Most employees ditched paper checks in favor of direct deposit decades ago. So your job is done, right? Wrong.
Some employees remain wary of direct deposit—and not just those who don’t have bank accounts. For employees who, for whatever reason, have not embraced direct deposit, paycards may be the answer. Or maybe not.
How can you eliminate those pesky paper checks once and for all?
Everybody sign on, please
There are two main obstacles to 100% electronic pay participation, one new and one old:
- New mobile banking apps allow employees to snap pictures of their paychecks with their smartphones and have those checks credited to their bank accounts. Banks count on these types of “sticky” services to keep customers from jumping to other banks. Although that’s pretty hard to compete with, you could point out to employees that there are a lot more ways to compromise employees’ identities with mobile banking apps than there are w...(register to read more)