An employer usually arrangements with a financial institution or bank to pay its workers with a payroll card. The employee then makes their payment through the payroll card to the company, which then deducts it from their regular income tax bill. Usually, the employee's paycheck goes directly on to the payroll card instead of paid by check or directly deposited in the employee s account. This is a quick and easy way for companies to ensure they are getting their money which is owed correctly. With today's technology however, payroll cards have gone digital and some companies are using the Internet to process their payroll card payments.
Some payroll card software programs at this site will automatically deposit your paycheck into your bank account every pay period. However, sometimes the employee may forget or misplace their card at home. Other times they may lose it in an office where it has been stolen or misplaced by a coworker. In this case, the payroll card function like debit cards, and can be funded online through a bank's website. Once funded, it will continue to accept transactions until the balance is depleted.
Payroll cards at https://www.payactiv.com/paycard/ allow an employer to eliminate paper processing of paychecks, thereby saving the employer money. Because most payroll cards are funded electronically, there is at least one alternative to sending employees monthly paper checks. By eliminating the need to print out checks and mail them out, an employer saves money on printing, postage and banking charges, as well as employee fines for late or missed payroll card payments.
Online payments are the best option for an employer, because of the ease and convenience they provide. When an employee accesses their pay card online, all they need to do is select their payment option and complete their transaction. They don't have to remember to print out a check, type in their payment information, make their way to the bank and wait for it to appear on their hands.
By paying each employee electronically via their cards, the employer eliminates paper costs associated with paper checks. When the time comes to send out the final payroll to the employees, the bank will issue the checks without any additional fees. It is the quickest and easiest way to keep track of each employee's wages. It is also the best option for those that have multiple employees, since the amounts due will be evenly distributed among all of them.
Another option available for employers that offer electronic forms of payment is direct deposit. Direct deposit can be used with many banking institutions, including PayDotCom and Neteller. The advantage of direct deposit is that it eliminates the need for an employer to access a bank account. With direct deposit, the employer simply needs to provide a credit card with an account number. When an employee accesses his or her account, the balance will be debited from that account at the end of the pay period. Get more facts about finance at https://en.wikipedia.org/wiki/Outline_of_finance
