Direct deposit has officially taken over the payroll market! According to the NACHA, 75% of all employees utilize direct deposit, whether it is to a traditional bank account or a payroll card account.
That leaves 25% of all employees still using paper checks! Paper checks are costly to all those involved. According to the Society for Human Resource Management, “it costs a business up to $2 to cut and process a hard-copy check vs. .35 cents.” Not to mention the employee wait times and fees associated with cashing the checks.
Banks are now charging more fees and raising the minimum balance requirements. Traditional banking accounts are in a decline. Younger and younger employees are coming into the employment market. In 2012, Americans loaded $65 billion to prepaid cards, and by 2017 that number is expected to rise 420% to $337.8 billion annually. Due to these new banking fees and the ever changing face of the employment market, the potential payroll card customers are ever expanding! Read more.
Some states even allow employers to require all employees to receive a direct deposit. Save some trees and stop printing checks today! Have any questions about how a payroll card could work for you? Maybe you know someone who is tired of printing checks? Let us work for you by contacting us here.