Help with connecting a new bank account for payroll direct debit

Indra_Jonklaas

Hi, I connected the new account through Versapay; however, in Wave --> Settings --> Funding Account the old bank account shows up. I want to run payroll tomorrow but ensure the correct account is debited of funds. Please help. Urgent!

Alexia

Hi, @Indra_Jonklaas.

Unfortunately, changing the bank account for Payroll isn't instantaneous. Versapay requires a few steps of verification to process the account change. Here's what you have to do after changing your banking information.

After a business day or two, you should see a micro debit/credit from VersaPay to appear in your bank statement.

Verify your bank account
1. Log in to your online banking portal and look for a small deposit from “Versapay BUS”. (The deposit will appear on your statement 1-2 business days after the bank account has been added.)
2. Remember the amount of the deposit and login to your Versapay account
3. On the Dashboard, you will see a section that says “Verify Ownership of your Bank Account”
4. Enter the deposit amount that appeared on your bank statement in the field provided and click the “Verify Bank Account” button

Add this payment method to an existing recurring agreement
1. Login to your VersaPay account and click on the “Agreements” tab
2. Click on the “Agreements for My Account” link
3. Click the “View” button next to your account
4. Select the new payment method from the “Fund Source” drop-down box provided
5. Click the “Update Agreement” button

This does mean you won't be able to use that account to fund your Payroll as quickly as you hoped, but there is no way around these security procedures. Know that we will do all we can to make this process as smooth as possible.

I hope this helps. If you run into any issues, let me know and I'll be happy to assist.