With “digital transformation” as a buzzword we hear almost daily, it’s obvious businesses are continuing to lean into a digital future. And yet too often, banking is left behind. Payroll may feel like the last of your worries, but as you look to keep up with the competition, every process improvement and worker retention tool becomes critical to staying ahead.
In a 2020 article by the Payments Journal, they describe the sole reliance on paper checks as “an inefficient, expensive, and outdated payroll method that fails to meet the needs of today’s workers.” Instead, they say, to keep up with the future of work (and continue to meet worker, contractor, or 1099 needs), employers must begin to transform payroll.
Digital banking can have big benefits for your business.
Save Time & Optimize Operations
Distributing paper checks can be highly time-intensive for employers and owners, especially when managing multiple locations or a high-volume of workers and contractors. Without the physical transportation of checks, employers never have to worry about checks getting lost or stolen, chasing old workers or past contractors with their final paycheck, or attempting to deliver checks on time in the middle of a weather event. Plus, if remote workers are needed, they can be enrolled and paid from anywhere. And with easy (digital) onboarding, new employees, workers, contractor, 1099s, or vendors can get set up for payroll with just a few clicks on a mobile phone or laptop.
- No physical transportation of checks
- Easy, digital onboarding from anywhere
- Reduced administrative time and cost
Guarantee All Workers Are Banked
According to a 2019 survey by FDIC, 5.4 percent of U.S. households were unbanked. While some banks restrict cashing checks without a bank account completely, other banks and check-cashing facilities charge hefty fees for the transaction. With payout cards, every worker can set up a free, full-featured bank account which employers can deposit paychecks into automatically. This allows employers to easily access and manage their money from anywhere, plus access pay stubs and bank records independently.
- No unbanked employees
- Free, full-featured bank accounts
- No paperwork
Improve Worker Retention & Attraction
Employee retention has always been important, but is even more critical post-pandemic. According to Zippia, the employee turnover rate in the United States increased from 42.6% in 2016 to 57.3% in 2020 with accommodation and food service seeing the highest rate of turnover at 130.7% as of 2020. Digital banking programs can set you apart from the competition. Free, easy to set-up bank accounts allow your workers to receive their paychecks on time, everytime, without having to be on-shift. Plus, time typically spent dealing with paper check distribution can be reallocated to ensuring worker satisfaction.
- Leg up on the competition
- Workers paid on time, every time
- Freed up time to focus on employee satisfaction
Better for Business Banking
Banking is complicated, but it doesn’t have to be. With digital payment solutions, workers and business owners can reap the benefits of a clean, simple, and streamlined process.
Finally, Banking Made Easy
At Juice, we believe you should be able to reduce costs and please your workers at the very same time. Which is why we provide small- and mid- 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