🏦 Step 3: Setup Bank Info
With your company details and team roles fully configured in 🏢 Step 2, it’s time to connect your financial infrastructure. This step is critical — it enables FlexPay to fund payroll runs, pay tax authorities, and track account activity in real time. Bank setup ensures that everything from contractor payments to IRS deposits happens securely, automatically, and without delay.
At the heart of this step is the Primary Payroll Bank Account. This account acts as your organization’s main hub for outgoing payroll transactions. Whether you’re using a standard business checking account or a dedicated payroll account, FlexPay will initiate micro-deposits to verify ownership and enable secure ACH transfers. Typically, this verification process takes 24–48 hours, but you can continue the onboarding process while it completes. If you entered your company EIN and address in the previous step, the micro-deposit process will begin immediately after submission..
FlexPay supports both manual bank entry and secure Plaid integration. For faster setup, connect your bank account through Plaid to verify account and routing numbers instantly. Alternatively, enter your bank details manually and wait for confirmation. If you use a dedicated account just for payroll, we recommend labeling it clearly here — this helps your finance team track balances and match reconciliation reports later.
After linking your main account, you’ll be prompted to define payment timing preferences. Choose whether FlexPay should initiate payroll funding 1 business day before, on payday, or same day (premium clients only). These settings affect how early payroll must be approved in future runs. For example, selecting same-day payments shortens the review window in Step 5, while choosing a longer buffer allows for more time to fix errors.
You’ll also be asked to enable optional tax automation withdrawals. By default, FlexPay pulls tax withholdings on payday and remits them to the proper authorities. However, larger companies may prefer to accumulate taxes in a separate escrow account — FlexPay can support this as long as the proper routing instructions are provided. You’ll be shown a live preview of how tax payments will be distributed across federal, state, and local agencies in your jurisdiction.
💡 Hint: FlexPay checks your team’s home + work locations (from Step 2) to automatically determine which tax accounts you’ll need. No guesswork required.
The Bank Info Summary screen offers a real-time snapshot of your connection status, ACH eligibility, and tax automation settings. If your micro-deposit hasn’t cleared yet, you’ll see a “Pending” status — but you can still move ahead and finalize tax documents in Step 4. Once verification is complete, your account status will switch to “Ready for Payroll Funding,” and you’ll unlock live payment previews in the Payroll tab.
To enhance visibility, FlexPay includes a Funding Monitor Panel that simulates how each future payroll run will interact with your bank account. It estimates the total funding needed based on your current team size and pay frequencies. As your business grows, this panel helps prevent overdrafts, missed runs, or surprise tax draws. You can always adjust your funding settings later under Settings > Bank & Tax.
✅ Summary
By connecting your bank account and configuring payment logic, you’ve activated the financial core of your FlexPay instance. You’ve also created a foundation for secure, timely payroll runs, auto-deducted taxes, and real-time cash flow previews. This step turns the structure you created in Steps 1 & 2 into a funded, operational payroll system.
🔄 What’s Next?
With your payment pipeline now live, you’re ready to move into 📄 Step 4: Configure Tax Docs. This upcoming step guides you through verifying your EIN, uploading registration numbers, and generating tax form drafts based on your business location and team layout.
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