We have two important updates to our payroll software, both taking effect on December 16, 2024:
- Debit Date Changes: We're updating our payroll processing timeline to ensure timely employee payments and offer you more flexibility in submitting payroll.
- Three-Day Payroll Upgrade: All customers currently on four-day payroll will be automatically upgraded to our new three-day payroll system, providing additional time for payroll approval and setup.
These enhancements are designed to streamline your payroll process and offer greater convenience. Please read on for more details about each of these changes and how they will benefit your business.
Debit Date Changes
Beginning December 16, 2024 we are making a change to the timing of when payroll funds are debited from your bank account.
Each payroll has a submission deadline by which payroll must be submitted for processing. When that deadline arrives we begin processing the payroll and we debit the money. We are changing this model so that when you submit payroll at any point before the submission deadline, and we will begin processing payroll shortly after the payroll is submitted (rather than waiting for the submission deadline).
This change allows us to begin processing payroll sooner which helps us ensure your employees are paid on time. If your payroll is submitted in advance of the deadline we’ll allow up to 60 minutes for you to unsubmit the payroll and make any needed changes.
Three-day payroll
Also beginning December 16, 2024, if you are on a four-day payroll, you will be automatically upgraded to three-day payroll. For three-day payroll the approval deadline will be a few hours earlier: 3:00pm ET, three business days before payday. Four-day payrolls created before Dec 16, 2024 will maintain their legacy four-day approval deadline.
This new three-day payroll offers employers more time to approve payroll, and new customers a bit more time to finalize set up before their first approval deadline.
In addition, the changes will give employers a bit more breathing room for paydays impacted by a bank holiday.
- The approval deadline for three-day payroll will always be three banking days prior to payday. If the standard approval deadline falls on a holiday, or if a holiday falls between the standard approval deadline and payday, the approval deadline will be moved to one day earlier.
- The approval deadline for three-day payroll will always be 3pm ET, including holiday weeks
- Employees will always get paid on the morning of payday (by 8:30am ET), even on holiday weeks
FAQs
When do these changes take effect?
Both the debit date changes and the three-day payroll upgrade will take effect onDecember 16, 2024.
How will the new debit date changes affect my payroll submission process?
You can now submit payroll at any time before the submission deadline. We'll begin processing shortly after submission, rather than waiting for the deadline. This allows for faster processing and helps ensure timely employee payments.
Will I still have time to make changes after submitting payroll?
Yes, if you submit payroll before the deadline, you'll have up to 60 minutes to unsubmit and make any necessary changes.
What is the new approval deadline for three-day payroll?
The new approval deadline for three-day payroll is 3:00 PM ET, three business days before payday.
How will bank holidays affect the approval deadline for three-day payroll?
If a bank holiday falls between the standard approval deadline and payday, the approval deadline will be moved one day earlier.
Will my employees still be paid on time during holiday weeks?
Yes, employees will always be paid by 8:30 AM ET on the morning of payday, even during holiday weeks.
Do I need to do anything to switch to three-day payroll?
No, if you're currently on four-day payroll, you'll be automatically upgraded to three-day payroll on December 16, 2024.
Will these changes affect my current payroll schedule?
The changes will not affect your payroll schedule. Only the processing times and approval deadlines are changing.
Who can I contact if I have more questions about these changes?
If you have any questions or concerns, please contact our customer support team at payrollsupport@eddy.com.