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Time to Cash In! It’s National Payroll Week

Close up of credit card on computer keyboardAccording to data from the American Payroll Association, adoption of pay cards is on the rise1, 2. In conjunction with the kick-off to National Payroll Week (Sept. 2 – 6), this data serves as a reminder that it may be beneficial to reevaluate the efficiency of your company’s payroll options and take a hard look at whether your current wage delivery process is best for your business and your employees.

As consumer preference appears to shift away from paper checks and toward electronic pay delivery in many instances, there may be a significant opportunity for employers to transition away from paper checks and move towards payroll cards and direct deposit.

Pay cards can provide employees with a safe, convenient option for collecting their wages and can help employers reduce the operational and administrative costs of wage distribution. Pay cards help enable employers to:

  • Improve staff utilization, freeing up time to focus on value-added activities
  • Enhance efficiency by streamlining the processes associated with issuing paper checks
  • Help ensure compliance with changing payroll laws
  • Provide employers with more wage delivery options, boosting electronic payroll adoption and improving employee satisfaction

In addition to significant employer benefits, pay cards offer new options for employees. Pay cards help employees:

  • Have instant access to their funds
  • Avoid check-cashing or bank-related fees in some instances (recent research found that over the course of a year, costs associated with checking accounts can skyrocket up to $273.003) Refer to your specific cardholder fee schedule and cardholder terms and conditions for details.
  • Easily make purchases, withdraw money from an ATM, or pay bills
  • Access transaction-level data and balance information quickly and easily

At the end of the day, empowering your employees to choose a pay card over a paper check can help employers and employees save time and money.

Learn more about electronic wage payment solutions from ADP.

                                                               

1  Getting Paid in America, p. 1, American Payroll Association, 2011

Getting Paid in America, p. 3, American Payroll Association, 2012

3   Analysis of Network Branded Pay Cards, p. 5, Bretton Woods, August 2011



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