Payroll management can be a challenging task for businesses, involving complicated paperwork, complex procedures, and risk of cheque fraud. Traditional cheque payments can be inconvenient, inadequate, and inefficient for your accounting team and your business. Because of this, many businesses are switching to prepaid payroll cards as their prime payroll solution.
Prepaid payroll cards work just like bank-issued debit cards, with employers being able to easily and quickly pay directly to the cards of their employees. Below is a list of five core benefits of using prepaid payroll cards:
1 Streamlined Procedures
Payroll management can be very time consuming for businesses, but through the use of prepaid payroll cards, employers can drastically reduce this time cost and work load. Loading an employee’s salary into their prepaid payroll card electronically reduces paperwork and not only that, receipts can be easily delivered after each payroll cycle, which also cuts down on additional, tedious accounting activities.
2 Saves on Expenses
Employing additional staff in-house for printing and mailing paychecks is an inefficient system that can result in considerable financial expenses for your business over time. With the use of prepaid payroll cards, you can eliminate this altogether. Prepaid payroll cards diminish monthly printing costs, and also reduce your reliance on traditional, and expensive, paperwork methods.
3 Decreases Banking Fees
If you have a large number of employees, paying them with cheques can cost you time and money. This is because cheques must rely on a bank for cheque handling, which incurs expensive banking fees. Getting rid of cheques is the easiest and most effective way to reduce these banking costs. The best alternative to cheques are prepaid payroll cards, because their service charges are typically much less than traditional banking expenses.
4 Mitigates Risk of Fraud
Traditional cheque payroll payments also leave your business open to potential cheque fraud. Prepaid payroll cards avoid the risk of fraud, because employees are unable to make a copy of the card or alter the information on it. Prepaid payroll cards reduce inefficiencies within payroll, streamline accounting tasks, and also offer enhanced security for everyone involved.
5 Staff Perks
Prepaid payroll cards are beneficial for your business as well as for your employees. They allow your staff instant access to funds, while also providing extra security for both you and them. Prepaid cards are user-friendly and easily accessible, even for those who have bad credit and cannot get a traditional bank account. Usually, no credit check is needed to open a prepaid payroll card account, which allows anyone to be a card owner. Now, employees who may not have originally used a credit or debit card can use their prepaid payroll card for online shopping, bill payments, and more. Prepaid payroll cards are a modern and truly beneficial payroll solution for both your employees and your business.
Please visit www.t24payvault.com for more information about prepaid payroll cards.