Direct deposit surpassed printed paychecks as the preferred means of wage payment largely because it's faster and more secure. But that's not all. There are many aspects to direct deposit that benefit both employers and employees.
Security
Benefits of direct deposit for employers
Save money
Setting up direct deposit for employees – step by step
Banks usually ask employers to sign the ACH terms and conditions and provide recent financial statements to prove they can cover the transactions. Businesses that work with a payroll provider may have to supply details about their company and a bank account number if they haven't already.
How much does direct deposit cost?
Yes, but those who are self-employed must be sure to reconcile the funds in both their business and personal banks accounts at the end of each month.
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