Pre-Funding Requirements

When making payouts to earners using Checkr Pay, your business account must be pre-funded in order to issue payouts to your earners. Pre-funding means that any funds that have been transferred into your account appear as available, and not as pending. 

Pre-Funding Mechanisms

Checkr Pay accepts funds either via Wire Transfer or via the ACH (Automated Clearinghouse) network. 

ACH Overview and Settlement Times

The ACH network is one of the primary ways of transferring funds between bank accounts in the United States. This system relies on identification of the requestor and target by banking routing number and account number. 

ACH transfers are common in the following scenarios:

• An individual or bank transferring money between accounts that are not at the same banking institution
• A company making a direct deposit payout to an employee

There are two different types of ACH transfers. 

• ACH Debits - this request is to “pull” money from the target account and deposit it into the requester account. Typically an automatic billpay will debit your account for the amount due and deposit the funds into the company’s account.
• ACH Credits - this request is to “push” money from the requester account over to the target account. A company issuing a direct deposit paycheck to an employee is typically issued via ACH Credit. 

Checkr Pay supports pre-funding via both ACH Credit and ACH Debit. 

• ACH Debit can be initiated by clicking on the Deposit Funds button in the Finance Tab of the Checkr Pay dashboard. If your account hasn’t previously been linked to an external funding source, contact customer support to get a link setup.
  • When funding your Checkr Pay account from the dashboard, you are also able to add a description that will show on the transaction ledger.  
• ACH Credit can be initiated from your primary banking institution. You will need to share your Checkr Pay account and routing number with your financial institution to initiate these requests.

Checkr Pay issues ACH Debit requests to the broader ACH network at 3 pm Eastern Time, daily. ACH Requests submitted prior to 2:45 pm Eastern will be submitted at that window. Funds are typically available the next business day before 12:30 pm Eastern time.

Note that factors such as bank holidays, prior ACH debit failures, and network or system outages may affect the fund availability window. 

The table below demonstrates various scenarios that you could expect regarding ACH fund availability when the ACH is initiated from within Checkr Pay. Please consult with your primary financial institution if you want to outline ACH Credit behavior for requests originating outside Checkr Pay.

Wire Transfers

Wire transfers can be issued from your originating bank to Checkr Pay.

Your originating bank will ask for some specific information from you to make sure that the wire is sent to the right location. Here is what you should provide to them:

• Your Checkr Pay account number - this can be found in the Checkr Pay dashboard under the Finance Tab. You'll need to click the Show Details in the upper right part of the screen.
• Your account's routing number - as of today, all Checkr Pay accounts use routing number 064209588. On the off chance that this article is out of date, we recommend you check your routing number on the Checkr Pay Finance Tab - exactly the same place you can get your account number.
• The recipient bank - Checkr Pay uses Thread Bank as our partner bank.
• The recipient account holder's name - this will be the legal entity name you provided to us when you created your Checkr Pay account. We can provide the name to you if you're not sure which legal entity you opened the account under, or you can download a Checkr Pay statement from your dashboard and open it up to see what organization name we have on record for you.

Most wire transfers are processed immediately when they are received from the external bank. Please note that your bank may have processing times or fees associated with sending a wire payment to your Checkr Pay account. Also note that banking holidays may affect the sending of the wire payment. Please check with your bank for details.