The Debit Card And Payroll Relationship – A Match Made In Heaven.
Are you a business owner looking for a way to reduce the time and the fees spent every two weeks on payroll? Your employees need to be paid, but there is a much simpler option to cutting and cashing checks fortnightly- its called a debit card. Thats right. With a debit payroll system, you can automatically send money to your employees through their bank accounts. They can retrieve the money the next day (or often the same day) through a debit card or a prepaid credit card. Its that simple.
Not convinced that a debit card payroll solutions service is right for your company? Below weve listed three benefits to using the direct debit that may change your mind:
You are helping the environment. Weve all seen the facts and figures about the state of the environment and we also all know that we should be doing something about it. By switching to a debit card payroll system, you are actually doing something about it.
Imagine what this means for a larger company, with, say 300 employees. Instead of spending hours signing each check before sending it out to your employees, you can use a direct debit service where the money is automatically transferred. In check cashing fees alone, you can stand to save more than $500 monthly or $6,000 annually, according to the APA.
Furthermore, you are also saving money on paying your accountants overtime every second Thursday to ensure the checks are created as well as countless trees by switching to a paperless system.
Your employees will also be thrilled with this new system. They can receive money directly to their account which limits the need to visit the bank to deposit their check. They can simply withdrawal what they need and keep the rest in their savings account.
Consider this: if you are a small business with a payroll of only 10 people, cutting checks every second week most likely only takes a night to do. However, with direct debit, you are not paying anything at all, and, furthermore, according to calculations by the APA and American Bankers, you can stand to save almost 20$ monthly and over $200 annually.
For a smaller company of say, 10 employees, switching from checks to direct debit can save you about $20.00 per month of $208.00 annually, according to the APA. For a larger company of, say, 300 employees, switching to a debit card payroll solutions can save you up to $6,200 annually or $520 per month. With a debit card, you will have thousands of extra dollars to spend as you see fit.