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3 Ways Direct Deposit Makes Life Easier for Small Business Owners

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In today’s environment, small business owners simply can’t afford to waste money on anything, especially manual and time-consuming processes like payroll. Companies with 25 employees can easily pocket …

In today’s environment, small business owners simply can’t afford to waste money on anything, especially manual and time-consuming processes like payroll. Companies with 25 employees can easily pocket at least $2,000 a year by automating their payroll procedures and switching to Direct Deposit via ACH-- firms with 100 employees can save at least $7,000 a year.

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  • 1.  
  • 2. 3  Ways  Direct  Deposit  Makes  Life  Easier  for  Small   Business  Owners   By  NACHA  –  The  Electronic  Payments  Association     In  today’s  environment,  small  business  owners  simply  can’t  afford   to  waste  money  on  anything,  especially  manual  and  time-­‐ consuming  processes  like  payroll.  Companies  with  25  employees   can  easily  pocket  at  least  $2,000  a  year  by  automating  their   payroll  procedures  and  switching  to  Direct  Deposit  via  ACH-­‐-­‐   firms  with  100  employees  can  save  at  least  $7,000  a  year.         Direct  Deposit  creates  cost  savings,  decreases  the  amount  of  time   wasted  writing  and  cashing  paper  checks,  and  helps  eliminate  the   risk  of  identity  theft  and  fraud  in  businesses  of  all  sizes.     1. Cost  Effective     Direct  Deposit  via  ACH  can  save  employers  money.  Companies  can   save  anywhere  from  $2.87  to  $3.15  per  payment  using  Direct   Deposit  instead  of  paper  checks.     2. Efficient     For  employers,  Direct  Deposit  reduces  the  time  and  cost  of   manually  processing  and  printing  payroll  checks.  For  employees,   Direct  Deposit  eliminates  the  time  spent  going  to  the  bank  or   credit  union  to  cash  or  deposit  their  paycheck,  an  activity  that  
  • 3. accounts  for  an  estimated  $3  to  $5  billion  loss  in  productivity   annually.       3. Safe  &  More  Secure     Using  Direct  Deposit  via  ACH  reduces  the  risk  of  fraud  for  business   owners  by  eliminating  the  use  of  paper  checks  that  could  be   altered  or  counterfeited.  Additionally,  almost  85  percent  of   identity  theft  starts  with  someone  seeing  consumers’  personal   financial  information  on  a  paper  check,  billing  statement,  or  bank   account  statement—Direct  Deposit  lowers  these  risks  for   employees  by  eliminating  paper  checks.     Make  the  Switch     Direct  Deposit  is  good  business  for  every  business  –  and  it’s  easy.   For  employers,  enabling  Direct  Deposit  via  ACH  is  as  simple  as   contacting  your  payroll  provider  or  financial  institution.  Direct   Deposit  is  not  only  easy  to  set  up  and  use,  but  it  also  offers  a   convenient  benefit  to  your  employees.  In  fact,  97  percent  of   people  who  use  Direct  Deposit  via  ACH  are  very  satisfied  with  it.     For  more  information
  • 4.  about  setting  up  Direct  Deposit,  download  the  Small  Business   Get  Started  Toolkit,  which  includes  Direct  Deposit  fact  sheets,   sample  authorization  forms,  implementation  checklists  and   much  more  at:  http://bit.ly/directdeposittoolkit.     Small  businesses  can  also  make  use  of  a  Direct  Deposit   Calculator  to  help  them  quantify  the  cost  savings  of  switching  to   Direct  Deposit  at:  http://bit.ly/DDSBcalculator.    

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