Traditional payroll administration can be a tedious task for businesses as it involves complicated paperwork, convoluted procedures, and holds the risk of cheque fraud. Conventional cheque payments can be inconvenient, insufficient, and ineffective for your accounting team as well as your business. Due to this reason, many companies are opting to instead use prepaid payroll cards as their primary payroll solution. Prepaid payroll cards operate just like any other bank-issued debit card would, with businesses being able to effortlessly, directly and quickly send salary to their employees. Presented Below is a list of four core benefits of using prepaid payroll cards:
1 Streamlined Procedures using Prepaid Payroll Cards
Payroll administration can be an incredibly time consuming process for the business, but through the application and use of prepaid payroll cards, employers can significantly reduce the time cost and man-power required. Loading an employee’s wage directly to their prepaid payroll card decreases paperwork while receipts can be effortlessly distributed after each payroll cycle, reducing tiresome administrative work.
2 Saves on Expenses with a Prepaid Payroll Card
Employing additional staff in-house for printing and mailing pay-cheques is an inefficient system that can result in considerable financial expense for your business over time. With the use of prepaid payroll cards, you can eliminate this altogether. Visa payroll cards diminish monthly printing costs, and also reduce your reliance on traditional and expensive manual methods.
3 Using a Prepaid Payroll Cards Decreases Banking Fees
If you are a big business with a great many number of employees, paying staff using cheques can expend your time and money unnecessarily. This is due to having to rely on a bank for cheque handling, which invites costly banking fees. Removing the use of cheques is the most effective and effortless way to diminish these banking costs. The best substitutes to cheques are using prepaid payroll cards instead, as their service charges being much less when compared to conventional banking fees.
4 Staff Perks having a Prepaid Payroll Card
Using a prepaid payroll card are an asset for your business and employees alike as they permit your staff instant access to their funds while providing added security for both parties. Prepaid cards are effortless to use and are widely available, especially for those who happen to have bad credit and are not able to open a conventional bank account. Typically, no credit check is required to open a prepaid payroll card account, which allows most people to become a card holder. This means that employees who may not have previously used a credit or debit card can instead use their prepaid payroll card for entertainment, shopping online, utility payments, and more. Prepaid payroll cards are the contemporary and vastly advantageous payroll answer for both your employees and your business.
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