5 Ways Payroll Cards Makes a Better Payroll Option
What Is A Payroll Card?
A payroll card is essentially an electronic payment method that allows employers to quickly and easily pay employees on their regular payday. It works much like a debit or credit card but without the need for a checking account, bank account, or any other type of financial institution involved. Instead, employers simply load funds onto the payroll cards prior to each payday and then send them out to their employees who can then use them as if they were cash.
The Benefits Of Using A Payroll Card
Using a payroll card offers several advantages over traditional methods of paying employees such as direct deposit or check writing. For starters, it’s much faster than these other methods since there are no additional steps required between when an employee receives the funds and when they can access them – all they have to do is make sure that the funds are loaded onto their cards prior to receiving payment. Additionally, using a payroll card eliminates the need for paper checks which can be expensive and time-consuming to process. Furthermore, there are often fewer fees associated with using these cards than with other forms of payments so employers can save money by switching to this payment system. Finally, because these cards are prepaid, employers can also set limits on how much money an employee can access at any given time which helps ensure that funds stay within budget constraints.
Here are five reasons why prepaid payroll cards are a much better payment method than cash and cheques as a payroll selection:
1. It is a better way to pay
Prepaid payroll cards are the perfect solution for paying workers without a bank account, contract workers, seasonal workers, temporary workers, and international or satellite office employees more easily and efficiently. Also, it is less expensive to issue, safer, and more efficient than paying wages by cash or cheque. This electronic alternative payment method makes payday faster, easier, and more cost-effective. Companies using prepaid payroll cards as their payroll solution will save time and money while streamlining the employee payment process and improving the payday experience for their employees.
2. It is a better way to be paid
Employees who do not have access to a bank account now have a safer alternative to cash or cheques and a better way to manage their funds. With prepaid payroll cards, employees are assured of immediate access to their salary. They can easily use the prepaid card to withdraw cash from ATM machines, pay utility bills and make purchases wherever traditional credit or debit cards are accepted, including online shopping or paying bills on a mobile device.
3. Cost Efficient for Both Ends
Visa prepaid payroll cards are a highly cost-effective payroll method for both employers and employees. For employers, not only does it reduce payroll overhead costs and time, it will also contribute to the reduction of cheque printing and mailing expenses as well as saving costs of lost or stolen cheque replacement. Employees will also benefit from not having to incur check-cashing fees anymore.
4. It is more Convenient
Employers using prepaid payroll cards as their payment solution will be able to easily track and reconcile payroll disbursements online, truly streamlining the payroll management procedures and giving administrators a more convenient experience. On the other hand, staff will greatly benefit from the convenience of not needing a bank account to receive their wages, no more queuing to cash out paychecks, as well as gaining immediate access to monthly salary at ATM machines. Prepaid payroll cards can be used worldwide, allowing cardholders to make purchases anywhere traditional credit or debit cards are accepted, including online and on mobile. Your employees can also set up their prepaid payroll cards for recurring payments such as rent and utility bills. In addition, prepaid payroll cards are also very convenient and straightforward for employees when it comes to financial management. PayCard providers grant individual cardholders the ability to check their balance 24/7 and track their spending online or on monthly statements.
5. Enhanced Security
Prepaid payroll cards are safer than cash or paychecks as a payment method. They reduce the risk of paycheck fraud and provide a reliable audit for employers. Employees will also feel much safer as they will no longer need to carry large amounts of cash. The card itself is protected by a PIN, which drastically reduces the risk of potential fraud. Prepaid payroll card providers can easily arrange for card replacement in case of a lost or stolen card.
Please visit www.transact24.com for more information on Prepaid Payroll Cards as a better alternative option for paying wages.
As you can see, using a payroll card offers numerous advantages over traditional methods of paying employees such as checks or direct deposits including speedier delivery times, cost savings due to fewer fees associated with processing payments, and increased security thanks to added control over employee spending limits. Therefore if you’re looking for an easier way to manage your company’s payroll system while still ensuring that your employees receive their wages on time every week then consider giving this payment option a try!