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Your Financial Accounts must have the
PayrollAdvanceFinancialAccountFeature feature to use Payroll Advance.
In addition to enabling the feature, you will need to integrate with a payroll data source partner to access employment data with your customer's consent and determine a pre-funding amount, if any.
Once you've retrieved payroll data from a partner source, your account holder can request an advance and you will initiate a Payroll Advance to a Financial Account.
You can query and list all Payroll Advance Payable and Receivable Ledgers, their outstanding balance and additional relevant information.
Once you’ve provided an Advance, you must set up an Employer Financial Account to enable repayment. This Financial Account allows you to match incoming deposits to an employer and ensure the repayment is matched to the correct employer.
Once you’ve set up an Employer Financial Account and initiated a Payroll Advance, you’ll need to wait for an Externally Initiated Deposit to be received for Repayment to be initiated. You can identify and confirm Payroll deposits using notifications, which will trigger repayment to be applied.
ACH_EXTERNALLY_INITIATED_DEPOSIT_RECEIVED event will be triggered when an incoming ACH deposit is received.
Once you’ve initiated a Payroll Advance and created an Employer Financial Account, you’ll need to confirm each incoming Deposit to ensure repayment occurs. Since deposits have timing requirements, you’ll also need to respond by 11:00 AM ET, one business day before the Settlement Date in the
ACH_EXTERNALLY_INITIATED_DEPOSIT. If the confirmation isn’t received, repayment will not be initiated for an advance.
To confirm that the deposit is Payroll, you use the
isPayrollDeposit input. This input is optional; however, if omitted, the value will default to