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Adding or Updating a Business Bank Account

This article explains how to add or update a business bank account in Paiday Payroll. It outlines the steps required to enter bank details, complete the PAD Agreement, and authorize transactions to ensure payroll and other payments are processed properly.

Written by Rachel Fisch
Updated this week

šŸ’” If your client provides new banking information, a new Pre-Authorized

Debit (PAD) Agreement must be completed.

Please note that only Canadian bank accounts are accepted.

To add a business bank account for the first timeā€”or when updating banking detailsā€”follow the steps below.

Adding a Business Bank Account

1. Navigate to the Bank Accounts tab under Business Settings

2. Enter Bank Details by completing the required fields below:

  • Institution number

  • Transit number

  • Account number

3. Complete the PAD Agreement by providing the following information:

  • Full name

  • Job title

  • Email address

4. Authorize and Save

5. Select the checkbox in the PAD signature section to authorize Nmbr* to debit the bank account and manage transactions on behalf of the business.

6. Click Save and continue.

Editing an Existing Bank Account

To update current banking details:

  1. Click the edit button.

  2. Enter the updated bank account information.

  3. Complete the PAD agreement.

  4. Select the checkbox in the PAD signature section to authorize Nmbr to debit the bank account and manage transactions on behalf of the business.

Which Bank Account Will Be Used?

Any approved payrolls that have not yet moved to the processing stage will withdraw funds from the newly added bank account. Additionally, any future debit reattempts will be processed using the new bank account.

Disclaimer: This article does not provide tax, legal, benefits, financial, or HR advice. Since laws and regulations are subject to change and may differ by location, please consult a legal or HR professional for personalized guidance.

*Nmbr is our payments partner and the entity with which all PAD agreements are made.

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How pre-authorized debit (PAD) works for payroll funding
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