Today 84 percent of employees are paid using direct deposit. And this trend is only primed to continue.
There are undeniable benefits of direct deposit for employees and employers. Direct deposit can save your company thousands of dollars a year in payroll costs. And employees appreciate the ease and convenience of direct deposit.
Still not sure? Keep reading for our top five benefits of direct deposit.
1. Direct Deposit is Convenient
It’s no surprise employees love direct deposit because it’s convenient. They get same-day pay directly to their bank accounts. And they can skip the chore of having to pick up a paper check and wait in line at the bank to deposit it!
Some banks will only clear part of a paper check when it’s deposited. Then you have to wait a few days for the rest of the check to clear into your account. With direct deposit, your employees have access to their entire paycheck on payday.
Direct deposit makes it easier to budget and save. Your employees have peace of mind knowing exactly when they will get paid.
2. Environmentally Friendly
Any type of waste is bad for your business’ bottom line. And paper checks account for significant waste.
Greener offices benefit from improved employee morale and reduced absenteeism. So, saving our green planet can also save your company some green.
3. Direct Deposit is More Secure
Direct deposit pay stubs are more secure than traditional paper ones.
Did you know stolen paystubs are a huge culprit for identity theft?
Every year Americans lose over $16 billion to identity theft.
Protect your company and its employees with direct deposit.
Paychecks and paystubs are full of sensitive employee information.
Protect that information by using direct deposit to pay your employees.
4. Direct Deposit is More reliable
With direct deposit, your employees will always get paid on time, even if they’re out of the office. Now your employees can receive their paychecks no matter where they are or what they’re doing.
Is someone out sick or away on vacation? Their pay will be in their account on payday. Direct deposit also makes it easier for you to promptly pay freelancers or out of office employees.
5. Direct Deposit Saves Money
But did you know that direct deposit is also more convenient for you and your team? Your HR staff can save valuable time distributing paychecks. And you reduce the incidence of having to reissue lost checks.
You’re literally shredding thousands of dollars a year in paycheck costs. Switching to direct deposit could save your company between $2.87 and $3.15 per check!
Enjoy the Benefits of Direct Deposit
Payroll issues are a major headache, and they can negatively impact your employee morale. Switch to direct deposit and avoid the headaches of paper payroll.
The benefits of direct deposit are undeniable: it’s faster, more secure payment and saving thousands on payroll costs.
Streamline your payroll process and switch to direct deposit today!
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