Utilising prepaid payroll cards offers great incentives, whether you are personally responsible for managing payroll activities within your growing business or otherwise employing a team of accountants to handle the numbers. The application of this financial product can be exceedingly beneficial to both you and your employees alike.
The customary process of paying through the use of cheques or by direct deposit contains inconvenience that are not only detrimental but also incredibly risky due to the potential of identity theft and numerous other fraud related hazards. Prepaid payroll card operates just like any other traditional bank issued credit and debit card, which allows your company to load money directly to the employee’s cards on a specific day such as when salaries are due, otherwise known as payday.
Below are multiple key benefits of switching to and using a prepaid payroll card for business activities:
Decrease Payroll Handling Tasks
For the added benefit of efficiency and expediency, a busy business owner would be considering alternative ways to reduce unnecessary paperwork and streamline the various practices that are being handled. Payroll is generally one of the most labor demanding core tasks that businesses need to manage. Thankfully this process can be simplified through paying personnel electronically and supplying them receipts after each payroll rotation. This removes the necessity for cutting cheques, approving direct deposit payments, as well as simplifying all activities associated with managing payroll payments and accounting. Continue reading %s