New York, NY (PRWEB) August 24, 2017
Directly depositing payroll has been the backbone for U.S. employers’ payroll and accounting structures for decades. Even the U.S. Treasury Department utilizes electronic payments, such as direct deposit, as a result of a U.S. federal law in 1996. With 82% of U.S. workers paid through direct deposit*, the key benefit to employers has been the elimination of costly manual check preparation and delivery plus improved worker satisfaction and efficiency.
The challenge, however, that arises for employers in today’s business environment is that nearly one-fifth of the U.S. workforce continues to be “unbanked”, meaning they don’t have a bank account, therefore requiring a physical paycheck. Historically speaking, the unbanked population has primarily been lower-wage employees. However, with the emergence of millennials in the workplace, innovative payroll solutions such as Juice For Business have become necessary since millennials are intentionally shunning traditional financial institutions. The difficulties facing millennials, as well as lower-wage employees, include bank requirements of maintaining minimal balances as well as costly account fees.
Founded in 2016, Juice For Business is an innovative paycheck replacement solution that provides Juice PayOut Cards* to employees in lieu of a traditional printed payroll check. This pioneering payment system mutually benefits both the company as well as the employees. Juice PayOut Cards* provide employees without a bank account a simplified, effective means of getting compensated. Rather than write out individual paychecks each pay period, the employer automatically pays their workers with Juice PayOut Cards*. Using proprietary technology, this payment solution immediately puts the funds into the hands of employees via their individual Juice PayOut Cards.
The benefits are numerous including the elimination of printing out checks. According to NACHA, the electronic payments association, the average cost to a company for a printed payroll check is approximately $157 per employee, per year, every year*. On the employee side of the equation, unbanked individuals routinely utilize check cashing facilities, however, check cashing services can be expensive and time consuming. The payout cards save the employee money and time.
The system is quite simple - the payroll funds are automatically loaded onto each employee’s payout card. At this point, the employee can spend the card at any of the 35 million locations worldwide that accept Mastercard. Cardholders can conveniently use their Juice PayOut Cards* to pay bills or make online purchases.
Juice For Business, CEO, Moshe Golomb, stated at a recent industry roundtable discussion, “Juice Payout Cards are appealing to today’s millennials who find that the banking industry doesn’t meet their financial needs with monthly maintenance fees, and overdraft charges. The appeal of PayOut Cards is a rapidly growing option that helps millennials and unbanked workers manage their money and protect their finances.”
Juice For Business, located in New York, NY, has made direct deposit more direct than ever. For information on how your company can take advantage of Juice Payout Cards, contact Juice For Business at +1 888 JUICE-50, or visit http://www.juiceforbusiness.com.
*PayOut Cards are a general purpose reloadable prepaid card, presented as an option for employee enrollment. * Print cost per check based on data from http://www.nacha.org.