| Most companies nowadays are turning toward | | | | card or paycard leverages the financial |
| electronic payment options such as direct deposit | | | | advantages of electronic funds transfer without |
| and the use of a prepaid debit card for payroll | | | | having to force employees to open a bank |
| funds. By encouraging employees to opt for | | | | account. |
| electronic transfer of payroll funds, employers get | | | | Aside from giving companies an efficient and |
| to cut down on expenses. It costs around 1-2 | | | | cost-effective means of distributing payroll fund, |
| dollars per pay period to issue paper checks to | | | | prepaid debit payroll cards provide employees with |
| company employees. That amount is cut down to | | | | the convenience of accessing their funds |
| just twenty cents per employee when the | | | | wherever and whenever needed, so long as there |
| payment transfer is instead done through | | | | is a compatible ATM machine nearby. It also |
| electronic accounts. While this seems like a | | | | enables for a more secure method of bills |
| miniscule deduction, the resulting savings are quite | | | | payment and making purchases—even online. |
| substantial. | | | | Prepaid debit payroll cards work almost like a full |
| While direct deposit remains the most popular | | | | service bank account card. The big difference |
| electronic payroll fund option, it is not exactly the | | | | here is that there are no strings attached to a |
| most accessible. Unbanked workers who have no | | | | prepaid debit card account. This is probably why |
| affiliation with a financial institution cannot avail of | | | | paycards are usually issued to temps, freelancers |
| the direct deposit option. Issuing a prepaid debit | | | | or contractual employees. |