Employees spend anywhere from eight-and-a-half to 24 hours each year going to the bank to deposit their paychecks or cashpay. The fact is that long payday line at the Account Department and the bank lines force employees to:
take longer lunch hours,
leave work early to take care of personal financial matters, or
use company vehicles to get to the bank.
Direct Deposit re-establishes payday as just any other day at work. Employees still receive a paystub detailing their net pay and deductions. But, with Direct Deposit, there is none of the anticipation and time wasted when paychecks are hand distributed. Neither is there any need for employees to worry about getting paid when they’re not at work on a payday. Their money is automatically and safely deposited into their personal accounts, with no chance of being misplaced, stolen or damaged.
SHARPEN YOUR COMPETITIVE EDGE
Many businesses are struggling to find ways to cut costs. TransactAccount is a customized web-based Direct Deposit service that can save you up to 50% of payroll and administrative costs. Just think of how many steps it takes you to issue a paycheck. Typically you must absorb the expense and time it takes to:
print paper checks and fill them out
separate them as they come out of the computer printer
put the checks through a signature machine
stuff them into envelopes
have them couriered to various company locations for distribution
reconcile bank statements, and when necessary
stop payment on and reissue lost or stolen checks.
In contrast, Direct Deposit is a two-step operation: (1) you create the direct deposit batch using our 1028bit SSL encrypted site and transmit it to us for processing; and (2) you provide your employees with a pay stub on payday. It’s that simple.
TAKE THE PRESSURE OFF PAYDAY
With Direct Deposit, your payroll related tasks can be more efficiently spread throughout the week and completed well in advance of payday, easing the pressures of payday for payroll staff. Also, because Direct Deposit is automatic, all you need to do is print out pay statements that inform your employees that their earnings have been credited to their personal accounts.
Those pay statements can be printed on regular paper instead of costly check stock. They also can be distributed inexpensively through your internal mail system prior to payday, thereby avoiding the cost of having to mail paychecks or use supervisor time to pick them up and distribute them.
It all adds up to big savings in time and money for your business.
THE KEY TO PARTICIPATION IS PROMOTION !!!
Studies show that when actively promoted, employee participation in Direct Deposit soars. This is illustrated by the fact that:
Companies who do not promote yield a 19% participation rate
Promotion to new hires only nets a 46% participation rate
Companies who occasionally promote see a 52% participation rate, and
Frequent promotion (at least once a year) nets a 61% participation rate.
Obviously the greater your employee participation, the greater your savings by minimizing your need to maintain dual payroll systems.
NO EXCUSES ! JUST DO IT !!
Now that you know about the Direct Deposit service, what are you waiting for? Direct Deposit is reliable, safe, convenient, and confidential. It’s a benefit your employees will value. But more importantly, it will save you money. If you want DirectDeposit services that are tailored to meet your needs, call us today at