You can pay reimbursements to your employees from within Fyle by utilizing ACH.
Administrators and owners on Fyle have the necessary role privileges to set up ACH details.
The steps below outline the process to configure the withdrawal account and required business details to ensure the successful validation of your organization's ACH request.
1. Navigate to Settings > Reimbursements and select Reimbursement via ACH
2. You are required to verify your business details before proceeding with linking the withdrawal account. Verification is necessary to ensure compliance with regulations, and ACH cannot be configured without successful verification
3. Choose the type of ownership applicable for your organization/entity for which you are configuring ACH for
4. If you are setting up details for a Sole Proprietorship, basic details would suffice to ensure the successful setup of the ACH service post verification
5. If you are setting up ACH details for an organization that is an LLC, Corporation or another type of business, you would be required to provide a few more details and authenticate the details
6. You would be prompted to enter the details of your organization's Controller and also details of a Beneficial Owner, if applicable
7. If your organization type is exempt or if there is no individual with at least 25% ownership, you will be able to proceed without the need to enter Beneficial Owner information
8. The table below offers details regarding the requirement for adding and/or authenticating beneficial owner information
9. After you provide the required information depending on the type of your organization's ownership, the details will need to be verified. You can track the status from the ACH page
10. If the status is documentation verification pending, then you need to upload the required documents to verify the business.
11. Click on the Add button to upload the corresponding documents. Please note that the documents should be color scanned in JPEG, JPG, or PNG with a document size of less than 10 MB.
12. If the business contains the Beneficial owner and the status is documentation verification pending, then you need to upload the required documents of the beneficial owner to verify the business.
Adding Bank Account
1. After successful verification of your business details, you will be able to link the withdrawal account from Settings > ACH
2. Clicking on Link bank account will allow you to search for your bank, input the credentials for your withdrawal account. Fyle does not store any account-related credentials
3. After you successfully link the account, you can view the details from the ACH page, and also remove or change the account
A controller is a person who holds significant responsibilities to control, manage or direct a company or other corporate entity (i.e., CEO, CFO, General Partner, President, etc.). A company may have more than one controller, but only one controller’s information is required.
A beneficial owner refers to a person who directly or indirectly, owns 25 percent or more of a company. If there are no natural persons who own 25 percent or more of a company, then no information is required pertaining to a beneficial owner
Beneficial ownership authentication is an action taken by the Account Admin to confirm that the information provided is correct
Account Admin refers to the administrator who is setting up the ACH service on Fyle
Note: A beneficial owner cannot be another company (or other corporate entity), nor a nominee owner.
ACH is available only domestically in the United States. Find more information here.