Savings from Going Electronic
Electronic pay is a more convenient way to pay wages to your employees, versus paper checks.
There are two common forms of electronic pay — Direct Deposit and Prepaid Payroll cards.
- Direct Deposit is the most popular form of electronic pay. By depositing wages directly into your employees’ bank accounts, employers have a convenient, paper-saving alternative to printed checks.
- Prepaid Payroll cards are a great payroll solution for employers with employees who do not have a relationship with a bank. Compared to paper checks, employers have less processing and less paper used in each payroll cycle. For these unbanked/underbanked employees, a prepaid payroll card helps them get fast access to their pay, without the hassle of cashing their paycheck.
To find out more about your potential savings from going electronic, click on the link below: http://www.electronicpayments.org/business/direct-deposit/learn/calculator.
Note: Payroll card programs provide many of the same benefits as Direct Deposit. However, the cost savings for these programs will vary based on each employer’s specific payroll card program.