When it comes to small business, you are constantly searching for ways to cut your bottom line and still be profitable. One way that you can do this is by using debit cards instead of paper checks. This is a payroll solution that is ideal for using debit cards.
The cost of sending money via a wire transfer can be prohibitive. If an employer will just put the paycheck on a debit card, the cost of receiving money will be drastically reduced. The price for a card that is prepaid compared to writing a paper check is substantial.
Using a prepaid credit card for payroll solutions is an idea that is fast catching on. The associated costs for using and purchasing a debit card for payroll are around 30.00 for initial purchase and a charge of 5.00 each time the card is loaded.
This can mean a savings of 10,000 per month for a company of ten employees and over 34,000 for a company of 300 employees. These figures are examples only. The costs of a debit card verses paper check and wire transfer stack the deck in the prepaid credit card’s favor.
Here is another problem that you might run into when sending money or the employee receiving money is that of banking fees. These can really bite and not all employees have a bank account. So a debit card is needed.
For a small company of about 10 employees, using the debit card to pay them can save them at least 10,000 per month in fees for payroll, wire transfer and other associated costs. So this would be payroll solutions that would work.
Use of a debit card will also benefit the employer. The employer will see a reduction in payroll services costs. This is one of the payroll solutions that should be implemented that will benefit both sides.
So you can see how using a debit card for payroll services can drastically reduce your cost for payroll. It can also lead to happier employees as they will not need a bank account to use the prepaid credit card. This debit card can be used anywhere that Visa and MasterCard are accepted.
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