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Length of Time to Receive Payment
YGFAndrea
Member Posts: 6
I'm not signed up for Payroll yet because I only have contractors and that piece just opened up for Wave. But, I'm considering moving my 1099 payments over from Square to Wave now. How long does it take for money to be direct deposited into my contractor's account? (Same day, 2 days, 1 week...)
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Hi @YGFAndrea ! I believe you and I have spoken over direct message on one of our social accounts, but just in case: you select a pay period when you set up payroll. There are some restrictions as to when you could schedule this, depending on when you'd like your payday to fall. Please let us know if you have any questions!
Hey @Charlotte - I'm just trying to figure out how long it takes for my workers to get money into their accounts. Currently, with the software I'm using, I run payroll on a Monday, but they don't get the money deposited until Friday. I'm hoping that Wave times are shorter than that.
Hi @YGFAndrea ,
If you are referring directly to how long a direct deposit will take to reach your contractors bank account after you approve the payroll, then the following timelines would stand:
Approve Payroll means the date that you are going to 'run payroll' it correct? Is the 'withdrawal date' the same day you need to 'approve" it by noon est? I am confused. I do not want to do it too early and I definitely not too late either. My Feb pay dates are the 15th/28th When is my deadline to run(approve) it?
@icunvme19 It all depends on whether or not you have Direct Deposit enabled in your account. If you have Direct Deposit, you will need to give yourself at least 3 business days (ex Tuesday at 12 PM EST to be paid on Friday) in order for the funds to be withdrawn from your funding account and paid out to the employees. The withdrawal date usually happens the day after you approve the payroll. In terms of the dates you selected, the 15th is a Friday (so 12 PM EST on the Tuesday before) and then for the 28th, 12 PM EST on the Monday before.
Why is Feb payroll I ran Mar 7 telling me it won't draw funds until Mar 27?
Hi @whitcate . Can you send us a screenshot of this so we can take a further look?
This last pay period was the first time I used the direct deposit option. It was approved on 4/2 and was to be paid on 4/5. That was yesterday and I don't even see anything pending in the account it was to be paid into. Any guidance would be great!
Hey @SpokaneFiberClean -- I know this might be a little late here.. but I'm hoping that you've gotten the issue resolved for the approved payroll (and the direct deposit landing on time). If you are still running into problems with this, please tag me in the thread or send me a DM so we can look into this a bit further for you.
Thanks for responding. I did figure it out.