Employers may make 2 different types of ongoing payments:
- Employer Contributions: Billed at the frequency of payroll through an automatic ACH payment
- Invoices: Billed quarterly through an automatic ACH payment
This article outlines the various ways to submit these payments, with options beyond automatic ACH.
What is an automatic ACH payment?
An automatic ACH (Automated Clearing House) payment is an electronic funds transfer that automatically moves money from one bank account to another on a scheduled basis.
Vestwell primarily uses automatic ACH due to its efficiency, automation, and security. This system ensures timely payments and eliminates the risk of missed deadlines.
Employer Contributions
The only way to fund employer contributions is through ACH, which is set up during the onboarding process by linking your account through our partner, Plaid, or by manually entering bank information. To learn more about this setup process, please visit our article here.
Invoices
The most common way to pay an invoice is through an automatic ACH payment. A few days before the invoice is due, you will receive an email reminder informing you that the payment will be withdrawn from your bank account through automatic ACH. We will use the bank account that you have designated to pay invoices, but you may change to a different bank account by emailing billing@vestwell.com within 10 days of the invoice being sent out.
There are three other payment options available other than automatic ACH for invoices:
- Non-Automatic ACH
- Physical Check
- Credit Card
If you prefer to use one of these three payment methods instead of automatic ACH, please contact Vestwell at billing@vestwell.com within 10 days of receiving the invoice to inform us of the change and prevent automatic ACH processing. See more information on these payment options below.
Non-Automatic ACH
A non-automatic ACH payment is an electronic transfer of funds that is manually initiated rather than automatically scheduled. It requires the individual making the payment to authorize and process each transaction manually.
If you would like to submit your invoice payment through non-automatic ACH, please contact billing@vestwell.com. We will provide you with Vestwell’s banking information, needed to make this payment. The ACH payment must be submitted to Vestwell by the invoice due date, 15 calendar days after the invoice is sent.
Physical Check
To pay your invoice by check, please mail a check payable to “Vestwell” to the following address:
Vestwell
360 Madison Avenue
15th Floor
New York, NY 10017
We expect to receive your check within 15 calendar days of the invoice being sent. As a reminder, please email billing@vestwell.com to inform us of this change.
Credit Card
Please email billing@vestwell.com if you would like to pay with a credit card instead of automatic ACH. Credit card payments are submitted through Ordway using Stripe. If you elect this option, directions for how to pay by credit card will be provided via email.
Note: There is a 3% fee for credit card transactions.
Since these payment types are not automatic, please remember that you are responsible for submitting your payment on time within 15 calendar days of the invoice notification. If you have any questions, please feel free to reach us at billing@vestwell.com.