Banking

Paycards: Flexible Electronic Payroll For All Employees

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Executive Summary

U.S. businesses have recently enjoyed tremendous savings in payroll production costs by encouraging employees to accept direct deposit over paper paychecks. According to the American Payroll Association, businesses pay between one and two dollars to issue each paper paycheck. Conversely, an electronic transfer of payroll costs about twenty cents per employee. Based on these statistics, a company with 300 employees paying $2 per bi-weekly paper paycheck could enjoy an annual savings of over $14,000 if all employees received paperless electronic payroll!

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