Businesses can choose among numerous employee payment methods. But for security, speed, convenience, and cost—use NatPay’s direct deposit and paycards.

When it’s payment time for your employees, payroll services can assist your organization with payroll processing, as well as a number of related activities. For example, payroll services can calculate and even send in taxes and generate reports.

Using a payroll service can save you valuable time. It makes sense to focus on what you do well, leaving these administrative tasks to a payroll processing firm. This also saves you substantial money, given that a payroll service can cost substantially less than hiring an individual.

Payroll services also increase the accuracy of your payments and tax compliance. In some cases, a payroll provider will even cover any tax penalties that result from errors, taking you off the hook.

In comparison to dealing with payroll in-house or hiring an accountant or bookkeeper, using a payroll processing service makes the entire process a snap. For this reason, online offerings have become increasingly popular. In addition to handling the financial details, they supply you with convenient web and phone apps to manage your data.

For a modest sliding scale fee that adjusts to the number of employees you have, service providers give you feature-rich, easy-to-use payroll solutions that work with your existing processes. Using a service simplifies your payroll.

There are many types of payment methods out there, but they differ considerably when it comes to effectiveness. Choosing the right payment method can mean the difference between employee satisfaction and financial disaster.

Employee Payment Methods: Which One is Right for Your Business?

As an employer, you can select among not just one or two, but over five types of payment methods for your employees. These range from traditional cash payments and checks, to e-payments like PayPal or bank transfers, to paycards and direct deposits. While all are viable methods, the latter two choices are the most technologically efficient, offering increased security and convenience.

Cash and Check Payments

While obviously the oldest method, direct cash payments have in many cases given way to paper checks and electronic methods that can handle larger sums.

Checks offer some degree of security over cash. But they are slow to deliver and subject to loss and crime. Also, employees who don’t have bank accounts may have to pay fees to cash their checks.

Direct Deposit Payments

Direct deposits speed up the process, putting funds in employees’ accounts far faster than a check can.

After initially establishing a direct deposit with a bank, wages get transferred as soon as they are sent, often without any fee to receive. Also, transactions produce accurate records automatically. Direct deposit has become by far the most common payment method in the United States. Online payroll services can incorporate direct deposit into their offerings for you, simplifying this process even further.

Paycards

Paycards work somewhat like direct deposits behind the scenes.

However, paycards do not even require employees to have a bank account! This method has recently become much more widespread, as it offers the security and convenience of a bank card for anyone. Employees receive an FDIC-insured prepaid debit card, onto which they can instantly deposit funds. The workers can spend the money wherever they like, or withdraw cash from a bank or ATM. It essentially functions as a work-payment bank account for employees.

Mobile Wallets

Mobile wallets, which work somewhat like direct deposits on phones, have also become a more widespread payment method. One sends money to employees’ mobile wallets, from which they can make purchases. However, employees may not be able to spend the funds at as many locations as with a bank account or paycard.

The available employee payment methods vary in terms of convenience, costs, and security—for you and for workers. Generally, each new development represents an enhancement over previous methods. Cash led to checks, then direct deposits and paycards.

These more recent innovations reduce the errors, costs, and time to transfer money. As society and the economy become increasingly digital, employees have come to expect electronic solutions in practically all areas of their lives. This includes wages, where workers want simplicity and efficiency.

Securely Pay Your Employees Through NatPay's Direct Deposit and Paycards

When looking to move to ahead-of-the-curve methods of employee payment, turn to NatPay. NatPay offers a range of digital solutions for payroll efficiency.

Direct Deposit

Direct deposit features let you process wages when you want over an adaptable web interface, and alert employees accordingly. NatPay works well with accounting software and doesn’t require you to install any additional hardware or software.

Paycards

By using the industry’s go-to solution for payroll processing, you have access to a cryptographically secure system that thousands of businesses trust. And for employees without bank accounts—or just for added convenience—you can also issue paycards. These give your employees the power of a bank card, onto which you can deposit their paychecks as easily as to any bank account.

Workers can use their paycards at millions of websites, retail stores, ATMs, banks, and other locations. They receive the money as soon as you send it, and they can spend it whenever they want. Employees can also accept other transfers on their cards, such as from their tax returns.

Consider NatPay for all your payroll processing needs. NatPay cards allow holders to deposit checks and pay bills, among other features. Employees can also share add-on accounts with friends and relatives. Meanwhile, from a business standpoint, you get to save hundreds or thousands of dollars, as well as a decrease in paperwork.

NatPay partners with software firms and accountants to make incorporating automatic payroll processing into your organization a straightforward process. With a focus on the customer, they offer the latest technologies with exceptional service. By using NatPay, your employees will appreciate fast, safe, and easy paycards and direct deposit services, while you cut costs.

If you’re ready to streamline your payroll process, reach out today!