In the current business climate companies are continually looking for ways to cut costs in order to better serve customers. Additionally, employees are feeling the pinch and their benefits are being cut or are disappearing all together. By moving to electronic pay Employers can both save money and offer a great new Benefit to their employees.
For the Employer:
The tedious and costly process of producing, distributing and reconciling paper checks can become obsolete, saving businesses thousands or even hundreds of thousands of dollars annually. Most employers see the value of moving to electronic pay for these reasons and many more:
- Average cost per pay check – $1.90 | Average cost per Direct Deposit – $0.25
- No longer purchasing paper paycheck stock and ink
- Significant decreases in postage and delivery charges
- The reduction or elimination of bank service fees
- Termination pay simplified
- The elimination of escheatment liability
- Decreasing exposure to paycheck counterfeiting and fraud
For the Employee the Benefits are also numerous.
But Wait… One small problem – “A number of our Employees do not have Bank Accounts so we have to issue Paper Checks!”
This is where a Payroll Card such as the ReadyFUND$ Payroll Card comes into play. The ReadyFUND$ Payroll Card is a Prepaid MasterCard® employers provide to their employees for direct deposit of payroll, even those employees without a bank account. It give those Employees without a bank account their own personal “Bank on a Card”.
Simply give your employees a choice. “We now pay electronically and you can choose to be paid to your personal bank account or the ReadyFUND$ Payroll Card.” The ReadyFUND$ Card has an account number and routing number and your process for Direct Deposit remains unchanged. The only thing that will change is no more paper checks!
The Benefits will speak for themselves and your Employees will Thank You!
- Wages can be accessed via 24-hour ATM networks
- Employees no longer are required to go to their work site to pick up paychecks
- No more waiting for paychecks to arrive in the mail
- Employees experience increased safety and security without paper money
- Employees can now purchase goods and services online and over the phone
- Exposure to identity theft decreases
- Ability to receive pay is not affected by unforeseen circumstances, such as natural disasters
There are numerous benefits to businesses and their employees that result from converting 100% of employee payroll to direct deposit using the ReadyFUND$ Payroll Card Program. Contact us today and make the move to 100% electronic pay!