Many businesses hire additional personnel this time of year to accommodate the increased volume of shoppers during the summer months. Unfortunately, adding seasonal employees can be a headache for business owners when the time comes to take care of payroll.
Thankfully, you can provide both seasonal and full-time employees with direct deposit easily with ACH services through our online banking services. If adding direct deposit for your employees has been on your To Do List for a while, now is the time to add it.
Direct deposit refers to the electronic transfer of a payment from a business account into an individual’s checking or savings account. It is an ideal way for companies to manage:
- expenses (travel, parking, etc), and
- vendor payments
Direct deposit can make your business more efficient by eliminating manual check processing, reducing administration costs, and simplifying the account reconciliation process.
This service can also provide you with peace of mind. With direct deposit, the risk of fraud is reduced because there is less potential for counterfeit checks, stolen checks, altered amounts, and forged signatures. Also, because there are no physical checks, nothing can get lost in the mail.
Most large companies already offer direct deposit, but many smaller and newer businesses haven’t yet eliminated paper checks from their daily and monthly duties. It also helps the environment be using less paper.
If you have questions about how to add direct deposit to the services your business provides its employees and vendors, speak with a representative at your local branch.