Payroll Direct Deposit

The mounting cost of handling paper transactions has laid the groundwork for the success of Direct Deposit. Direct Deposit benefits companies with reduced payment processing costs and operating efficiencies. The benefits of Direct Deposit to companies include:

More efficient reconcilement through batch processing versus single entry check processing
Elimination of lost checks and resulting stop payment charges and handling associated with replacement checks
Elimination of critical delivery costs such as expensive overnight delivery, since funds are automatically deposited
Elimination of special check handling, such as vacation checks, since deposits are made when the employees are away from work
Reduced storage and security of checks because check stock is not required for the payroll earnings record
Reduced employee lost time commonly experienced with long lunch hours on pay days
Valuable low cost employee benefit

With Direct Deposit, businesses can save more than $1.25 on each payroll check processed. Up to 25% of all employees take time to deposit their payroll checks on payday. American companies could increase productivity by $3-5 billion if all employees used Direct Deposit