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Offset the 2013 Fiscal Cliff Charges with Savings from Direct Deposit!

The experts at HBS can’t change the current congressional in-fighting regarding payroll taxes but they are looking hard at ways to help their client’s off-set costs.  One of quickest ways to save payroll expense in 2013 is by using direct deposit.  If you are hesitating to commit to direct deposit you may be surprised to learn about the many advantages to both employers and employees!

The chief benefit that direct deposit offers to employers is lower cost compared to traditional checks.  Traditional checks may cost anywhere from two to five dollars per check.  This figure typically depends on how much is spent on the actual check, how much time is required to write the checks, and how much time employees spend cashing checks.  At a minimum, two dollars per check amounts to a hefty sum.  Additionally as the number of employees increase, the payroll cost rises.

The cost of providing direct deposit services is much less expensive.  On average, direct deposit services cost approximately $1.50 per check, plus a $1.50 transaction fee for the entire transaction.  The more employees you have the more this becomes cost effective, especially if you pay over $3 per check for traditional paychecks. Many banks do not charge the transaction and/or per paycheck fees. Depending on your banking institution and the institutions of your employees, it is possible to spend much less per direct deposit check than with traditional paychecks.

Direct deposit benefits employees and provides an extra perk in your list of company benefits.  Employees prefer direct deposits for their convenience.   

• It saves employees a trip to the bank.
• Offers security because employees can be certain that their checks will be in the bank by a certain date and time.
• Employees do not have to use their precious free time to make deposits.
• Automatic payments may be drafted from employee’s accounts with full assurance that the money will be there to cover the expense.

For more information on how you can start direct deposit call Michele Brown at 614-577-1700, Extension 201.