No matter what size your company, Direct Deposit offers tangible benefits, from cost savings to increased operational efficiencies at all levels. A few of the benefits include the following:

Direct Deposit is simple.

• Direct Deposit simplifies the account reconciliation process. The account statement will show a single dollar amount for the total amount of the Direct Deposit transactions instead of individual check amounts to reconcile.
• Setup for Direct Deposit is easy. Contact your financial instiution, payroll processor, or business software provider to begin.
• Direct Deposit can simplify the labor and time processes involved in payroll processing because it requires less manual handling.

Direct Deposit is safe.

• Direct Deposit payments are never lost or stolen.
• Direct Deposit uses the ACH Network, a safe and secure payment network used by banks, credit unions, and the U.S. government to send and receive payments each day.
• Direct Deposit reduces the likelihood of fraud, because there is less potential for counterfeit or stolen checks, altered amounts, and forged signatures.

Direct Deposit is smart.

• Typically, it costs more to process a paper check than a Direct Deposit transaction. Businesses can save from $2.87 to $3.15 per payment by using Direct Deposit instead of checks.
• The potential for error is reduced because Direct Deposit requires less manual handling than a check.
• Problems with Direct Deposit are rare. If there is a problem, the dispute resolution process is simple and straightforward. The transaction has an electronic trace from start to finish.
• Direct Deposit could increase productivity. According to NACHA - The Electronic Payments Association, employees spend between 8.5 and 24 hours per year going to the bank or credit union to cash or deposit their paychecks, an activity which accounts for an estimated $3-$5 billion loss in productivity annually.
• Direct Deposit is a smart way to help the environment. Each year, checks use more than 674 million gallons of fuel and add 3.6 million tons of CO2 to the environment as they travel through the payment cycle.
• Direct Deposit reduces the reliance on paper checks and administrative costs associated with producing payroll checks-less check stock to buy and store, less wear-and-tear on printers, fewer envelopes, etc.