Payment Options Overview
An electronic payment deposited directly to an employee’s checking or savings account(s). These deposits arrive and are made available to the employees more quickly than paper checks, and can be automatically divided among different accounts.
- No checks to be lost or stolen: Payments reach employee accounts the day the check is issued – even if the employee is out of town, sick or unable to get to the financial institution
- Simplifies banking: Employees can disburse their net pay into multiple checking and/or savings accounts
Paycor official checks (POC)
Payroll checks are printed using Paycor’s bank routing and account numbers. Because the checks are drawn from a Paycor bank account, this service offers several advantages to the client including security and convenience. In addition, for clients of Fifth Third Bank, UMB SunTrust, National City, and PNC, Paycor offers the option to have the checks drawn from a Paycor account at their respective bank.
- Security: The Paycor routing and account numbers are at the bottom of each check. And Paycor works with our bank partners to monitor and detect unusual or unauthorized disbursement activity on a daily basis by comparing paid checks against issued checks.
- Confidentiality: Cancelled checks are returned to Paycor rather than our clients.
- Local Banking: Clients of the previously mentioned affiliated banks can have the checks written on a bank that may be more familiar to their geographic area.
Paycards are bank accounts in a card. They work like a direct deposit account and are available to all employees, regardless of credit history. The account is an FDIC-insured account and can be used at ATM and point-of-sale (POS) terminals accepting PIN transactions to withdraw cash and make purchases. The account also allows for pre-authorized bill payments.
- Convenient for employer: Allows an employer to be 100% paperless even if some employees do not have bank accounts
- Convenient for employees: They have 24 hour phone or internet access to account balance. And the card is owned by employee, not employer so it is portable if they leave the company.
- Acts like a bank: Employee’s cards are FDIC insured. They receive a monthly bank statement, and balances are shown at ATM with each withdrawal.
Contact us today to learn more.