Company Bank

Purpose: The Company Bank tab is where your company bank account information is stored. Bank information is entered when you sign up for TRAXPayroll. This guide will teach you what information is stored and how to make updates when needed.

What if I have an Integration with BambooHR?

If you are using BambooHR, review this help guide in the BambooHR help center to learn more about how to update your bank information.

Bank Account Setup

When you first sign up for TRAXPayroll, you will enter your bank account information used for payroll processing. Multiple bank accounts can be used for different Pay Groups if needed. Additionally, we have the option to wire money instead of direct debit if that works best for your company. 

A voided check or bank letter is required in order for our financial institution to verify the account before running your first payroll. Debits to fund payroll occur one business day prior to the pay date.

Once your bank account information has been added, you will need to contact our Customer Support team if you need to make any changes or add another bank account. We will verify the new account information to make sure the payments are verified before your next payroll run.

Bank Account Fields

The following fields are required when adding your bank account information: 

  • Pay Group
  • Account Type
  • Bank Name
  • ABA Transit
  • Account Number
Funding Options

The following funding options are available to all customers:

4-Day Funding

  • This is the time needed to process a payroll. 

Reverse Wire Option - (Default Option) This is where BambooHR initiates the transfer

  • A wire transfer is a transfer of funds done electronically across a network of banks or transfer agencies around the world. 
  • A reverse wire is a B2B transaction in which the bank account holder (Customer) authorizes another party, such as a vendor (BambooHR and NPC), to withdraw funds from their account via a wire transfer. It is called a reverse wire because it is initiated by the recipient of the funds (BambooHR and NPC), rather than the sender (Customer).

What's Next?

Have your employees added their bank information yet?

Do you need help adding Company Holidays?

Have you added your Company Tax information?