Go Green with Direct Deposit
PayItGreen was formed by NACHA as an education resource. The mission of the organization is to show the environmental benefits of paying bills and issuing payroll electronically rather than with paper.
One of the most helpful parts of the site is calculators where businesses and consumers can track savings on carbon footprints by comparing paper to electronic transactions. It is a fun way to quickly see how much impact even the smallest changes can make in keeping our environment safe.
The site says that 22 million Americans still do not use direct deposit. If these employees chose to receive wages electronically, 8.7 million pounds of paper would be saved. And, 25 million pounds of greenhouse gases would not be released.
Large companies have offered ACH credits for direct deposit for years. Small and medium companies are now jumping on the band wagon too.
Consider a company that employs 300 people, with payroll twice per month. Paying all employees electronically rather than issuing checks and payroll stubs saves 121 pounds of paper and avoids the release of 346 pounds of greenhouse gases into the atmosphere in one year.
For businesses, the case for electronic transactions is a positive financial equation. According to a study by PayitGreen, businesses saved $6.7 billion over the last ten years by switching employees to direct deposit.. This is an average annual savings for each employee of $176.55.
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