Hassle Free Payroll Using Debit Cards.
When you have a small business, it can be very hard when you are doing payroll to keep expenses down. Wire Transfers and writing checks can be expensive. This is where debit cards come in. This is an easier way to send money by using debit cards.
No matter if you have 10 employees or 300 employees, the associated cost reduction for payroll services will be immediate. By the use of a debit card, you will drastically cut banking cost as well as wire transfers and this will make an immediate difference in your bottom line.
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.
For example, you have a company of 10 employees that need to be paid. A debit card that has a prepaid amount on it can save the company thousands of dollars on payroll expenses. To send money is more cost effective when you use a prepaid credit card.
Let’s take a look at the fees of a debit card versus a wire transfer via Western Union for example. A 100.00 transfer will charge you at least 30.00 to complete, where a debit card reloads is only 5.00. So you have saved over 25.00 for just one employee! Imagine the savings you will get with 10 or 300!
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.
This is a win-win situation for both employer and employee. Use of a debit card will allow the employee access to funds immediately without banking fees and the employer will see a reduction of payroll costs. So to either send money or receive money, a debit card is the best bet as opposed to writing paper checks or using wire transfers.
No comments yet.
Leave a comment
