Payroll payments and services can leave a dent in your budget if you’re not careful, costing upwards of $500 per month. Here we share the top alternative and affordable payroll practices so you can stretch your finances without the strain.
Shred the paperweight
Payroll plans using cheques demand you to write them up, pay a price for each deposit your employees make, and manually record those transactions. This is sure to be a time-consuming and costly tedium your company doesn’t have to become a victim of. This is especially true when dealing with the potential risk of cheques bouncing.
By switching to an online payment platform, you remove that risk; your historical data is automatically saved. Eliminating manual data entry lifts the enormous load of troubleshooting errors.
Speed-up the deposit process
When you switch to online payroll methods, you immediately remove the delivery times and delays associated with cheques. To elaborate, any new employee being paid via cheque will receive a sum of money at first but must wait 5 business days to receive the rest. This wait-time can persist for several months, often between 3 and 5 months since that is commonly how long banks take to notice a pattern of cheques being deposited.
Select the right online payment platform for your payroll
Wire transfers aren’t the best option, as they often end up charging $30-40 to send out payments and a hidden service fee can be attached to receiving each one. And this is only taking domestic payments into consideration, meaning these rates rack up when it comes to making international wire transfers. Why? Because the difference in time zones, tax laws, and exchange rates that has to be added to your payroll management procedure can complicate things. Not to mention how the payment-receiver usually has to wait 3-5 business days, and sometimes even up to 2 weeks, before the money can actually be accessed. This is because wire transfers operate on a bank-to-bank transaction (where someone needs to approve the transfer) before the money is even deposited into the recipient’s account, making overseas deposits all the less timely as a result.
Reconciling fees, complaints, and compliance issues can then become a nightmare if you’re not operating on a more efficient, easy, and trustworthy payment system for your purposes.
Such burdens caused by wire transfers can be avoided, however. By using a platform like REMITR, you can reorient salary payments into a simplified process.
Secure and streamline local and overseas payroll payments
REMITR, a platform that allows you to make business payments, only charges $1 per transfer within Canada and $5 per international transfer (up to US $10 for some countries). And the biggest assurance of REMITR while making salary payments is that your staff gets the exact amount they need in EURO, Philippines Peso (PHP), Indian Rupees (INR) or any other local currency. Their exact salary gets credited directly to their bank account without a deduction from any fees or charges. This is because the service doesn’t operate on margin increases. And since it acts as its own payment processor, same-day payroll payments are made possible both locally and internationally. The system also notifies you, in real-time, what and where the best exchange rates are. This informs your company which time is the most cost-effective to pay your international staff, minus the tardiness and inconvenience of transactional limitations set by banks.
For example, REMITR’s payroll payment platform is available 24/7, so senders and receivers of payments neither have to suffer the restriction of borders nor bank business hours. In this way, the worry and potential negativity from employees is removed. This informed and up-to-date system allows your business to operate at the most cost-effective time, in the most seamless payments system.
Alternatives to wire transfers not only have delivery problems, but security issues too. This is why REMITR protects your domestic and international payroll payments with state of the art technology, while simplifying both sending and receiving payments. REMITR also offers support for any questions you may have, getting rid of the need to pay for and manage your payroll problems through any additional software programs. The purpose of REMITR is to serve as the simplest, seamless, fast, and inexpensive payroll payment process between your business and your local and overseas staff.
Remember: payroll pains aren’t just about the employer – they’re about the employee, too
They say it’s the little things that count, and this couldn’t be truer for business transactions as well. Having a reliable payroll system in place benefits both parties. It contributes to employee satisfaction and retention, thereby saving you from having to undertake more effort when it comes to losing employees and having to hire new employees. These little things are often not thought of or given the significance they deserve when it comes to their effects on your payroll dynamics.
Don’t let your small business miss out on the big rewards of having a payroll management plan that is error-proof, and allows domestic and international payroll payments to be simplified. With a modern system, it is possible to speed up your payments and secure every step of the process. After all, your payroll payment plan is one of the first major decisions your company will make. And what’s a building without a strong (and in this case simplified) foundation, right?