What is the sign-up process?
You must first complete the online application. Once approved, which can take from 2-3 days, Beanstream will debit the $79 set up fee at this time to validate your bank account. Your bank statement will show the amount debited and a special code. You will need this code to complete the signup process. A representative from Beanstream will contact you to verify your application before making a bank debit.
During the sign up process, if you have any questions, please call
How long does it take before I can use the service?
Your application takes 2 - 3 days to be processed, and additional 2-3 days for your bank account to be validated.
How much does Direct Deposit cost?
Direct Deposit is very affordable. There is a one time setup fee of $79 and then $1.50 per transaction fee with no monthly fees and no minimum number of transactions. The total amount is automatically debited from the bank account you specify in Simply Accounting.
How are transaction fees calculated?
Transaction fee is charged for every time a bank account has been affected. Example: For a payroll with 5 employees, a $1.50 is charged to debit the employer's account for the entire payroll fee, and then $1.50 for each of the employees' bank account. You total fees for this payroll period would be $1.50 x 6(transactions) = $9
Is there a minimum requirement?
There is no minimum number of employees required in order to use Direct Deposit. This makes it a very affordable.
Does Direct Deposit work with all banks in Canada?
Direct Deposit works with any bank that accepts Electronic Funds Transfer. We are not aware of any financial institution in Canada who cannot participate in this payment platform.
How do I cancel the service?
There is no need to cancel the service. Charges are based on transactions. This also allows you to utilize the service in the future without paying the setup fee again.
