Providing direct deposit to your employees saves your company money and protects the environment. With companies closely watching their bottom line, and the effort to reduce carbon footprints on permanent to-do lists, converting to direct deposit makes perfect sense.Direct Deposit Saves Money
Providing hard copy checks is expensive. It's estimated the cost is on average $4.00 per check. Bank service charges, postage and delivery all add up to significant and unnecessary costs to your business.Direct Deposit Saves Time
With Direct Deposit, payroll reconciliation is minimized to one debit for the entire net pay. There is also no need to reissue lost checks or for employees to spend their work time going to the bank to deposit their check. These time efficiencies should add up to increased productivity for your company.Direct Deposit Provides Ancillary Benefits to Your Employees
Most banks will provide a free checking account if you participate in direct deposit. This gives your employees an added employment benefit that is saving both of you money.Direct Deposit Is Good for the Environment
Environmental costs for paper checks can be very high. It is estimated that paper checks use over 674 million gallons of fuel and add 3.6 million tons of CO2 to the environment. Imagine the collective difference we could make if everyone used direct deposit and viewed their pay stub online!Direct Deposit Lessens Payroll Fraud & Identity Theft
Payroll check fraud and identity theft are growing business, personal and financial issues that can be negatively impacted with Direct Deposit. Advancements in the sophistication of computer technology has aided in the growth of these problems. Without hard copy checks, it is much more difficult for these crimes to occur.How Can You Begin Direct Deposit?
It's easier than you think! Download our guide and you'll be on your way!
