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EPayroll

EPayroll is a method of delivering payroll funds to employees without the use of paper checks, which can be easily lost or stolen. The traditional method for employers to deliver payroll funds to employees was to utilize direct deposit into the employees' bank account. This is only successful for those employees who have an active checking or savings account with a bank or credit union. Unfortunately, electronic payment could not be utilized by those employees who did not, or could not, use a regular bank account. For those employees, more employers are turning to payroll cards to electronically deliver their paycheck. Payroll cards work much the same as a debit card or government assistance payment card, without using a bank account to back the card.

Payroll cards can be effectively used by companies, in additional to traditional direct deposit payments, to pay their employees without issuing paper checks. This eliminates the need for employees to go to a check cashing service to receive their paycheck. The elimination of paper checks also streamlines the employer's human resources process and cuts down on time, paperwork and back-office errors on employees' checks. The executive director of the APA, or American Payroll Association, has cited several reasons for employers to make the choice to move to electronic payroll methods. Some of the reasons include decreased time for the employee at a bank or credit union, immediate access to funds on payday and a higher guarantee of funding than traditional paper checks.

One of the other reasons for employers, involved with any size company, to consider making the move to EPayroll is the increase in security for their employees' payroll funding. One of the most common forms of fraud is check fraud. Electronically funding payroll through direct deposit and payroll cards eliminates the paper check entirely; also eliminating the possibility of paper check fraud. Because the funds are automatically submitted electronically, either to the employee bank account or their payment card, there is no time in between the employer making the payment and the employee receiving the payment. There is no paper mail to be intercepted and possibly used in a fraudulent manner by criminals.