During this difficult business environment, our financial institutions have asked us to take additional precautions to prevent NSF transactions and reduce ACH risk. Not doing so will cause our banks to increase our transaction costs, which in turn could increase our clients costs. This is something we would like to avoid.
The easiest solution is to verify funds are available before we process bank transactions, that enables our client to not change their processing deadlines or incur additional fees.
To do so we have selected Plaid to provide us the tools to verify account balances. Plaid is used and trusted by top companies like PayPal, JPMorgan Chase, Venmo, Square, Robinhood, and many more. As well as other industry players like ADP, Sage and Gusto.
Connecting your account is a quick process, which you only have to do once (or when you change your banking information or credentials). If you have any questions, please let us know at firstname.lastname@example.org
Thank you for your understanding while we do our best to assist our clients through this rapidly changing business environment.
Thank you from the My Payroll Office team