Reduce Payroll Costs and Increase Efficiency
If you haven’t adopted paycards yet, you could be missing out on some operational efficiencies and cost savings—while creating some convenience for your employees.
Paycards (or payroll cards) work much like direct deposit. Wages are automatically deposited onto a card that functions much like a checking account or debit card eliminating the need to print or deliver paper checks.
For employers, this creates time and labor cost savings in printing and delivering the checks but also eliminates the worry of lost or stolen checks as well as fees associated with having the bank put a stop payment on a missing check. Overall paycards streamline the process of making direct deposit available for your staff—especially employees without a bank account.
For employees, paycards have all the same convenience of direct deposit such as available funds immediately on pay day, yet with the added protection of PIN security codes. Employees can make purchases and pay bills like they would with any bank debit card or checking account. And for those employees who had to cash their checks via a check-cashing service, will no longer have the fees or hassle. Employees can even split their paycheck across multiple paycards for family members or set aside for savings.
Paycards are a great addition to any initiative to keep your company operations electronic for reasons of efficiency, security and tracking capability of all transactions. Further, implementing electronic payment processes that are easily tracked can help improve a company’s compliance with employment-related payment laws.