A survey conducted by NACHA (a trade association of electronic payment vendors) of small
The survey was completed by 2,249 financial decision makers of
The survey revealed that:
- 52% of the organizations that use direct deposit, only 30% have 100% participation.
- 18% of small businesses with revenue between $10 to $20 million still do not use direct deposit.
- Business with less than 75% salaried employees are less likely to use direct deposit.
It can cost a company up to $2 to cut and process a hard copy check vs. 35 cents or less to have the money directly deposited. A business with 25 or more employees could save $2,000 per year with direct deposit. Hard dollar savings and increased employee satisfaction makes direct deposit worthwhile.
Total Team Solutions has been helping small and mid-sized companies by providing payroll services, cost effective employee benefits along with human resource support. To learn more, please contact Rob Lynn at 800-836-9678 ext. 11