- This electronic payment is 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.
- 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.
- 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.