Benefits of Direct Deposit of PayrollDirect Deposit decreases check processing costs. With Direct Deposit, businesses reduce the cumulative costs of issuing paper checks and realize significant savings in their payroll expenses. As a result, the United States Federal government estimates that Direct Deposit saves millions in payroll costs annually.
Saves time and increases productivity. Direct Deposit of payroll eliminates the need for employees to go to the bank to cash or deposit their paychecks, which saves time and potentially increases the productivity of your business.
Convenience to employees. Employees enjoy the convenience and security of having their payroll check consistently deposited directly into their account even if they are away due to travel, vacation or illness.
Reduces administrative costs. Tasks such as processing and reconciling checks and replacing lost, stolen or stale-dated checks are eliminated with Direct Deposit, reducing your administrative costs.
Strengthens company relations with employees. Businesses enjoy enhanced employee relationships by offering a more efficient, reliable, and expedited payroll alternative through Direct Deposit.