Direct Deposit is the electronic transfer of a payment from a company's account into the checking or savings account of an employee, shareholder, affiliate, or other individual or business. The payment can be divided among several different accounts and between different financial intuitions.

Electracash processes Direct Deposits via the ACH system for monies initiated or received in the United States globally. Electracash uses wire transfer services for deposit transactions outside the United States.  

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Benefits of Direct Deposit

• Payment recipients enjoy direct deposit payments, as funds are automatically deposited into their account, and are available on the payment date.
  • No holds are placed while waiting for the check to clear
  • No waiting for the mail
  • No lost or damaged checks
  • No having to find time to get to the bank
     
• Direct Deposit is confidential. Money is transferred electronically and passes through fewer hands than a check.
• Payment senders enjoy direct deposit services because they save in administrative and other costs. These savings average over $175.00 per employee, according to PayItGreen.
• Other benefits of using direct deposit include:
  • Reduced check preparation & bill payment costs
  • Lowered labor requirements associated with payments administration
  • Eliminated lost & stolen checks
  • Diminished fraud due to lower potential for stolen and counterfeit checks
  • Enhanced reliability versus paper checks
  • Incentive and convenience for employees
     
• Besides being convenient, direct deposit helps the environment! By switching to direct deposit, an individual employee, paid every two weeks, can:
  • Save a pound of paper per year
  • Avoid the release of four gallons of wastewater into the environment [Source: www.PayItGreen.org]

For more information, contact an Electracash Sales Representative. To sign up for Direct Deposit today and begin benefiting from all the advantages this service brings to your business, click here to request a sales call.