Easy and Cost Effective
Want to increase employee productivity and reduce your payroll processing costs? Enroll your business in direct deposit! It’s an easy, cost-effective method of depositing employees’ payroll earnings and retirees’ pensions electronically into their financial institution accounts.
Achieve Substantial Savings
Save Time and Money by using Direct Deposit
- Reduce check production costs. You can expect significant savings in check processing costs. You reduce costs related to check printing and storage, and account reconciliation is much easier than for check payments.
- Increase employee productivity. Employees spend less time during breaks and lunch hours traveling to their financial institutions to deposit their payroll checks where they may encounter long lines of other individuals running the same errand
- Eliminate lost or stolen checks. Direct deposit transactions are done electronically, virtually guaranteeing safety and eliminating the need for stop payments and check re-issuance. In fact, since the federal government began using direct deposit for Social Security payments, not a single payment has been lost through this process (and there are more than 18 million per year)!
- Improve cash management. Because you control the deposit date, you know exactly when the funds are withdrawn from your account. This allows you to more closely manage your account and take advantage of investment opportunities.
- And it’s not just for payroll. You can use it for many other payments including annuities, bonuses and commission, dividend and interest payments, pensions, travel expenses, tuition reimbursement, and vendor payment.
The benefits of Direct Deposit are not limited to organizations with large data-processing operations. With our Execubanc and ACH Editor programs and a personal computer, any size business can initiate direct deposits.