If you process your own payroll, direct deposit can be a handy tool that you may want to consider. What are some direct deposit benefits? For starters, your employees will love it. It saves them the trouble of depositing a paper check. Plus they will feel confident that the funds are available in their account on payday. It’s especially nice if you have employees that work remotely. They won’t have to wait for their check to come in the mail, which can create uncertainty and anxiety. Another plus is that paycheck amounts can be submitted and approved online. So, if you use a bookkeeper to process payroll, but you’re the one who actually signs the checks – you don’t have to be in the same room or even in the same city. The bookkeeper can process and submit the direct deposit and then you can review and approve it from another location.
Most banks now offer paycheck direct deposit for a reasonable price, especially considering it saves you on the cost of paper, ink and postage. It’s also fairly simple to set up – just requires some banking information from each of your employees.