When you have a small business, it can be very hard when you are doing payroll to keep expenses down. Wire Transfers and writing checks can be expensive. This is where debit cards come in. This is an easier way to send money by using debit cards.

The cost of sending money via a wire transfer can be prohibitive. If an employer will just put the paycheck on a debit card, the cost of receiving money will be drastically reduced. The price for a card that is prepaid compared to writing a paper check is substantial.

A per month comparison of payroll services versus payroll solutions will stand firmly to the side of the debit card. For a company of 10 employees, this can mean a 10,000 per month savings. For a 300 person company this can mean over 34,000 per month in associated costs.

This can mean a savings of 10,000 per month for a company of ten employees and over 34,000 for a company of 300 employees. These figures are examples only. The costs of a debit card verses paper check and wire transfer stack the deck in the prepaid credit card’s favor.

For example, you have a company of 10 employees that need to be paid. A debit card that has a prepaid amount on it can save the company thousands of dollars on payroll expenses. To send money is more cost effective when you use a prepaid credit card.

Let’s take a look at the fees of a debit card versus a wire transfer via Western Union for example. A 100.00 transfer will charge you at least 30.00 to complete, where a debit card reloads is only 5.00. So you have saved over 25.00 for just one employee! Imagine the savings you will get with 10 or 300!

Now let’s look at a company of over 300 employees. A debit card will allow the employer to put money on a prepaid credit card. Which will, in turn reduce banking fees, transaction fees and payroll fees. The average savings per month would be upwards of 34,000 or more in associated fees.

This is a win-win situation for both employer and employee. Use of a debit card will allow the employee access to funds immediately without banking fees and the employer will see a reduction of payroll costs. So to either send money or receive money, a debit card is the best bet as opposed to writing paper checks or using wire transfers.

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