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Its a fact of life: employees must be paid. If you own a business, whether large or small, you cannot get around this fact. However, you can simplify the whole payroll process by choosing a debit card system. A direct debit payroll system eliminates the need to cut and cash checks and allows the money to be deposited directly into an employers account. They can retrieve the money through a debit card or a prepaid credit card and eliminate the extra time, effort and money of the check payment system.
You can minimize your employment pay roll expenses, reduce the time wasted cutting and signing checks, and, most importantly, stand to save a small fortune on monthly payroll fees.
However, think about how debit cards can also benefit others involved.
Imagine what this means for a larger company, with, say 300 employees. Instead of spending hours signing each check before sending it out to your employees, you can use a direct debit service where the money is automatically transferred. In check cashing fees alone, you can stand to save more than $500 monthly or $6,000 annually, according to the APA.
Second of all, you are helping the environment. Every pay check you do not sign is another tree you have saved. With the world going to the web anyway, it makes sense to join in on the paperless revolution and make the future a little brighter for the next generation.
Your employees will also be thrilled with this new system. They can receive money directly to their account which limits the need to visit the bank to deposit their check. They can simply withdrawal what they need and keep the rest in their savings account.
You are saving an incredible amount each month/year on employment payroll fees. Regardless of if you have 2 employees or 2,000 employees, cutting checks every second week is going to add up.
Now, perhaps you have a larger company with 300 plus employees and are considering the switch to debit card transactions. It will take you an entire day to write out 300 checks biweekly, not to mention it will end up hurting your wrist. By switching to a debit card payroll system, according to the APA and American Bankers, you may be able to cut back over $6,200 annually on check cutting costs, which equates to $520 monthly.
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