Direct Deposit at What Price?
More than three-quarters of business owners would switch to direct deposit for paychecks if there were no fees involved, according to a new survey.
The survey of 140 businesses with 10 or more employees, conducted by the Small Business Technology Institute, a San Jose, Calif.-based non-profit, found that 36 percent of respondents already pay employees through direct deposit. Half of businesses use paper checks, while 10 percent pay cash and 4 percent use pay cards.
Of businesses who do not offer direct deposit, 69 percent have considered doing so in the past year. In addition, 89 percent of owners have received requests from employees for direct deposit.
Nearly 90 percent of business owners believe there should be no additional cost for direct deposit from banks or payroll companies.
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