What is Direct Deposit?Direct deposit is an electronic payment made directly to the checking or savings account of your employees, affiliates, distributors or suppliers. Direct deposit is used for payroll, commissions, expense and travel reimbursements, bonuses, or for any type of accounts payable. Direct deposit reduces costs, increases productivity, streamlines payment processes, and enhances satisfaction. Direct deposit simplifies account reconciliation. Account statements show a single dollar amount for the total amount of the direct deposit transactions instead of individual check amounts to reconcile. Direct deposit simplifies payment processing and eliminates manual handling. Direct deposit reduces the likelihood of fraud. There is no risk of counterfeit or stolen checks, altered amounts, and forged signatures. Problems with direct deposit seldom occur are rare. If there is a problem, the dispute resolution process is simple and straightforward. The transaction has an audit trail from start to finish, making it easy to determine what happened with a transaction. Businesses of all sizes use direct deposit because it saves money. A company can save anywhere from $2.87 to $3.15 per payment by using direct deposit instead of paper checks. Those receiving money via direct deposit love the convenience and 97% report complete satisfaction. In fact, offering direct deposit is a competitive advantage in recruiting new distributors, affiliates or employees. Direct deposit is available in the US, Canada, and internationally. For international direct deposit, money can be deposited in the currency of the country where the recipient is located. |