Payroll checks are the most commonly used transaction to perpetuate a fraud. Direct deposit of payroll eliminates the paper, and therefore, the opportunity for fraud.
- Employees are provided with their pay stubs detailing tax withholdings and other pertinent payroll information.
- Employee pay is processed directly into their banking account of choice.
- Direct Deposit files are submitted two business days prior to the effective payroll date and the bank ensures that payroll is met by placing a hold on your account balance of equal value until the payroll is processed.
- These balances are included in your average daily collected balance that offsets the fee for the package services.
- Eliminates the need to reissue checks, place stop payments, and perform reconciliation.
- Your employees receive instant gratification on paydays versus having to go to the bank and wait for the item to clear, or possibly pay a fee to cash the check.