Same-day payroll processing can elevate your business methods. Choosing a reliable ACH provider makes all the difference for your business’s reputation.

Once upon a time, direct deposit was just a nice-to-have bonus for employees. But now, it’s such a common practice, it’s nearly a requirement for businesses. With direct deposit as the norm for payroll processing now, your ACH provider partner is all the more important.

An unreliable payment method can mean delayed or inaccurate checks for employees—and mistakes like these damage relationships with employees, which hurts business reputations. Once a company has a bad reputation as an employer, it becomes more difficult to retain workers and attract new talent.

Choosing a responsible ACH provider can help avoid risks such as these and provide a quick, secure, and accessible payment method.

Simplifying Payroll Management

Paper-based management systems are wasteful and costly. Even as more and more processes go digital, many companies still operate with cumbersome and vulnerable paper bookkeeping. Aside from productivity slow-downs, paper also requires physical storage and creates landfill waste. The best way for companies to avoid payroll management hassle is to use ACH same-day payroll processing.

Same-day ACH payroll processing can make your business’s payroll management system more secure with quicker payments and electronic documentation. The instantaneous nature of payment also clamps down on the risk of fraud.

ACH processing also comes with the added benefit of online record-keeping, which allows you to access important information from any internet-ready location. Using a high-tech document management system like NatPay’s Doculivery allows you to keep meticulous records of these ACH transactions—it’s far more effective than a file cabinet.

Doculivery offers e-documentation for every part of the payment process. Whether it's W-2s and 1099s or electronic pay stubs and invoices, Doculivery provides digital forms for all your financial paperwork needs. A robust document managing system will streamline your payroll management more than ever imaginable.

ACH Same-Day Payroll Processing Is Convenient

Manual payroll processing offers so many opportunities for error. Businesses must worry about tax compliance, record-keeping compliance, data security, fraud prevention, and paying contractors, among other concerns. Keeping track of all these factors manually is time-consuming, and time is money, which means it cuts into your business’s profits. Same-day payroll automates much of this process to expedite payment.

This automation also saves your business the risk of fees and fines. Failure to pay federal payroll taxes on time often results in hefty penalties. The IRS will also hit your business with fees for tax-return errors, or if there’s a substantial understatement of the taxes owed. Automated payment processing removes human error from the equation, guaranteeing mistake-free payment. This means you can rest secure in the fact that your taxes are all in compliance with regulations and on time.

Employee Benefits from Same-Day Payroll Processing

While same-day payroll processing can help your business avoid financial penalties, it also bolsters productivity. Late payroll directly hurts employee morale—and when workers are disgruntled, productivity suffers.

Almost every state has laws in place to ensure workers get paid on a regular biweekly basis. Should an employee choose to take action, they have the right to file a claim against you, which could result in investigations and litigation—possibly even a forfeiture of their business license. And after all that, the business owner is still responsible for missing funds, fines, and penalties as well.

In addition to avoiding labor disputes and tax penalties, same-day pay can also help alleviate the financial strain workers are experiencing during the Covid-19 pandemic. In addition, direct deposit limits the number of physical transactions your employees must engage in—a health courtesy in the current climate. Employees benefit from expedient, hygienic compensation. And when your workers are happy, your business will see the benefits.

Expediting Same-Day Payroll Offers A Competitive Advantage

As digital payment software creeps into every part of our lives—think of the ubiquitous nature of apps like Zelle, Venmo, and PayPal—people have grown accustomed to digital payment methods as the norm. Accordingly, workers expect compensation as quickly and conveniently as possible. Any business that wants to stay competitive must consider same-day payroll.

Benefits like convenient, quick payroll processing are especially important in today’s market. The current labor-friendly job market (according to the U.S. Bureau of Labor Statistics, the job openings rate sat at 6.9% as of December 2021) puts workers in control. Businesses have to offer more robust perks to attract and retain talent in these conditions. Taking steps like converting to ACH same-day direct deposit signals that you care about your employees getting their money on time. This in turn builds your reputation as a good employer.

NatPay’s Payroll Processing Provides Efficiency and Convenience

The businesses that thrive are those that remain at the forefront of change. Digital payroll processing is here to stay and can save companies resources, build profit, and bolster reputation. Make the switch as soon as possible if you want to remain competitive in the labor market!

However, managing and executing a payroll system—even a digital one—can be a heavy lift. When establishing your digital payment system, rather than managing it yourself, turn to a reputable third-party expert for assistance.

NatPay has been a leader in the payment processing industry for 30 years now and continues to provide innovative payroll and document managing solutions for thousands of ACH clients. No need to stress about compliance, labor disputes, or complicated bookkeeping. NatPay’s digital solutions have you covered. Reach out to a representative and see how a digital conversion can elevate your business today.

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Visit our White Paper Library to download this article: ACH Same-Day Payroll Processing: Show Me My Money!

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