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Electronic pay: There’s an app for that

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in Records Retention,Small Business Tax Deduction Strategies

Is your direct deposit or paycard campaign a little long in the tooth? Now may be the best time to update it to encompass new communications media, such as smartphone apps.

Goin’ mobile

Leverage the technology for smartphone banking apps to sell direct deposit or payments via payroll debit paycards. You can go one step further and pair electronic pay with paperless deposit statements.

Caveat: Most states prohibit employers from mandating that employees receive their pay and pay statements electronically.

Paycards are still a relatively new payment medium, so your experience with them may be limited. Paycard features vary among vendors, but common features include access to ATMs and terminals at retail outlets, no-frills bank accounts and courtesy checks employees can use at the bank to cash out their net pay and online bill paying. The company can deal with one vendor, or employees can buy their own cards and present them to...(register to read more)

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