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Reduce Your Payroll Costs with Paperless Payroll Cards
Posted on 02/28/2017 by Wyn Partington | 0 Comments
If you’re a small local business owner, you interact directly with your employees every day and know their favorite day of the week—by far—is payday. You also know that even with direct deposit solutions in place for many employees, those funds aren’t available to employees for a few (business) days. If you’re still using paper checks, there’s even more time before employees actually have access to their funds. They need to have the physical check in hand, go to the bank and deposit it, or take a picture and use mobile deposit if their bank offers that service. Some employees may not even have a bank account, and have to pay a fee to cash that check.
Payroll Cards are an emerging trend designed to help businesses reduce their payroll costs—and provide employees immediate access to their funds. Payroll cards have been around for a few years as an alternate way for employers to pay employees who do not have a direct deposit option. The market is strong and is expected to continue to grow for the foreseeable future.
By eliminating paper checks, small businesses can reduce time and expenses for payroll staff, and give employees immediate access their paycheck without the hassle or fees of cashing a check. According to our partner Comdata, businesses can save up to $5 for every check they don’t write to an employee.
Most Payroll Cards are backed by a major credit card brand such as MasterCard or Visa, providing security and simple accessibility to funds. Employees can use their Payroll Cards anywhere credit or debit cards are accepted, and also receive cash back at stores. They can also visit ATMs for cash withdrawals, pay bills online, and so on, all using the Payroll Card. Comprehensive training and support is available to employers and employees to help them best use their cards without incurring fees traditionally associated with debit cards and ATMs.
Interested in learning more about how Payroll Cards can streamline your payroll and provide your employees faster access to their funds? Talk to our partner, Comdata.