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How-to: Add a business bank account to reimburse employees, pay bills and invoices (US only)

Katie OswaltKatie Oswalt Expensify Success Coach - Admin Posts: 154 Expensify Team
edited November 5 in How-to Docs


Connecting a business bank account will simplify how your company expenses are managed in Expensify.

You'll be able to reimburse employees via ACH, manage Expensify Card daily settlements, pay company bills and invoices all through one business bank account.

We also offer Rapid Reimbursement by default to all customers! 

  • Rapid Reimbursement reduces the processing time from 4-5 business days to just one business day
  • The limits on Rapid Reimbursement are $100 per-personal bank account per-day and $10,000 per-business bank account per-day.
  • If you've reached either of these limits, then no problem! We will automatically defer to the typical ACH speed (4-5 business days).

Business Bank Account prerequisites:

  • ACH employee reimbursement, paying an invoice, paying a bill through Expensify is only available for US business bank accounts.
  • An employee will need to add a deposit-only bank account before an expense report can be reimbursed via ACH.
  • Expensify cannot process reimbursement for any single report over $20,000.
  • For information on reimbursement timing via ACH, please click here.
  • A business bank account needs to be added before paying a bill or invoice in Expensify.

Set up a business bank account:

Step 1: Go to Settings > Account > Payments > and click Add Verified Bank Account



Step 2: Click Log into your bank

 


Step 3: Click Continue when you hit the Plaid screen, and you'll be shown a list of compatible banks that offer direct online login access. 

Step 4: Login: Choose your bank account provider.


Note: If your bank is not listed, click the X to go back to the connection type, where you will then see an additional option. Choose Connect Manually, then skip to Step 6.



Step 5: Enter your bank login credentials

  • Note: If your bank requires additional security measures, you will be directed to obtain and enter a security code.
  • If you have more than one account available to choose from, you will be directed to choose the desired account.



Step 6: Enter your company information:



Step 7: Enter your personal information:



Step 8: Check the appropriate box under Additional Information, accept the agreement terms, and verify that all information is true and accurate:



Step 9: Almost there! The account you setup will be in your Settings > Account > Payment section in either Verifying or Pending status.

  • If it is Verifying, then our Risk Team will reach out for more information. Look out for an email from [email protected].



  • If it is Pending, then in 1-2 business days Expensify will administer 3 test transactions to your bank account.



Once these transactions - 2 deposits and 1 withdrawal - have posted to your account, go to your Inbox page and you will be prompted to enter the transaction amounts.



Step 10: You're done! A business bank account that is successful should appear like this:


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