BUSINESS
Payroll cards
Can paycards save money for your business? by Lori Murray, Manta Contributor Replacing paper paychecks with payroll cards can take the cost and hassle out of your
payroll process, and make it easier for employees too! Spending too much of your time and money on the payroll process? Small business owners in search of a wage payment method that reduces payroll costs and increases efficiency may want to consider paycards. This paperless approach to paying wages not only saves time and money, but it eliminates the worry and hassle of payroll checks that are lost or stolen.
How paycards work
When using paycards, also known as payroll cards, the employer simply arranges to automatically have the employee’s pay directdeposited onto a card.
This removes the need to print and deliver paper checks, and it makes direct deposit a reality for all employees—not just those with a bank account. Employees can then use the card—either as a debit or credit card—to purchase goods or pay bills.
How paycards pay off for you
A way to counter common objections, since employees can check their balances online and withdraw funds from an ATM, at banks where the Visa or MasterCard logo is displayed and at the point of purchase with cash back
Less money spent on printing, postage and lostcheck fees
Small business owners in search of a wage payment method that reduces payroll costs and increases efficiency may want to consider paycards.
Cards can be issued immediately, in most instances, since employers can keep some on hand and issue them as needed An online portal that allows employers to easily manage their payroll program
By 2017, there will be 10.8 million payroll cards in circulation, according to Aite Group. It may be time to find out how they can work for your business.
Reduced administrative costs and the potential to limit your environmental footprint
Manta is one of the largest online resources dedicated to small business. We deliver products, services and educational opportunities that are effective, easy to understand and geared to help business owners become more competitive in their respective industries.
A better option for convincing reluctant employees to convert from the traditional check-in-hand to a paperless model
We are constantly evolving and improving, and our mission to empower small businesses continues to be inspired by their significant impact on an individual, local and national level.
As a small business owner, here’s the upside for you:
UAC MAGAZINE | JANUARY/FEBRUARY 2017
They can also withdraw money at an ATM.
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