Getting Paid: Direct Deposits
For the last 2 months we have been collecting updated information from everyone on the WSN Team. Included in that information is your bank routing & account number. This information is required to set up and verify your account for Direct Deposits so that we can issue compensation payments to you for services rendered. Here are the details to answer any questions you might have.
How Will It Work?
Once have your bank routing and account number, we set you up as a Payee & wait 2-3 days for you account to be verified. Once your account is verified by our bank, we can issue payments to via ACH transfer.
The first thing we will do on Monday mornings is generate a compensation report (like payroll) for all completed projects over the weekend and issue payments.
Am I Getting Paid Later Than I Was Before?
Though you may be used to getting a notification that you have been paid on Sunday afternoon, it is still a Sunday, which means the banks are closed will not process your funds until they open Monday morning.
Since Direct Deposits are the same bank transaction type as ‘cashing out’ of your popular payment apps, there is functionally no difference on when your deposit will clear your bank. All these platforms estimate 1-2 business days for the funds to be available, but some banks process deposits faster than that. It just depends on your particular bank.
How Will I Know If I Got Paid?
Once a payment is issued, you will receive an email notification from Wells Fargo (our bank) that tells you the date, amount, and what the payment is for.
Here is any example:
Direct Pay Notification Example
Why Did We Have To Switch To Direct Deposits?
There are several reasons, but here are the main ones:
Timing & Errors
PayPal, Venmo (which is PayPal), Square Cash, & Zelle all have to be manually entered and sent. This makes them prone to accidental errors and takes hours away from Sunday afternoons with our families. Issuing direct deposits all in one place allows us to do it all at once during normal business hours.
Those platforms limit the amount of money we can send in a day and have a cap on how much you can send in a week. As our team has grown and we are serving more and more churches each week, we started hitting those caps and never want to tell our team that we have to pay them "later".
Technically, those platforms are designed for personal use only, ie: sending money to friends and family. Commercial use on the other hand, requires entirely different account types that are either unavailable, or charge a nearly 4% fee to the payer (us) and a 4% fee to the payee (you) just to get your money.
All of those different payment methods and transactions every week is a nightmare when it comes to bookkeeping and taxes.
In the end, rather than being just like any other company with 2 paydays per month, WSN really wanted to remain innovative and unique by paying it’s team of contractors as quickly as possible. Using direct deposits via ACH transfer is the only way to effectively do so.
If you have any further questions at all, please don’t hesitate to text your coordinators!