82% of employees today get their paychecks through direct deposit. If your company doesn’t currently offer this, you may want to start
Offering direct deposit provides a lot of outstanding benefits for your employees, but it also provides benefits for you.
Would you like to learn about these benefits?
If so, keep reading to learn about the top seven benefits of switching to provide direct deposit services for your business’s payroll.
1. Your Employees Will Love It
One of the top reasons to switch to direct deposit is to make your employees happy. When you make this switch, your employees will benefit in many ways.
The first benefit is that they will always know when their money will be available. This benefit is significant for all employees, but it is even more essential for workers that travel and that are not always in the office.
Secondly, your employees will love direct deposit because it eliminates the need for them to visit the bank each week to deposit their checks.
Next, offering direct deposit makes employees happy because it simplifies their budgeting activities. Your employees can always count on their deposits hitting their accounts each week at the same time.
Finally, you can simplify their lives through direct deposit by eliminating the need for them to stop by the workplace to pick up their paychecks.
Employees love direct deposit because it simplifies their lives. If you are looking for incentives for your workers, this is a great option.
2. You Can Save A Lot of Time Completing Payroll
How long does it take you to do your company’s payroll? It may take an hour, or it may take an entire day. It depends on how many employees you have.
When you complete your payroll, you must go on your computer and work through the payroll program. Next, you have to print the paychecks. If you have any problems with the printer, it may cost you extra time.
After printing them, you must put them in envelopes, seal them, and label them.
These steps take time, and time is valuable to most people. The only step you must complete with direct deposit is the work you do in your payroll software program. You eliminate the rest of the work.
If you’re trying to increase productivity with your company, this is a great idea. Making small changes can amount to a lot of advantages to your company.
3. You Won’t Have to Distribute Paychecks
Keeping the paychecks secure is an essential step you may have to take every week on payday. You may need someone present to hand them out, as this helps avoid people tampering with checks that are not theirs.
Distributing paychecks is a big deal, but you can eliminate this step, too.
Direct deposit allows you to deposit the checks directly in your employees’ bank accounts. You will never have to worry about distributing them again, and you will never have the problem of checks getting misplaced or lost.
4. Direct Deposit Is the Safer Option
Using direct deposit services is the safer way to pay your employees. It is safer for you and them, and here’s how.
When you transfer their earnings directly to their accounts, mistakes cannot happen. Employees cannot lose their checks, and they cannot tamper with them either.
This system provides a safer way of distributing checks and transferring money, plus it offers an instant way for your workers to retrieve the money they earned.
You’ll also save time from no longer having to correct problems. If an employee loses his or her check, you will have to replace it. Replacing it takes time, though. Fortunately, you will not have this issue if you use direct deposit.
5. You Save the Environment When You Provide Direct Deposit
A lot of business owners advertise that they promote a cleaner environment. If your business takes this stand, choosing direct deposit services is an action that can back up your stand.
Even if your company does not promote safe-environmental morals, switching is a great way to protect the environment.
With fewer checks being written and distributed, paper companies use fewer trees and energy to produce paper. While you might think that using direct deposit has menial effects on the environment, every little bit counts.
6. You Will Save Money
Using direct deposit also provides cost savings to your business. Think about how much money you spend each year purchasing paper checks and ink in your printer. Consider the amount of stress check-printing has on your printer.
When you add up these costs, you’ll see how much money you could save by using direct deposit. You won’t need to buy as many checks or envelopes, and you will use a lot less ink in your printer.
You may also want to factor in the labor costs for printing and preparing paychecks each week. You can save a lot of money by switching to direct deposit.
You can still print pay stubs for your employees if you wish. You can use a pay stub creator to do this, which offers a simple way to provide pay stubs to employees when they need them.
7. Your Business May Be More Profitable
Making the switch can result in more profitability for your business in two main ways.
The first way is through the money you save on printing and distributing checks. The second way is by providing this incentive to your employees. Happy employees tend to be more productive employees.
Offering incentives like this has no downsides.
Learn More About the Benefits of Direct Deposit
If you want to provide direct deposit at your business, you can. You’ll just need to contact your bank to set it up.
It may also be advantageous for you to research your options with direct deposit services and pay stub generators.