Once upon a time, employees received a paper check on payday, and payroll departments spent each pay period cutting paper checks and then distributing them to employees across the business. Direct Deposit made a huge impact, allowing employees to receive their pay electronically in their bank accounts.
While Direct Deposit helped streamline the payroll process for businesses, employees without traditional bank accounts have typically been limited to the same old paper check. That’s where Paycards come in.
What is a Paycard?
Paycards are an option that allows your employees to receive their pay electronically without a traditional bank account. Employees can have their pay Direct Deposited to the card, and then they can use it to pay bills or shop in stores and online.
How do businesses benefit?
For employers, a Paycard solution is a huge benefit because it gives them a way to offer Direct Deposit to all employees. The more employees choose a Paycard option over a paper check, the less complicated the payroll process becomes.
What do companies need to do to offer a Paycard solution to their employees?
If a Paycard solution sounds right for your business, the first step is to contact a Paycard provider. But be sure to do your research! A good Paycard solution will give both you and your employees support.
These are the basics, but there is more to discover about what offering Paycard options can mean for your business. To learn more, click here.