SMB IT | Curtis Franklin » Online Biz Banking Extends to Direct Deposit

April 26, 2006 | Comments: (0)

Online Biz Banking Extends to Direct Deposit

TAGS: SMB business

Got a press release on this from Wells Fargo. Seems the bank is now offering an electronic version of direct deposit for SMBs that maintain a checking account with Wells Fargo.

The service is called Employer Direct Pay (even with a little patent pending action), and it's designed so you can manage your DD payments to employees across both salary and expense payments, even insurance premiums and the like. No problem depositing either within Wells Fargo or outside financial institutions.

Pricing is SMB, too, at $10/mo for unlimited users.

Cute, but I wonder how many SMBs have been turned off to yet another security perimeter being controlled by someone else--especially a bank. Wells Fargo insists it's safe with 128-bit session and data encryption as well as hierarchical access and authentication security, but geez--it's not like any of that is new. I'd probably do it simply because I'd prefer to handle my banking that way, but I'd sure feel better if they were throwing a few more security curve balls.

Posted by Oliver Rist on April 26, 2006 12:36 PM

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