Direct Deposit

Direct Deposit Benefits

• MPAY provides unlimited direct deposit transactions of employee's net pay or partial pay to any participating ACH financial institution in the country. Direct Deposit is a great method of paying employees as the money is automatically deposited in a designated bank account or across many different bank accounts.
• With direct deposit, there are fewer checks to print and store.
• Facsimile signature security isn't necessary with direct deposit since no signatures are required.
• Lost and stolen checks are eliminated.
• Cuts down costs for your company.
  • Typically it costs more to process a paper check through your company or organization's account than a direct deposit transaction.
• Reduces errors because of less manual handling than a check.
• Account reconciliation is simplified.
  • Your company or organization's account statement will have a single dollar amount for the total amount of the direct deposit transactions, versus individual check amounts to reconcile.
• Less risk.
  • The chance of having a problem with a check is 20 times greater than with direct deposit.
• Saves your company money.
  • Companies report savings of more than 40 cents in processing costs for each paper check converted to direct deposit.
• Helps your company attract the top employees.
  • Direct deposit adds one more incentive to competitively attract employees.
• Administration costs can be lowered.

New Hire Reporting

• Our system makes it easy to hire an employee by using the New Employee Wizard provided with Millennium. Each new hire you perform will appear on the New Hire Report.
• MPAY will transmit all new hires to the appropriate states on behalf of the client in order to maintain compliance with current legislation.

Time Off Accruals

• The ability to track time off policies.
• MPAY collects this information in the conversion process and displays it according to the the client's needs.

General Ledger

• The system can automatically create the journal entries for integration with most modern general ledger accounting systems.
• Monitor your general ledger at anytime and receive a paper report on a frequency determined by you.
• MPAY will collect the chart of accounts information during the conversion process.
• MPAY will also be able to evaluate certain accounting package interfaces and utilize the export features in the software in order to import general ledger information.

Full Tax Service

• MPAY's tax service eliminates the worry of meeting tax deadlines and incurring subsequent penalties. We provide tax notification, with tax checks sent to the appropriate agency when they are due.
• MPAY provides tax depositing and has multi-state capability.
• Payments/filings of all withholding taxes (IRS, state, and local.)
• Filings/payments of all quarterly/annual state unemployment payments/filings (IRS and state).
• Filing of all quarterly/annual withholding reconciliation (IRS, state, and local).
• Employer/employee copies of W2's.
• Filing of all W2's with the Social Security Administration.
• Client copies of all quarterly state unemployment tax filings.
• Client copies of all quarterly state withholding reconciliations that generate from payroll software.
• Quarterly filings and deposits report for all tax jurisdictions.
• Research and resolution of any discrepancy notices received for the period MPAY was elected to provide full tax services.

ACH

• MPAY provides ACH for the collection of all trust account amounts, tax amounts, direct deposits and billing fees related to each individual payroll.

Trust Account

• MPAY will process payroll checks using our bank account and will be responsible for the reconciliation of such payroll checks.