Convinced that Direct Deposit is a smart move for your business? Follow these steps to make sure your Direct Deposit program is a successful one:

1. Ask The Right Questions

To ensure that the process flows as smoothly as possible, consider the following questions:

• How many employees, retirees and shareholders does your company have?
• How often are checks issued?
• How are the checks processed (in-house or third party)?
• If processed in house, what are the capabilities of your payroll software?
• How many locations does your company have?
• Does the company have multiple shifts?
• Do you have any current processing problems?
• What are the total costs of processing and distributing your checks?
• How and when are the checks funded?
• Do any employees need to be paid outside the United States in either U.S. dollars or a foreign currency?
• Does your state allow Direct Deposit to be mandated? (Check with the American Payroll Association.)

The answers to these questions may help identify processing requirements, potential savings, operating efficiencies and aid in the negotiation of fees for Direct Deposit.

2. Determine Direct Deposit Programming

Many payroll software packages, as well as independent processors, provide a Direct Deposit formatting feature. Check with your company's financial institution for more information and suggestions regarding software.

3. Plan Your Direct Deposit Program

The quickest way to get your company's Direct Deposit program up and running is to follow the Direct Deposit implementation checklist.

4. Promote Direct Deposit

Promotion is the key to a successful Direct Deposit program. When Direct Deposit is actively promoted, participation soars. In fact, in companies where Direct Deposit is promoted at least once a year, participation averages over 60%.

Some particularly good times of the year for Direct Deposit reminders are the following:

• The New Year - when many tend to review their finances.
• Late Fall - before inclement weather and illness prevent consumers from getting to their financial institutions or cause absences on payday.
• Spring/Early Summer - to remind consumers that Direct Deposit transactions are made even when they are traveling or are on vacation.
• May - the month of May is Direct Deposit Month, and a great time to coordinate your efforts with the national consumer awareness campaign.

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