Have you considered offering a payroll card for your employees?
A payroll card lets you receive your wages and store them on a debit card. It’s a great alternative to having a bank account.
This is a great option for small businesses that have employees that don’t have access to bank accounts. This is also a great option to offer your employees if they aren’t comfortable with having a bank account.
So what are all the benefits of having a payroll card?
Here’s what you need to know:
- Better Security
A payroll card offers you better security than traditional banking or credit cards. Since a payroll card works like a debit card there’s no risk of getting into debt.
They’re also much easier to access your funds without needing to open a bank account. You can easily replace a payroll card that gets lost. You can also transfer your funds away from your card so that you don’t lose your wages.
A payroll card is something for employers to consider if their employees don’t have secure options for protecting their money. You might also want to consider payroll cards for employees as a supplement to bank accounts.
You can also demonstrate to your employees how a payroll debit card is far more secure than spending with credit cards. They’re also far superior to wire transfers or other forms of online payments.
- It Reduces Payroll Expenses
Don’t you hate the absurd payroll taxes that you have to pay every time you pay your employees?
Rather than issuing a paper paycheck or using an ACH method for direct deposit, you’ll eliminate payroll expenses. You can also save money from printing checks or paying mailing expenses.
This alone is great for your business as well as your employees. You can build more capital for your business and easily increase wages for your employees.
As payroll taxes and other tax obligations go up for small business owners, this is something you should strongly consider!
- It Encourages Financial Responsibility
One of the best things about a payroll card is that it encourages financial responsibility for your employees.
They won’t obsess over looking at their bank accounts all the time. They won’t spend their money unless they’ve gone out shopping.
Using payroll card providers, an employer can also set limits to how much of an employee’s wages they can access.
For example, you can allow your employees to only use up to 50% of their wages during a set period. They won’t be able to go over this limit which forces them to save their money.
Get a Payroll Card
Now that you know the benefits of a payroll card, you should consider offering them to your employees.
They offer better security than traditional banks or other forms of payment. They also help you reduce or eliminate payroll taxes. This helps you save money for your business. It can also help you give your employees a high raise!
Best of all, a payroll card will encourage financial responsibility. You can help your employees control their spending habits.
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