When it comes to payroll, it’s becoming more common for businesses to go completely paperless. It’s an environmentally friendly and cost effective option that transforms the entire payroll process into a digital one, making it easier to access financial information quickly and efficiently.
Many businesses choose to utilize direct deposit for employee’s compensation, but if your employees are hesitant to use a bank account for direct deposit setup, there is another payroll option that you can try: Paycards.
Utilizing paycards can eliminate expenses such as shipping cost of payroll checks, and save you time and money when it comes to managing your employee’s payroll. Paycards are prepaid and are similar to debit cards, but there is no bank account tied to them and employees don’t need prior credit approval to receive the card. Your employees also won’t have to deal with the hassle of paying check cashing fees, as they did when they were paid by a paper check.
The paycards debit card like functions are perfect for employees who don’t have a checking account. Basically, an employee can use the card to take care of bills, make personal purchases or even withdraw cash from the ATM. This system streamlines the entire compensation process: employees can utilize one account for their deposits and purchases, and they can also check their balances completely remotely.
The cards are secure (far more so than checks) and they can be used anywhere where Visa or debit cards are accepted. There are no hidden fees unless the card isn’t used properly. Your employees shouldn’t have any trouble using a paycard. They’re extremely easy to use.
PEO’s like FrankCrum offer a number of services to companies that aim to make their payroll functions run a bit more efficiently, and offering the security and convenience of paycards can be a great option.
Contact us today to request more information about FrankCrum’s payroll services!