PAY IT GREEN

Posted on June 29th, 2010 by Joy Schwabach

Businesses with 25 employees or  more would save at least $3000 a year if they used direct deposit instead of cutting checks for their employees, according to the The Electronic Payments Association and PayItGreen.org. Without direct deposit, each check costs a business about $3.

According to the survey:

–     72% of US employees receive their pay via Direct Deposit (DD)

–     Only 4 in 10 small businesses use DD for their paycheck.

–     86 percent of large companies use DD.

–     The consumer services, food/leisure, and construction sectors lag the most in offering DD.

–     Small businesses waste an estimated 3 to 5 days annually writing checks.

–     Employees waste 9 to 24 hours each year cashing their checks. (They could be using this time to watch soccer.)

Filed under: business, digital, trends

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One Response to “PAY IT GREEN”

  1. Reel8, on June 29th, 2010 at 10:48 am Said:

    interesting data. i own a small biz and we’ve recently moved over to paperless payroll, so to speak. i sleep better at night knowing i’m doing right by my planet and my wallet! i encourage all of you out there (esp biz owners) to join the movement if you haven’t already!

    thanks for posting. i’ll pass this along.