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ACH reimbursements: Make payments easily right from Fyle

August 23, 2021
Min Read

Fyle handles everything expense management, from tracking your employee's expenses to directly making payments to their bank account without ever leaving the platform. We have partnered with Dwolla to enable organizations in the United States to reimburse their employees via the ACH network. Dwolla helps move the money from your organization's bank account to your employees' bank accounts.

How do I set up ACH?

Setting up ACH for your organization within Fyle is a simple two-step process.

Step 1: Verification of your business.

Verifying your business details is essential before linking the withdrawal account to ensure compliance with regulations. ACH cannot be configured without successful verification. To get started, visit the ACH tab in Fyle's settings menu.

Step 2: Bank account verification.

Clicking on "Add" will allow you to search for your bank and input your withdrawal account credentials. Fyle does not store any account-related information. You can only add your organization's bank account after successfully verifying your business details.

After you link your organization's bank account, you are all set to start making payments from Fyle to your employees via ACH.

How do I make payments via ACH?

In addition to the organization's bank account, all employees need to add their personal bank accounts to Fyle. Once all the bank accounts are added to Fyle, making payments is very simple. If all employee expense reports are approved and verified, you can find them in the Payments tab waiting for reimbursement. You can select the reports you want to process from the queue and click on the "Start processing" button to begin the payment process.

You can select all the reports to be reimbursed from the processing tab and click on the "Process via ACH" button. Fyle will transfer the money from your organization's bank account to your employee's personal account. The funds should generally be available in the recipient's bank account within 4 business days.

When the reports are reimbursed, you can find them in the "History" tab. You can click on each report to drill down and see more details regarding the transaction. If the expense reports are paid via ACH, Fyle will automatically update the reimbursement status and notify employees when the transaction is completed. Fyle also pushes the data to your accounting platform and updates them in real-time, so you don’t have to manually.

Making payments have never been easier

Our goal at Fyle is to make the entire expense management process a breeze for both employees and the Finance team. Using ACH, you can make multiple transactions with a single click, from your company's bank account to different employee accounts. Everything in a timely, error-free, and IRS-compliant manner. If you'd like to see Fyle in action, please schedule a demo with us today.

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