{"id":822,"date":"2011-08-31T16:29:42","date_gmt":"2011-08-31T16:29:42","guid":{"rendered":"http:\/\/www.fourpeaksmarketing.com\/pages\/?p=822"},"modified":"2014-05-22T23:30:58","modified_gmt":"2014-05-22T23:30:58","slug":"many-small-businesses-still-use-paper-checks-for-pay","status":"publish","type":"post","link":"https:\/\/www.fourpeaksmarketing.com\/pages\/2011\/08\/many-small-businesses-still-use-paper-checks-for-pay\/","title":{"rendered":"Many Small Businesses Still Use Paper Checks for Pay?"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><table width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">\n<div>\n<h4 id=\"ctl00_PlaceHolderMain_ctl02__ControlWrapper_RichImageField\"><strong><em>It costs a business up to $2 to cut and process a hard-copy check vs. 35 cents or less for direct deposits.<\/em><\/strong><\/h4>\n<div>\n<ul>\n<li>A survey of U.S. small business owners reveals that 48 percent do not use direct deposit for payroll, forgoing several thousands of dollars in annual payroll savings, increased employee satisfaction and reduced environmental impact in comparison with issuing paper checks.<\/li>\n<\/ul>\n<ul>\n<li>NACHA, a trade association of electronic payment vendors, surveyed U.S. companies with less than $20 million in annual revenue that use a business checking account most often for the company business. The online survey, completed by 2,249 small business financial decision-makers in early 2011, revealed that the top industries that do not use direct deposit into employee accounts for payroll purposes were:<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div id=\"ctl00_PlaceHolderMain_RichHtmlField1__ControlWrapper_RichHtmlField\">\n<blockquote dir=\"ltr\"><p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Repair and maintenance services (plumbing, pest control).<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Food services (deli, fast food, restaurants).<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Personal care services (hair, nail, spa).<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Retail (all types).<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Construction.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Wholesale trade.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Arts and entertainment.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Real estate sales and rental\/leasing.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Agriculture, fishing and mining.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Transportation.<\/p><\/blockquote>\n<p>The survey additionally revealed that:<\/p>\n<blockquote dir=\"ltr\"><p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Of the 52 percent of organizations that use direct deposit for payroll, only 30 percent have 100 percent employee participation.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>18 percent of small businesses with revenue between $10 million and $20 million still do not use direct deposit.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>Businesses with less than 75 percent salaried employees are most likely to not use direct deposit.<\/p><\/blockquote>\n<p><span style=\"color: #000040;\"><strong>Savings Breakdown<\/strong><\/span><\/p>\n<p>According to NACHA:<\/p>\n<blockquote dir=\"ltr\"><p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>It costs a business up to $2 to cut and process a hard-copy check vs. 35 cents or less for direct deposits.<\/p>\n<p><span style=\"color: #000080; font-size: x-small;\"><strong>\u2022 <\/strong><\/span>A business with 25 employees would save at least $2,000 a year with direct deposit. A business with 100 employees would save at least $7,000.<\/p><\/blockquote>\n<p>NACHA and PayItGreen, a NACHA-led coalition that educates consumers and businesses about the environmental impact of choosing electronic payments, have created a <a href=\"http:\/\/www.payitgreen.org\/business\/green-calculators\/footprint-calculator\" target=\"_blank\"><strong>calculator<\/strong><\/a> to reveal any business\u2019 carbon footprint savings by switching to direct deposit.<\/p>\n<p><em><a title=\"Site Collection for SHRM\" href=\"http:\/\/www.shrm.org\/Pages\/default.aspx\" target=\"_blank\">SHRM Online &#8211; Society for Human Resource Management<\/a> \u00bb <a href=\"http:\/\/www.shrm.org\/hrdisciplines\/Pages\/default.aspx\" target=\"_blank\">HR Disciplines<\/a> \u00bb <a title=\"The latest on compensation trends, strategies and news.\" href=\"http:\/\/www.shrm.org\/hrdisciplines\/compensation\/Pages\/default.aspx\" target=\"_blank\">Compensation<\/a>\u00bb Articles 8\/26\/2011<\/em><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It costs a business up to $2 to cut and process a hard-copy check vs. 35 cents or less for direct deposits. A survey of U.S. small business owners reveals that 48 percent do not use direct deposit for payroll, &hellip; <a href=\"https:\/\/www.fourpeaksmarketing.com\/pages\/2011\/08\/many-small-businesses-still-use-paper-checks-for-pay\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,10],"tags":[119,121,116,120,115,117,118],"class_list":["post-822","post","type-post","status-publish","format-standard","hentry","category-human-resources","category-payrollpeo","tag-business-carbon-footprint-savings","tag-electronic-payment","tag-hard-copy-payroll-check","tag-paper-checks","tag-payroll-direct-deposit","tag-reduced-environmental-impact","tag-small-business-financial-decision-makers"],"_links":{"self":[{"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/posts\/822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/comments?post=822"}],"version-history":[{"count":38,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/posts\/822\/revisions"}],"predecessor-version":[{"id":848,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/posts\/822\/revisions\/848"}],"wp:attachment":[{"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/media?parent=822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/categories?post=822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fourpeaksmarketing.com\/pages\/wp-json\/wp\/v2\/tags?post=822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}