There are many benefits to payroll cards. If your company employs numerous people without bank accounts or people who work in remote locations, a payroll card system could be a great solution. While direct deposit is often less expensive, it is of no use to employees without a bank account. With millions of Americans unbanked or underbanked, it is vital for employers to consider other options for their staff.
Paying employees by check is time-consuming and laborious. Payroll cards offer a less time-intensive option than traditional paper checks, with lower risk and less paperwork. Additionally, payroll cards often represent cost savings to the business over traditional paper checks.
While there are benefits to the employer, paying via payroll card is a great option for your labor force. Employees may initially be hesitant to receive wages via payroll card, but the benefits when compared to paper checks are numerous.
Benefits to Employees Receiving Payment via Payroll Card
Payroll cards get employees paid faster. Funds are available to employees as soon as the employer deposits the funds.
Payroll cards are easy, especially for employees who don’t have a bank. Paper checks require an employee to either deposit the check at their bank, at the employer’s bank or visit a cash checking store. For employees without a banking relationship, this can cause a lot of unnecessary hassle and potential additional cost (many cash checking stores charge a fee to cash checks). With a payroll card, no depositing is necessary as the card can be used just like a debit card.
Payroll cards are secure. Most payroll can offer an online platform, so users can monitor activity and balance. Additionally, both VISA and Mastercard branded cards offer zero liability protection against non-authorized transactions.
Payroll Cards are Mutually Beneficial for Employees and Employers
Payroll cards provide a convenient and cost-effective solution for delivering payroll. If your company can benefit by implementing a payroll card program, give EPS a call today. EPS can potentially save your company money and time while streamlining your processes and eliminating the need for paper checks.