Survey Finds Employees Desire Direct Deposit

Apr 19, 2001, 01:00 ET from National Payment Corporation

    TAMPA, Fla., April 19 /PRNewswire/ -- Employees cite convenience and
 immediate access to funds as the primary advantages of payroll Direct Deposit,
 according to a nationwide survey conducted by Tampa-based National Payment
 Corporation.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010115/FLM005-a
              http://www.newscom.com/cgi-bin/prnh/20010115/FLM005LOGO-b )
     "Today's employees want to be able to access their pay quickly and with
 minimal effort," says Jim Greenhaus, vice president, marketing and sales,
 National Payment Corporation.  "Payroll Direct Deposit provides both, and as a
 result, is highly valued by employees as an employer-provided benefit."
     National Payment Corporation commissioned the survey of employees at small
 and mid-sized employers across the country to identify the importance of
 payroll Direct Deposit as part of an employee benefits program.  Employees
 were asked to rank the importance of eight types of employee benefits as well
 as to prioritize their reasons for choosing to use payroll Direct Deposit.
 
     Majority of Employees Want Payroll Direct Deposit
     Payroll Direct Deposit was offered by 56 percent of the respondents'
 employers and 85 percent of these employees used the benefit.  Overall, 65
 percent of all respondents had used payroll Direct Deposit, either at a
 current or former employer.
 
     Specific findings include:
     * Of the employees whose employers did not offer payroll Direct Deposit,
 71 percent said they would use it if it were available.
     * When asked to rank on a scale of one to five the importance of various
 benefits, employees gave the highest ranking of 4.8 to health insurance,
 followed by life and dental insurance at 4.0 and payroll Direct Deposit and
 401(k) programs, each at 3.8.
     * In ranking the reasons why payroll Direct Deposit might be important,
 employees listed the following:
       -- (Tie) Convenience of avoiding a trip to the bank and ability to
 access funds immediately, 4.5.
       -- Ability to begin accruing interest immediately, 4.2.
       -- Knowing the check has been deposited even if you are out of the
 office, 4.1.
       -- Elimination of loss if payroll check is lost or stolen, 3.6.
 
     Value of Payroll Direct Deposit
     Nationally, 50 million employees at more than 500,000 corporate employers
 -- approximately 50 percent of private sector wage earners -- use payroll
 Direct Deposit to receive their pay.  In addition, 92 percent of government
 employees are paid through payroll Direct Deposit.
     According to National Automated Clearing House Association research,
 payroll Direct Deposit helps increase employee productivity, as employers
 regain the 16-30 hours per year individual employees spend traveling to
 financial institutions to deposit paychecks.
     Now celebrating its 10th anniversary, National Payment Corporation
 (www.directdeposit.com) is the nation's largest independent provider of
 payroll Direct Deposit products and services for small and mid-sized
 businesses.  The Tampa, Fla.-based company, a pioneer in cost-effective
 Internet-based Direct Deposit services, now processes more than $1 billion per
 year on behalf of its clients and has recently introduced EZStub, an
 electronic pay stub that provides customers with the final element of the
 "paperless payroll."
 
 

SOURCE National Payment Corporation
    TAMPA, Fla., April 19 /PRNewswire/ -- Employees cite convenience and
 immediate access to funds as the primary advantages of payroll Direct Deposit,
 according to a nationwide survey conducted by Tampa-based National Payment
 Corporation.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010115/FLM005-a
              http://www.newscom.com/cgi-bin/prnh/20010115/FLM005LOGO-b )
     "Today's employees want to be able to access their pay quickly and with
 minimal effort," says Jim Greenhaus, vice president, marketing and sales,
 National Payment Corporation.  "Payroll Direct Deposit provides both, and as a
 result, is highly valued by employees as an employer-provided benefit."
     National Payment Corporation commissioned the survey of employees at small
 and mid-sized employers across the country to identify the importance of
 payroll Direct Deposit as part of an employee benefits program.  Employees
 were asked to rank the importance of eight types of employee benefits as well
 as to prioritize their reasons for choosing to use payroll Direct Deposit.
 
     Majority of Employees Want Payroll Direct Deposit
     Payroll Direct Deposit was offered by 56 percent of the respondents'
 employers and 85 percent of these employees used the benefit.  Overall, 65
 percent of all respondents had used payroll Direct Deposit, either at a
 current or former employer.
 
     Specific findings include:
     * Of the employees whose employers did not offer payroll Direct Deposit,
 71 percent said they would use it if it were available.
     * When asked to rank on a scale of one to five the importance of various
 benefits, employees gave the highest ranking of 4.8 to health insurance,
 followed by life and dental insurance at 4.0 and payroll Direct Deposit and
 401(k) programs, each at 3.8.
     * In ranking the reasons why payroll Direct Deposit might be important,
 employees listed the following:
       -- (Tie) Convenience of avoiding a trip to the bank and ability to
 access funds immediately, 4.5.
       -- Ability to begin accruing interest immediately, 4.2.
       -- Knowing the check has been deposited even if you are out of the
 office, 4.1.
       -- Elimination of loss if payroll check is lost or stolen, 3.6.
 
     Value of Payroll Direct Deposit
     Nationally, 50 million employees at more than 500,000 corporate employers
 -- approximately 50 percent of private sector wage earners -- use payroll
 Direct Deposit to receive their pay.  In addition, 92 percent of government
 employees are paid through payroll Direct Deposit.
     According to National Automated Clearing House Association research,
 payroll Direct Deposit helps increase employee productivity, as employers
 regain the 16-30 hours per year individual employees spend traveling to
 financial institutions to deposit paychecks.
     Now celebrating its 10th anniversary, National Payment Corporation
 (www.directdeposit.com) is the nation's largest independent provider of
 payroll Direct Deposit products and services for small and mid-sized
 businesses.  The Tampa, Fla.-based company, a pioneer in cost-effective
 Internet-based Direct Deposit services, now processes more than $1 billion per
 year on behalf of its clients and has recently introduced EZStub, an
 electronic pay stub that provides customers with the final element of the
 "paperless payroll."
 
 SOURCE  National Payment Corporation