In a bid to streamline the payroll process, PayPal has teamed up with HR and workforce specialists UKG to create direct deposits for US employees.
Those eligible are processed via UKG Pro can set up a PayPal direct debit through their employer’s payroll portal. This is accessible by clicking the PayPal button on the payroll portal – with no need to manually enter a routing or account number.
Employees can choose to automatically deposit some, or all, of their paycheck into their PayPal Balance account each pay period, and payroll funds may be available up to two days ahead of time.
Each US employee whose pay is processed through UKG Pro can sign up to a link to an existing PayPal Balance account and set up PayPal Direct Deposit on their employer’s payroll portal by following the relevant steps.
By tapping the PayPal button on the employer’s payroll portal, users will be prompted to log into an existing PayPal account or sign up for a new one. The PayPal experience will walk the user through the set up. Once completed, the user will be automatically redirected back to the payroll portal to finalise the direct deposit setup.
Customers who set up PayPal Direct Deposit on their employer’s payroll portal can also leverage PayPal’s suite of financial products and services, including the PayPal Debit Mastercard which can be used in any store or online where Mastercard is accepted and earn cash back on eligible purchases.
Users can also send money to friends and family, earn cashback and rewards in the PayPal app and transfer funds into PayPal Savings, a high-yield account provided by Synchrony Bank.
PayPal found that customers continue to gravitate towards the use of digital wallets as they seek out quick and secure payment options.
A recent survey found that 64% of US consumers who responded use a digital wallet. With over 200 million active PayPal accounts in the US, the collaboration allows people whose pay is processed through UKG Pro to set up PayPal Direct Deposit via the UKG HCM suite.
