Looking to go paperless, but not sure what your options are? When people think about paperless payroll, typically direct deposit comes to mind, but what about paycards? They can be just as convenient for employers and employees alike. This is also a great option for employees who don’t have a bank account because it gives them immediate access to their money and cuts out the middleman.
There are many options when looking into pay card providers. Dominion partners with Global Cash Cards for our pay card needs, but we also recommend First Data. There are many other options such as APA Visa Paycard, Rapid Paycard, and USA Paycard to name a few. Also, make sure to check with your bank to see if they offer pay cards. Often times this is a more cost effective solution.
Pay Card Advantages
Comparing pay cards to paychecks is like comparing apples to oranges. While they both provide the same essential function, they have vastly different benefits. Having a paycard means:
- Having immediate access to funds
- Receiving account alerts to warn when funds are low
- Less paper production, i.e. less money spent on payroll
Easy to Implement
If you’re looking to make the switch to pay cards make sure you pick a company that will simplify the on-boarding process for you. Training is key to have a successful transition from checks to pay cards. Educating not only those involved in the transition, but the employees of the company who will have to adapt this new model need the proper training and materials as well. The best way to roll out a new product or service is to make it intuitive to the end-user.
Pay card advantages extend beyond the employee and actually benefit the employer as well. Having pay cards means not having to distribute individual checks anymore, therefore eliminating the cost associated with doing so. This also eliminates the chance of having a check get lost in the mail, or being fraudulently cashed.
Want to know how much your company can save? Click here to find out.