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- Payroll
- Onboarding and Setup
After a payroll run, where does my money go?
In this article, we'll describe what is happening behind the scenes when you run a payroll with Traction.
One part of the onboarding process is for each Employer to have an account with Synapse setup. This occurs during the bank account and micro-deposit verification step. Each employer has their own custodial account, as per law.
After a payroll is run and processed, the funds are moved into a custodial account through Synapse, our banking partner.
These accounts are then used to pay State / Federal agencies, as well as the net pay to the employees.