Many businesses hire additional personnel this time of year to accommodate the increased volume of shoppers for the holidays.
If you’re one of those business owners, adding employees can be a headache when the time comes to take care of payroll. But with ACH service, you can provide both seasonal and full-time employees with direct deposit easily.
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.
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:
- year-end bonuses
- 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 a safeguard against fraud. With direct deposit, the risk of fraud is reduced by minimizing the potential for counterfeit or stolen checks, altered amounts, and forged signatures. Also, it helps the environment be using less paper.
Because there are no physical checks, nothing can get lost in the mail. So when your employees want/need their paycheck on time, the quickest and safest route is direct deposit.
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.