In an increasingly paperless world, more and more employers are furthering their green initiatives by taking aspects of their business digital. One of these areas of focus is payroll, with employees greatly welcoming direct deposit of their wages to save trips to the bank. However, not every employee is a bank customer and this proves to be an obstacle for many companies. Fortunately, employers and employees alike can benefit from a solution rising in popularity across the country: pay cards.
Pay cards are reloadable debit cards onto which employers deposit an employees’ wages. Employees can then use their pay cards to make everyday purchases, pay bills and even withdraw cash from ATMs. If you’re considering a new pay option for your employees, here are five benefits of leveraging pay cards.
1. No Bank, No Problem
Not everyone is a bank customer, so it’s important to offer your employees an option that allows them to access their pay without a bank account. Pay cards provide similar benefits of direct deposit without the cost of bank fees.
2. Accessibility
Since pay cards work like traditional debit cards, employees can use them to make purchases at their favorite stores as well as shop online. Pay cards can also be used to withdraw cash from ATMs across the country, providing instant access to their funds at a moment’s notice.
3. Security
Pay cards are more secure than paper checks, as employees won’t have to worry about check forgery. In addition, most cards are FDIC-insured and include protection of employees’ wages in the event they’re a victim of fraudulent behavior.
4. Convenience
Instead of waiting to receive a paper check in the mail, employees’ pay is available immediately after funds are deposited. This means fewer trips to the bank and less time waiting for paychecks to clear.
5. Cost-Effectiveness
Pay cards not only save employees money on check-cashing fees, but also save employers the expense of check printing and delivery which can add up exponentially over time.
Pay Card Solutions for Any Organization
If you are interested in implementing pay cards as a pay option for your employees, turn to the payroll experts at DM Payroll Solutions. Our pay card solution is safe, user-friendly and completely free to both employers and their employees. Easily deposit your employees’ funds each payday, giving them instant access to wages and reducing costs and hassle for you. Contact us today to learn more about our pay card options.
