An efficient, reliable payroll system is essential to the success of any business. It should scale with the business as it grows and provide flexible options to employees. Standard options, like paper checks, may not necessarily work for employees who don’t have a traditional bank account.
A Paycard program is a solution that gives employees the option to choose to receive their pay electronically on a Paycard and offers employers benefits, too. Here are just a few ways a Paycard program can potentially benefit businesses.
1) Streamline the payroll process – When paying employees without a traditional bank account, you typically cut a paper check, and then distribute it by hand or through the mail. With a Paycard solution, you can pay your employees while reducing touchpoints and the amount of paper checks you cut.
2) The potential to save money – Offering a Paycard can reduce the number of lost or stolen checks, while also lowering printing and paper costs. In fact, according to NACHA, The Electronic Payments Association, businesses have the potential to save $2.87-$3.15 per paper check. *
3) Increase reliability– Severe weather and natural disasters can delay the timely delivery of paper checks to employees. With Paycards, payments are Direct Deposited to the Account which can help mitigate some of the effects of unforeseen delays.
These are just a few of the ways a Paycard solution can benefit your business. Click here to learn more about what Paycards can do for your business.
* Potential savings estimates are from NACHA, The Electronic Payments Association https://electronicpayments.nacha.org/direct-deposit/businesses/direct-deposit-businesses. NACHA’s calculation is based on industry averages for over thirty variables and is for directional guidance only. Actual results may vary. NACHA and Netspend do not in any way warrant the savings results obtained using this calculation.