your bank account: type of account (business or personal, checking or savings), business name and address, authorized signatory & account holder names, and account balance.
- Please allow 2 - 3 business days for our Risk & Compliance department to review the results of the verification checks. You will receive an email notification when your account has been verified so that you can complete the NatPay authorization form.
Complete NatPay authorization form
Once your account and identity have been verified, you need to complete the NatPay authorization form. This allows our ACH provider, NatPay to debit your company bank account for the total payroll funds, including processing fees.
- Navigate to the Banking > Banking info tab.
- Click "E-sign now" – this will open a new window for the NatPay Client ACH authorization form.
- Note: in the Company information section, be specific when providing information on the 'Type of Business' – you need to indicate more than just your company structure i.e. LLC, S-Corp, etc.
- You must complete the entire form, including the Funding & Timing options section.
- Please disable any active pop-up blockers in order for the new eSign window to load properly.
- Please allow 2 - 4 business days for your account to be approved.
Yodlee follows the leading financial industry best practices for security, privacy, risk, and compliance management.
As an FFIEC supervised Technology Service Provider, Envestnet | Yodlee follows the security and risk management standards required to engage with consumers and their financial data. They are also supervised and examined by the OCC and all major banking regulators, and have undergone nearly 200 audits by financial institutions over a recent 24 month period.
Please sign in to leave a comment.