5 Key Benefits of Introducing Payroll Cards

If there’s one thing businesses cannot afford, it’s to stand still. The current health crisis has only confirmed that simple fact, as more solopreneurs, freelancers, and business leaders have had to find creative ways to revitalize their ventures and to keep their enterprises afloat.

The economy is unstable, and yet, companies need to be resourceful when coming up with smart ways to make the most of what they have in terms of their budget. To that end, improving their financial management is key for success.

For those of you who are employees working remotely for a business, or if you yourself run a business with employees – payroll cards are emerging as the latest trends for companies to help boost productivity, cut costs, and simplify accounting. Here are a few perks of owning and using payroll cards, so that you can add them to your own arsenal.

Convenience for remote work

Considering the current global situation, more companies are opting for remote hiring opportunities rather than office-based work. Since the use of payroll cards doesn’t require your employees to have a dedicated bank account, you can actually enable remote use of the cards beyond a single location. 

So, even in such a stressful situation such as the pandemic, employees can safely, without any personal interactions, access their funds. At the same time, companies can safely transfer those funds remotely and stick to the prescribed measures of social distancing. 

Security and stability 

A common concern both for companies and people working with them is the security of all these digital transactions. Payment providers and various platforms ensure that your money is safe with them, but knowing that you can safely use your payroll card is another vital component in opting for such a solution for your salary. The personalization alone grants another layer of security to prevent anyone from abusing your card. 

The built-in compliance and security precautions make each transaction as safe as any other digital exchange conducted by top banking institutions. The cybersecurity measures in place can help each person using this system stay on the safe side of any electronic transfer and have immediate access to their funds without any hassle. 

Cutting costs for businesses and employees

There are fees attached almost for any transaction you make, whether you’re the business owner or an employee, but as more service providers join the playing field, more banks also find ways to reduce the costs of account maintenance and transfers. Businesses do the same, and freelancers are always on the lookout for the most cost-effective way to reduce their money transfer fees.

Payroll cards are simplified enough and they can work with numerous payment platforms and banking solutions, so that you can ensure lower transaction fees. You also effectively eliminate check cashing fees by using this digital approach as your payment solution.

No more wasting time

If you’re a freelancer, you already know that clients and customers prefer to get things done sooner rather than later. In fact, they often come to you already late with their own deadlines, and completely desperate to move forward with their work. The need for punctuality and respect for deadlines is a growing one. In a similar manner, freelancers and full-time employees want to receive their salaries in a timely fashion, and preferably in a predictable pattern. 

Knowing that, companies still do their best to find smart ways to deliver on that promise, which is where the introduction of these cards comes in to save the day. With cards at their disposal, employees can easily access their salaries without delay, and they can get paid without any wait time imposed.  

Overall automation 

Many modern companies try to introduce automated processes into their operations to make sure that their employees don’t end up with too much on their plate, but also to eliminate human error out of the process, and to speed up their accounting overall.

Adding payroll cards into the mix only contributes to all of the listed goals for your accounting team. They not only eliminate the waiting times for your employees to receive their funds, but they also help streamline the payment process every month.

With the help of a connected software platform, you can automate the entire payroll process and send recurring payments without so much as spending a single moment on them. Of course, you can make changes on the go when you plan to add benefits and bonuses, but automation with the help of these cards keeps things far simpler for all parties involved.

Although there are many different ways companies and employees can improve their financial department, the simplest of them all such as the introduction of payroll cards can make the most difference. As you can see, business owners will benefit from cards on several key levels for their long-term growth, whereas employees will enjoy more financial freedom and fewer expenses.

Whether you’re an employee or a business owner, you should definitely consider introducing the option, and you’ll be granted more financial independence as well as stability for the long haul.