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Direct Deposit Service
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Rapid Data’s Direct Deposit program helps your payroll department
improve productivity and reduce payday stress by automatically
depositing your employee’s pay directly into their checking and/or
savings accounts. No more need for allowing extra time to deposit
paychecks or making special arrangements when employees are sick or
out of town – the money always arrives in their accounts every payday.
Your employees will appreciate its safety and convenience. Your payroll
department will enjoy its ease and time savings.
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How It Works
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- Employees authorize the transfer of funds into their personal accounts
using a Direct Deposit Authorization Form.
- The authorization and financial routing data is setup within the payroll
system and verified through secure controls within the banking system.
- Once verified, the appropriate wage amounts are automatically deposited
into their individual checking/savings accounts through electronic banking
networks that are fast, reliable, and safe.
- Each payroll, your employees will receive an advice of deposit identifying their
account numbers and the amounts deposited.
- You receive a Direct Deposit reconciliation report with each payroll,
detailing the transactions for that pay period.
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Features
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- Safety and Convenience
It is the most secure and efficient way to
handle your payroll disbursement without having to worry about
lost, stolen, or damaged checks.
- Improved Accuracy
Physically going to the bank can involve handwritten deposit
slips, computer entries by tellers, back-office paperwork,
and many other manual operations, all of which provide the
opportunity for errors to occur. With Direct Deposit, funds
are transferred electronically through banking networks that
are reliable, efficient, and accurate.
- Security and Confidentiality
Checks processed via traditional methods are prone to error and
can pass through as many as twelve different people before
reaching your employee’s accounts. Electronically transferring those
funds eliminates additional processing steps, keeping
your employee’s pay secure and confidential.
- Speed of Delivery
According to recent studies, employees regularly spend at least twenty to
thirty minutes (between 8.5 and 24 hours in a single year) of company
time each payday to deal with their paycheck. With Direct Deposit,
employees skip all the hassles of cashing checks and can be more
productive.
- Control and Flexability
Your employees have complete control over how their pay is distributed
to their accounts. In fact, they can split up their pay with deposits
into several accounts even at different banks.
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Benefits
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- No checks to sign
Direct Deposit eliminates the need to sign paychecks.
With 100% Direct Deposit participation, no one with check
signing authority must be present on payday.
- Eliminate the Distribution Process
100% Direct Deposit participation allows your payroll
department to be less reliant upon payroll delivery
deadlines – especially those requiring overnight packages,
which can sometimes be unreliable.
- Bypass the check-cashing routine
Payday bank lines become a thing of the past as your
employees will avoid long waits at their local bank.
- Simplify Special Payments
No special arrangements are necessary when employees
go on vacation, travel for business, or are out sick –
their pay arrives in their bank account every payday.
Direct Deposit removes these inconveniences for both the
employee and employer.
- Value to both Employees and Employer
Direct Deposit offers a great value to both your company
and employees – over 80% of U.S. companies offer it. In
fact, our nation’s largest employer, the federal government,
uses Direct Deposit as its primary method distributing
employee’s pay.
- Minimizes Check Reconciliation
All Direct Deposit amounts can be reconciled in one simple
step on payday making check reconciliation simple.
- Eliminate Post Payday Issues
Lost or damaged check replacements are never an issue for
those employees using Direct Deposit. This results in greater
security for your employees and fewer problems for management.
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