Direct Deposit via ACH transfers funds electronically from your business account directly to your employees’ accounts, or prepaid and payroll cards. When you use Direct Deposit, you eliminate manual check preparation and record keeping, helping you increase efficiencies and save costs so you can focus on growing your business.
With Direct Deposit, you can process payroll quickly, even on the same day – allowing for fast reconciliation of errors and ensuring accurate and timely pay for your hourly or part-time employees.
Regardless of your size – whether you are a 10-person operation or smaller, or a business of more than 100 employees – you can gain from Direct Deposit’s advantages.
Because Direct Deposit eliminates manual check preparation, you save on everything from postage and mailing supplies to staff time and resources – and you help save the environment. You also improve expense control and cash flow management, and reduce your need for check-related services.
Direct Deposit is also good for your employees. It can help them save automatically: With convenient Split Deposit, they can direct a fixed amount or percentage of their pay into a savings or investment account to help build savings. As the single biggest influence on employees’ use of Direct Deposit, businesses can play a key role in supporting employee financial health.
In addition to payroll, Direct Deposit can be used for:
• Bonuses and commissions
• Child support payments
• Dividend and interest payments
• Pension/401(k) disbursements
• Social Security and other government payments
• Tax and other refunds
• Travel and other employee expense reimbursements
By offering Direct Deposit as part of your employee benefits offerings, you can help boost employee satisfaction. 87 percent of employees are highly satisfied with their decision to use Direct Deposit and employees paid by Direct Deposit rate their employer a 9 out of 10 for their employers’ support of the service.
Your Direct Deposit transactions are safe: Unlike a paper check, which passes through many hands, account numbers remain confidential. You can also consult with your financial institution or payroll provider to learn about additional sound business practices to protect sensitive data.
BUSINESSES BENEFIT WITH DIRECT DEPOSIT, SAVING UP TO $2.87 - $3.15 PER PAPER CHECK
Visit our calculator for a quick estimate of the savings your business can achieve.
Contact your financial institution or payroll provider to set up Direct Deposit. Most business software packages now include it as a standard feature.
Use these resources to help educate staff and promote Direct Deposit within your business.
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