E-pay progress: Make the move to pay cards

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in Small Business Tax Deduction Strategies

Is your direct deposit campaign a little long in the tooth? Now may be the best time to update your compensation sys­tem by adding pay cards to the mix.

Pay cards are reloadable, prepaid bank cards—not credit cards. Each pay period, the employee’s pay is automatically loaded onto the card and available to the employee on payday.

For many workers, pay cards double the convenience of direct deposit. For employers, pay cards help keep employees focused on work, not how they’re going to get their hands on their pay.

But before you call your payroll provider or bank to set up a pay card option, understand that there are legal and practical pitfalls you must avoid. (See box below.)

Pay via plastic

Pay cards are still a relatively new payment medium. Direct deposit made life easier for employees, eliminating the Friday lunchtime run to the bank to cash paychecks. Pay cards take it a step further by marrying convenient deposits with...(register to read more)

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