In a world of digital everything, paying your workers, contractors, or 1099s with paper checks is surprising at best and frustrating at worst. When so many of our transactions already take place on a phone or computer, why should getting paid be any less convenient?
With The Great Resignation in full swing, we now know that many workers will easily say “goodbye” when they’re unhappy. According to the U.S. Bureau of Labor Statistics, 4.3 million Americans quit their jobs in September 2021 (a staggering 2.9% of the entire workforce).
And something that doesn’t help? Stress over finances. In a report by Salary Finance, they found that employees who are financially stressed are 2 times more likely to be looking for a new job. Not to mention that even if your workers do choose to stick around, their financial stress greatly impacts their performance. In fact, according to Greystone Consulting “over the course of a year, a full-time employee may spend more than 156 hours (or 19.5 days) distracted from work because of personal money matters.”
With employers working harder than ever before to meet their workers, consistent contractors, and vendors needs, how can you stand out from the crowd? A great place to start is a dive into their perspective.
Below, we put together a list of 5 reasons why any of your workers want digital paycards.
1. No more picking up checks in person
Picking up checks in person can feel like a waste of time for your workers and especially your contractors or 1099s who don’t have as much of a consistent schedule working for you. If they don’t work on payday, they have to remember to get their check the next time they’re in, or take a special trip to the workplace just to pick up their check. With payout cards, every paycheck is instantly and automatically deposited into their account for immediate use.
2. Getting paid on time (or early)
For many workers, getting paid on time is critical to keeping up with their bills and reducing financial stress. Digital paycards allow employers to pay their any and all workers instantly (and from anywhere). Some providers also allow for payroll advance and off-cycle payments, allowing employers to pay even outside of the traditional payroll schedule.
3. Easy digital set up
The onboarding process is your worker’s, contractor’s, 1099’s first impression of your business. With paycards, they can set up their accounts easily online with just a few clicks. From there, they can access all their banking information in one online dashboard, never having to take a trip to the bank, or worry about an abundance of paperwork.
4. Free, full-featured bank accounts
In addition to the payout card itself, which any type of worker can use as a debit card, some digital paycard providers also offer full-featured bank accounts where users can easily check their balance and transactions. These accounts are set up completely in the worker’s name, and can even be used should they switch employers in the future.
5. No Check Cashing Fees or Inconvenience
Nobody like fees. Unfortunately, workers are used to dealing with check-cashing fees and the inconvenience of traveling ot hte bank to get their money. With payout cards? There are no hidden fees, it’s easy to use on a daily basis, and there’s no more inconvenient trip to cash the check. It’s a win-win.
The Ultimate Perk Workers Didn’t Know They Needed
According to a 2019 survey by FDIC, 5.4 percent of U.S. households (approximately 7.1 million households) were unbanked. With digital paycards, every single worker can easily set up and manage a full-service bank account (with rewards to boot!). All without never having to step foot in a bank, or keep track of paper checks. And for those that were previously unbanked, this can be a great opportunity to reduce financial stress and improve money management.
Finally, Banking Made Easy
At Juice, we believe you should be able to reduce costs and please all of your workers at the very same time. Which is why we provide small and medium sized businesses an easy-to-use technical solution that makes paying workers, well easier, anytime and anywhere. The future is paperless, and the future is now, but we want paperless to be frictionless too. That’s why we’re in the business of simply creating seamless digital payment solutions. Because your team—and you—deserve it.
Reach out to connect and learn more: 11 Questions to Ask When Vetting Check Replacement Solutions