How to Invest Today

The debit card is probably one of the most convenient banking tools that have ever been invented. Its use in the business world is extremely under rated. Businesses can use a debit card to make major purchases without the hassle of wondering if the company will take personal checks.

With the large part the internet plays in our daily lives, where would businesses be without the trusty debit card? As convenient as credit cards are for online purchases, you’re going to pay interest on every purchase you make. Debit cards, however, are only good for the amount of money you have in your checking or savings account.

The debit card is an excellent way for businesses to not only know how much money they’re spending but to also control the spending. After all, you can’t spend what you don’t have. They make it easy to send money as well as receive money, particularly when you’re using a prepaid debit card.

How does a prepaid debit card work? Simple, it works exactly the same as a regular debit card, except that it is not attached to your account. It needs to be pre-loaded with a specific amount of money, which then becomes the value of the card. Some payroll departments find prepaid debit cards an easy way to send money too!

Prepaid debit cards are great payroll solutions because they not only save the time it would take to write payroll checks but it also saves the expense of wire transfers, which can get quite costly over time. Time is money in any business and any time saved is money saved as well.

Imagine a company that has 10 employees. Depending on what institution you use for the employee’s prepaid debit card, the company can save from $2 to $10 per check each pay period. For this scenario, let’s say they are paying their employees every 2 weeks (26 checks per year per employee) and are saving the lowest amount of $2 per check. At the end of the year, they’ve saved $520. By using a debit card for payroll services, the employees are able to receive money much quicker as well.

Wire transfers average about $10 each, depending on the financial institution. With the same 10 employees that are to receive money every two weeks, the bank is going to save $2,600 each year. You can see how a debit card or prepaid debit card is payroll solutions that will help save money.

The more employees a company has, the more money that can be saved. Businesses can also use a prepaid debit card to send money to employees. Debit cards offer much more than convenience, they can save your business thousands of dollars!