A funding source is a financial account that Worklyfe draws from in order to fund payments to employees through Worklyfe. For example, if you were to pay out a $2,500 sales incentive to a deserving rep, that $2,500 would debit from a designated funding source.
Funding sources can be either a bank account or a credit/debit card. You can add multiple funding sources for the company and set department-level access restrictions on each funding source.
At least one funding source is required in order to implement programs in Worklyfe.
Adding a Funding Source
What you'll need to get started:
Admin access to Worklyfe
If adding a bank account, you'll need login credentials to the online portal for the account, or you'll need the account number and routing number
You may also need access to the MFA phone/email associated with your bank account
1. Navigate to the admin interface
To add a funding source, you'll need to first navigate to the admin interfrace if you're not already there:
2. Navigate to the funding source interface
Once in the admin interface, click on the Settings button in the bottom-left of the page, then click the Funding Sources menu item, then click Add Funding Source in the top-right of the Integrations panel:
3. Connect your account
Click the Connect Account button, then provide a name for the account.
Clicking the Get Started button will bring up the authentication interface. Worklyfe uses Plaid to create a secure connection to your bank account.
Note: There are two ways to connect a bank account: Instant and Manual. The Instant flow is preferred, but the Manual option is available in case your bank is not supported by Plaid's network.
3a. Instant Link
Continuing with the Instant flow brings up a searchable list of banks. Search for and click on your bank.
If your bank is supported, you will be asked to provide your login credentials. These are the same credentials used to login to your bank's website.
After successful authentication, select which account you want to link, then continue through to complete the process.
When the process is complete, you will be redirected back to the company settings page. The bank account is now connected, and you can start funding your Worklyfe programs.
3b. Manual Link
If you find that your bank is not supported, you will need to use the Manual flow. When you select and continue with the Manual flow, you are asked to first provide your bank's routing number, then the account number.
After providing this information, select the type of account that you're adding and follow the ensuing prompts to provide all the required information.
The final screen asks you to authorize Plaid to make a micro deposit into your account, as well as give authorization to subsequently withdraw the funds that they deposit. This deposit will be a random amount under $0.99.
After you give authorization, you will be redirected back to the company settings page. The new account will show a status of Awaiting verification:
At this point, you need to wait until the micro deposits post to the account, which usually only takes 1-2 business days.
Once the micro deposit has posted, you will be able to see the amount by logging into the account through the bank's website or app and searching for it in the account ledger. After you find the transaction, return to the company settings page, open the Funding Sources pane, and open the funding source:
Click the "Verify" button to open the Plaid interface for completing the Manual link flow.
From here, you will be asked provide the three character code that was used to make the deposit. After providing the correct value, the process is complete, and you will be directed back to the company settings page.
The bank account is now connected and ready to fund all your programs.