Paycards offer a modern alternative to payday
Paying your team with direct deposit or paper checks has its limitations. The most efficient way to make sure your staff gets paid is by using reloadable paycards. These cards, which essentially function as debit cards, are the modern alternative to the old system of paychecks.
Paycards, or payroll debit cards, also can save employers money. Because the cards are reloadable, you aren’t paying fees to issue paper checks, including paying to reissue lost checks or postage for mailing. You’re also not paying direct deposit fees. The savings can extend to your employees, as well.
Cutting checks or offering direct deposit seems like a tried and true method of paying workers, but what about employees who don’t have bank accounts? They have to figure out how to cash their checks and then they might be carrying around a large amount of money.
Or, what if an employee loses their check? Typically, the employee would need to contact the payroll department, which would cancel the check (which usually results in a fee for the business), and then the employee has to wait for a new check to be issued.
What’s so great about payroll debit cards?
This brings us to paycards. Funds are directly applied to the card at the end of each pay cycle, and the employee has immediate access to the money they have earned. If the card is misplaced or lost, the employer can simply replace it. The best feature of paycards, though, is that once payment is sent out, the funds are immediately available to the cardholder, which is a huge win for workers.
Payroll debit cards are a great option for you and your employees because:
- Cards can be used at ATMs.
- Employees don’t need bank accounts.
- Cards can be used where debit cards are accepted.
- Cards provide options other than traditional banks for employees.
- Cards are reusable.
- Employees receive Pay On-Demand funds immediately.
Payroll Debit Cards operate like a direct deposit does, with earnings loading directly onto the card each payday.
Since paycards offer the most convenient way to pay your team and result in high worker satisfaction, your friends at Fingercheck have created the perfect option for you. Our Payroll Debit Card solution works like a charm.
Fingercheck is an all-in-one cloud-based modern Payroll & Human Resources platform designed to make businesses run at their most efficient levels. Our easy-to-use online and mobile solutions allow companies to easily manage daily tasks such as time tracking, scheduling, hiring, onboarding, expense tracking, and much more. Call us today at 1-800-610-9501.