PayFundingOptions

Pay Funding Options

Manual Bank Transfer

Thankyou Payroll Trust Account

Direct Debit

Thankyou Payroll Trust Account

Automatic Payment

Thankyou Payroll Trust Account

Click on the pay funding method to investigate.

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Manual Bank Transfer

When you 'push' funds from your bank account into the Thankyou Payroll Trust account to fund a pay. This is done in your bank, online. These can be set up in advance (Bill Payment), or as a same-day transfer.

Thankyou Payroll Trust Account

You. You get the funds to our Trust account by transferring the 'You Deposit" amount every time from your bank account. No button in Thankyou Payroll can activate this.

Payment initiated by:

2-day Processing

1-day Processing

Overnight Processing

Same-day Processing

Pay Automation

Used for:

• We cannot accept over-the-counter cash deposits, or funds transferred from overseas accounts.
• Same-day pays incur an added $15 processing fee.

Thankyou Payroll does not charge for manual bank transfers

Pros

Cons

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Automatic Payment

When you 'push' funds from your bank account into the Thankyou Payroll Trust account to fund a pay. This is done in your bank, online, by setting up an automatic payment, also called a recurring payment or standing order. This is done for a fixed amount on a regular schedule.

Thankyou Payroll Trust Account

Payment initiated by:

You. You set this up at your end and can update the amount and frequency as needed. No button in Thankyou Payroll can activate this.

2-day Processing

1-day Processing

Overnight Processing

Same-day Processing

Pay Automation

Used for:

Thankyou Payroll does not charge for manual bank transfers

Pros

Cons

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Direct Debit

When you authorise Thankyou Payroll to 'pull' funds from your business bank account into the Thankyou Payroll Trust account to fund a pay. Meaning, we initiate the funds transfer from your bank account for the 'You deposit' amount in a locked pay, at the right time as per your pay processing selection timing.

Thankyou Payroll Trust Account

Payment initiated by:

You. Pressing the 'Confirm and Debit' button, authorises Thankyou Payroll to request the 'You deposit' amount from your business bank account on the evening of the 'You deposit' date.

2-day Processing

1-day Processing

Overnight Processing

Same-day Processing

Pay Automation

Used for:

• Strict 6 pm deadline for pressing the 'Confirm and Debit' button, or the direct debit will not run.

Thankyou Payroll does not charge for direct debit services.

Pros

Cons

Drawbacks to Using an Automatic Payment to Fund Pays

• Best applied to regular pays. You still have to fund one-offs manually, out of cycle.
• Expensive. Dishonoured fees if there are insufficient funds for the automatic payment to be processed.

Benefits of Using an Automatic Payment to Fund Pays

• You set up and control this payment, so you can fit it within your business cash flow cycle.
• Convenient. You don't have to remember to fund regular pays as the same amount is transferred to fund your pays automatically.
• Budgeting. You can plan for the amount set in the automatic payment.

Benefit of Using Direct Debit to Fund Pays

• Precise. The exact funds ('You deposit' amount) will be transferred to fund the pay, provided that the funds are available in your bank account.

Drawbacks to Using Direct Debit to Fund Pays

• Not available with a same-day or overnight pay. We receive the funds from your Direct Debit the day after it is processed.
• Direct Debits can be dishonoured if there are insufficient funds in your bank for the Direct Debit to process, which leads to pays not running.
• Expensive. Dishonoured fees may apply and your bank may not notify you the payment has been dishonoured until the next day.
• The Direct Debit is only requested once per 'Confirm and Debit' button press. It doesn't keep trying till you have the funds available. If it fails, you have to use a different way to fund that pay, or authorise a new Direct Debit and update the pay processing and/or pay date.

Drawbacks to Using Manual Transfers to Fund a Pay

• You are responsible for meeting the pay transfer deadline.
• You have to transfer the correct amount for the pay to run.
• Depending on your business bank, some pay options (overnight/same-day) may not be available to you due to processing delays.

Benefits of Using Manual Transfers to Fund a Pay

• Main funding option for emergency and same-day pays.
• You are in control of timing the transfer to Thankyou Payroll to best suit your cash flow - provided it reaches us by the funding deadline.
• Beneficial to cash flow management as it avoids possible dishonour fees.