The modern day workforce encompasses more variety than ever before. In one company alone you can run the gamut of students, millennials, baby boomers, freelancers, and the semi-retired. Nowadays, employers must rise to the challenge of attracting, adapting to, and retaining employees from the myriad of groups. One such challenge is how to better meet the demands of such a diverse workforce with regards to payment method solution.
Companies of all sizes are making the transition from traditional paper cheques to paperless payroll solutions in order to meet the needs of both banked and unbanked employees. Here are four reasons why:
Save On Payroll Costs
Companies can reduce their payroll costs while offering faster access to wages for their employees by utilizing paperless payroll options such as prepaid payroll card. Since payroll staff no longer needs to organize the printing and delivery of traditional paychecks, payroll costs are reduced and time is saved with paperless payment options. In the long run, it can save your company from compliance fines associated with late paycheck delivery due to a myriad of reasons.
Meet the Needs of the Unbanked
While the direct deposit payment method can solve part of the challenges faced by unbanked employees, Visa payroll card can meet the needs of those who do not want a traditional bank account. Prepaid Payroll Cards may also be useful to those employees who would like a charge card, but do not want a credit check administered (credit checks are not required for Prepaid Payroll Cards).
Employees Get Paid Quickly with No Fees
Prepaid payroll cardholders will receive their wages electronically as soon as they are paid. At that instant they can use the funds for in-store purchases, online shopping, bill payments, or to withdraw cash from ATM machines. Because the employees’ pay goes directly to the prepaid card account, it is ready to be spent instantly. This means no more waiting in long lines at the bank, or paying cheque-cashing fees just to access their salary.
Prepaid Payroll Cards have been gaining worldwide recognition as a useful financial tool in the business world, even the banked population is trending towards Prepaid Payroll Cards as a primary payroll method. They prefer prepaid payroll cards much for the same reasons as those who are unbanked. The prepaid cards are a great way to avoid both cheque-cashing fees and overdraft fees. Prepaid Payroll Cards rise to the challenges of both the banked and unbanked employees, making them an appealing payment method to employers who wish to widen the scope of their payroll options.
Mobile Solutions for Everyone
The next big trend in wage payments is the mobile financial solution payment method. Electronic payroll options such as Visa payroll cards can help employers adapt to the ever-changing financial landscape quickly. These cards offer a mobile app that gives cardholders the ability to manage their individual accounts on their mobile device while on the go. This option has been driven by the millennial increase use of Prepaid Cards that subsequently cause more and more card providers to offer features that are up to date with current technology and trends.
A Prepaid Payroll Card Solution is one of the best payment method solutions for employers who have a desire to meet the changing needs of their wide employee base. Electronic payroll card programs can reduce administrative payroll costs and simultaneously offer employees a way to get paid that is direct, secure, and convenient.
For more information about prepaid payroll cards, please visit www.transact24.com today.