Payroll cards are an increasingly popular alternative to paychecks across many industries because of their convenience, cost savings and security. But many businesses aren’t aware of the benefits and overestimate the business requirements to get started. If your business is considering going “paperless,” there are five things you should know about switching to payroll cards.
- You don’t have to be big in business to benefit. Any business of any size can qualify from companies as small as 25 employees or organizations that have 20,000 or more employees. With larger volumes come pricing discounts as well.
- Employees don’t need a bank account or a credit check to get started. Through a simple online system, employers enroll and order cards for staff using basic information like name and address. There is no credit check or complex application process. Cards arrive in a matter of days and employers can then load funds on the card automatically.
- Employers do not have to switch financial providers. Payroll cards can be a simple extension of an employer’s existing banking set up. This allows the employer to go 100% digital, combining payroll cards and direct deposit all from their existing bank. The system uses employers’ existing direct deposit procedures, making enrollment and set up a snap.
- Payroll cards are pre-funded and have a positive balance. Which makes them far more secure than cash or check. In addition to the convenience and prestige of the Visa Check Card as well as protection against fraud and unauthorized purchases, payroll cards can be used to pay bills, transfer funds and more.
- Nobody misses picking up their check. Not surprisingly, employees and employees do not miss the tedious manual process of distributing or collecting payments. There’s no printing to be done, no mail to get lost and no time lost stopping by the office to get paid. Everything is online and automatic.
Payroll card aren’t new, but businesses of all sizes are still discovering the benefits of cutting their last paper payroll, commission or contractor check. Employees and contractors prefer the simplicity of automated payments and never have to wonder when their check will arrive again. Are you ready to boost your business productivity by ditching the paper check? Let us show you how.