This article was written by Sherri Fielding of Xenium
In this new age of “going green,” the employer has more options than ever to get rid of check stock and paper check stubs. Meet the PayCard! This option for direct deposit now allows employees to have their pay deposited onto a PayCard (a payroll debit card) in addition to standard option of depositing their pay into a checking or savings account.
Benefits of a PayCard:
– Gives un-banked employees the option to have direct deposit instead of receiving a live paper check.
– Eliminates many of the check cashing fees, late fees and reissue fees.
– Eliminates the need to step into a bank and/or check cashing store.
– Increases the security and safety of the employee’s information.
Most programs even allow you a second PayCard for a family member; a great tool for teaching money management.
Contact Xenium to receive more information on this direct deposit option!
