How many times have you had to make arrangements with your workforce in the last 12 months? Have you considered digital payment providers in your planning?
As workforce numbers increase and corporate responsibility increases, workforce payments are becoming more complex. You always have the option to choose a more convenient way for your workforce payouts.
What are workforce payments?
Workforce payments are the direct funds transfers you do to arrange your workforce’s payouts on time and at their convenience. The workforce payouts include salaries, wage payments, commissions etc., or any mutually agreed repayment of debts between an online business
There are five considerations when choosing a digital workforce payout provider:
- Uninterrupted pay runs across multiple pay types: The workforce of today may have been on a payroll at their previous employer, those who are new to the workforce will need to be set up. Many companies pay out more than 50% of their workforce through one or more payment types, which can make this a difficult task if not managed correctly.
- Secure workforce payments: Traditional workforce payment products such as cheques and bank transfers that were created for the workforce of yesterday are now costly and time-consuming. If your employees are paid via cheques or direct bank withdrawals, consider how much you’re paying in fees, processing times and source deductions required for this type of workforce payout.
- Convenient workforce payouts: Employees are becoming more demanding; they want to be paid when and where it suits them, and expect workforce payments to be secure and reliable. So, payment companies offer online workforce payment portals that allow employees to enter their own bank account details for easy payout. Workers have the option of receiving a paper cheque if they do not have a bank account.
- Real-time workforce payouts: The workforce is mobile, and workforce payment companies are moving with the times. Digital payout providers offer real-time workforce payments to allow direct deposits into your employees’ bank accounts or digital wallets that are available on their mobile phones.
- Unified workforce management: Digital workforce payout providers offer workforce management features that help take the headache out of workforce payment processes. For example, workforce managers can obtain reports to track workforce payments and manage workforce changes made to their bank details.
Why choose digital payment companies for your workforce payouts?
Digital payment companies are convenient. You can select workforce payment companies to work with your workforce through digital workforce management systems that allow instant payouts, processing analytics, and workforce payments via bank transfers or mobile wallets.
Digital workforce managers can monitor workforce transactions in real time through workforce payment portals, while workforce managers can track workforce payments and manage workforce changes made to bank details.
Digital payouts give employees a new standard of convenience with real-time direct deposits into their bank accounts or digital wallets that are available on their mobile phones. Aside from workforce payouts, you can also manage your corporate payments through digital payment companies. They provide less paperwork and reduces the headache of processing.