Everyone looks forward to payday. However, for those who face queues and delays to cash their cheques, or the companies that still handle cash and cheque payments for some of their staff, the complicated payday ritual could potentially make a potentially good day to a bad one. And on top of that, printing, mailing, tracking and reconciling cheques is considerably more expensive for companies than electronic alternatives.
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 card 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 provides 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 frauds. 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.