The Debit Card And Payroll Relationship – A Match Made In Heaven.
Its a fact of life: employees must be paid. If you own a business, whether large or small, you cannot get around this fact. However, you can simplify the whole payroll process by choosing a debit card system. A direct debit payroll system eliminates the need to cut and cash checks and allows the money to be deposited directly into an employers account. They can retrieve the money through a debit card or a prepaid credit card and eliminate the extra time, effort and money of the check payment system.
You can minimize your employment pay roll expenses, reduce the time wasted cutting and signing checks, and, most importantly, stand to save a small fortune on monthly payroll fees.
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.
The debit card payroll solutions can limit the amount of paper as the process is all electronic. You can choose to give out pay slips in paper or electronically which most technological-savvy employees prefer anyway.
You are making it easier for your employees (and yourself). Every time you give your employees a check, it is up to them to head to the bank, pay the fee and cash the check. For those with families and engagements outside of work, this can be very frustrating. With direct debit, you are making it a lot easier for them to receive money without having to make that extra trip to the bank. This small gesture will go a long way in your employees eyes.
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.
To make sure you get the best debit card payroll system, compare your options and review the pros and cons of all the payroll solutions offered by various processors.
categories: debit cards,payroll solutions,credit cards,payroll services,payroll system,payroll,co-branded prepaid cards,cobranded debit cards,business
I completely agree. But I used to work at Ruby Tuesday and our card was pretty bad. But, from what I hear, it was typical because most cards either have a monthly fee or pretty limited as to the free items. I have worked at Starbucks for about 7 months now and they allow us to have a card called the Money Manager Card. The choice was pretty evident because there are no monthly fees, I can use it on their network (allpoint atms) free at all times, never any fees to buy things (signing or using my PIN and getting cash back if I want…all without a fee or surcharge), no overdraft. Let’s just say I haven’t paid a fee in the entire time I’ve had the card.
My point is, if you are a company and are going to get your employees something, don’t do what Ruby Tuesday did and get something that costs your employees $$$ to use it! I hated them for “giving” us that card…IMHO of course.
Joey
.-= javasully´s last blog ..Threadless Tshirt Giveaway at jaypeeonline.net =-.
I just realized that I should state that Walmart has something that is similar sounding to Money Manager Card. I think it is the Money Card or something like that. That card is definitely not the same.
I did a quick Google search on Money Card when investigating the Starbucks offering and mistakenly clicked on a link to a Money Card “problem” page where people complained about it. Then, I realized that “Money Card” is not “Money Manager Card”.
Thought I would let you know so you don’t make the same mistake.
.-= javasully´s last blog ..Threadless Tshirt Giveaway at jaypeeonline.net =-.