One of the most important responsibilities of any organization is completing payroll for employees. Today, direct deposit is a popular way to accomplish this obligation. This process is completed through the Automated Clearing House, or ACH, which has had great results with employee satisfaction: Around 87% of workers are happy with their employer utilizing ACH to send funds directly into their accounts, according to National Automated Clearing House Association (NACHA).
There's always room for improvement with this service, however. Companies need to make sure that their payroll software is working to the best of its abilities and providing the most efficient and secure transactions possible. When payroll technology starts to cause problems, it’s a critical indicator that businesses should seek assistance elsewhere.
Cachet has a closer look at three signs that point to the necessity of new direct deposit software:
“Companies and their employees rely on fast direct deposit transfers.”
1. Transfers take too long
One of the advantages of ACH direct deposit payroll processing is the short amount of time it takes for money to be transferred from one account to another – specifically, an employer’s to an employee’s. Workers rely on the efficiency of these transactions, as fast access to their funds can improve their overall happiness with their company.
When working with a remarketer or payroll processor, business leaders expect the same kind of efficiency. The longer companies have outstanding balances, the more hectic it will be when these funds move out of the account at one time. Organizations need an ACH partner that provides fast and effective direct deposit transactions. With same-day services on the horizon, it would be wise for executives to start assessing their options now.
2. Instances of fraud
As hackers continue to find increasingly intelligent ways to gain access to sensitive data, employers across the world fear for their records’ safety. While companies may be nervous about outside hacks, they should also be aware of the possibility for problems to stem from inside sources. According to a report from Intel, 43% of data breaches are caused by internal threats. Whether these actions are intentional or unplanned, they can wreak major havoc on an organization and leave clients worried about their overall security in the future.
Business leaders who regularly receive alerts about possible fraud should weigh their ACH payroll choices. While these occurrences are becoming more prevalent today – and trust in a remarketer’s ability to handle the situation definitely plays a part – companies always have the option to go with their backup payroll processor or find a new partner altogether.
3. Poor customer service
Although companies hope they don’t run into any issues during the payroll process, sometimes they cannot avoid problems. When concerns do come up, business leaders want to know their payroll processor will not only have a solution, but will also work tirelessly to fix the point of contention. Organizations that are currently experiencing poor communication and insufficient customer service should reevaluate their software selections. A true partner will bend over backward to ensure their clients are taken care of and any errors on their end are managed as quickly as possible, according to Entrepreneur.
Although slow transactions, cases of fraud and lacking customer service are frequent factors, there are many reasons for organizations to reevaluate their payroll ACH options. The relationship between a company and its software partner is critical to an efficient direct deposit system.
Businesses reconsidering their payroll ACH partner and software provider should use Cachet. Cachet is a trusted industry professional and offers companies stellar customer service, a crime bond for potentially fraudulent transactions if the funds are in Cachet’s hands and quick ACH transactions, among many other services.
Cachet's customers have been pleased with the organization’s willingness to go above and beyond on behalf of their clients. Here’s what one satisfied customer had to say:
“I owe Cachet a big ‘thank you’ for alerting me that a file wasn’t yet approved today. [A Cachet representative] called and left me a message letting me know… I appreciate the courtesy call as my clients would not have been paid on time!”