Six Reasons to Pay Employees with Direct Deposit

Six Reasons to Pay Employees with Direct Deposit

It’s the end of another exciting week, your employees were on top of their game and you certainly appreciate all the hard work they have done. They are looking forward to the weekend to unwind, rejuvenate and be fully charged to begin the next week off with a fresh start.

You can help your employees spend more time with friends and family and save them a trip to the bank, by offering direct deposit.

The convenience of direct deposit has its benefits for the employer as well. You no longer have to be at the office to physically hand out a paper check. Another advantage of offering direct deposit is, when not all employees are in on payday, or work at an offsite location they will still be paid on time.

Direct depositing your employee’s paycheck has valuable security and privacy advantages as well.

 Here are six facts about direct deposit;

  1.  It’s convenient. You don’t have to go to the bank to cash your check.
  2.  It’s safe. No more lost, stolen or misplaced checks. Did you know that nearly 4 million paychecks are lost or stolen each year?!
  3. It’s reliable. Your money will be available the morning of the payment.
  4. It saves time. Did you know that people spend as much as 24 hours each year waiting in line to cash their paychecks?
  5.  You can get your paycheck even when you are out sick or out of town – reassured that the checks you’ve written (against your paycheck) will clear.
  6. It helps you manage your money. You can usually have your paycheck deposited directly into more than one account (such as a checking and a savings account), thus helping you set up a savings plan.

But, according to NACHA-The Electronic Payments Association, the most important reason of all to use Direct Deposit is that it benefits all of us –consumers, companies and the country. Thirty years of success prove that Direct Deposit is safe, confidential, and allows you to easily manage your finances.