Visa prepaid payroll card provide a great solution, whether you are responsible for handling payroll activities for your small business or have an accounting team in charge of the numbers. This financial tool can be highly beneficial to both you and your employees.
The traditional method of paying by cheque or direct deposit can be inconvenient and could increase the risk of identity theft and other potential fraud related dangers. A prepaid payroll card functions just like a bank issued debit card, allowing your employer to load funds directly to an employee’s card on a specified day such as payday.
Below you will find some of the key benefits of switching to a prepaid payroll card.
Reduce Payroll Processing Tasks
For efficiency and convenience, a business owner may be looking for ways to reduce paperwork and simplify various processes. Payroll is normally one of the most labor intensive tasks for any business, but you can simplify this process by paying employees electronically and issuing receipts after each payroll cycle. This eliminates the need for cutting checks, authorising direct deposit payments, and many accounting activities associated with managing payroll payments.
Reduce Printing Costs
For business owners who still rely on the outdated process of printing paycheques in-house, a significant amount of money is spent on printing costs. In addition to these costs, there are also businesses that still mail cheques to employees and contractors, furthermore increasing payroll expenses. Setting up a prepaid payroll Visa card system for all employees can significantly reduce or eliminate these running costs, which may help you better manage your finances.
Reduce Banking Fees
Many banks charge cheque handling fees, and these can add up when you are paying hundreds of employees every week or month. While some companies do charge fees for payroll card services and various types of services, you will not have to budget for banking fees when you are no longer issuing cheques.
Reduce Risk of Cheque Fraud
Making payroll payments by cheque is not only outdated and time consuming, but there is an inherent risk of check fraud when you make payroll payments by cheque. Setting a payment system with cards eliminates the risk of cheque fraud, simply because employees will not be able to copy or alter the card.
Asides from providing numerous benefits for your employees, implementing a payroll card system can streamline many accounting tasks. Consider these outdated tasks and switching from traditional cheque payments and direct deposit to payroll Visa cards so you can eliminate inefficiencies with processing payroll, and also increase security with all payments.
For some employees, opening a bank account is not necessarily an easy task, especially for those with bad credit, but payroll cards offer similar money management benefits. On top of that payroll cards allow employees to make purchases they could not make with cash alone, such as buying items online. Employees can use payroll cards efficiently and immediately, but would have to cash a cheque before using the funds.
Please visit www.t24payvault.com to learn more about Prepaid Payroll Cards.