Direct deposit is an ideal tool for your business payroll. With direct deposit, money is sent directly from your business’s financial institution to your employee's bank accounts via an electronic network called the automated clearing house (ACH). There are also direct deposit apps, such as ADP which use the ACH to complete direct deposits while giving you and your employees additional payroll management tools. Depositing funds directly provides many benefits for you, your business, and your employees.
Direct deposit saves you money. Postage, checkbooks, and travel expenses add up over time. Direct deposit doesn't require postage, paper, or travel, saving upwards of hundreds of dollars a year.
Direct deposit saves you time.Because direct deposits are automated and electronic, your business won’t spend time printing and sending checks. Direct deposit makes payroll much easier for your business
and frees up more of your time for other duties.
Direct deposit gives your employees financial controlYour employees can choose how much money to send directly to their checking or saving accounts, such as having 20% of each check automatically go into their savings.
A sense of financial control for your employees helps create an open and efficient workplace environment.
If your business is ready to make payroll easier, contact your Horizon Business Banker to learn more about our direct deposit services.