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10/11/2017

Benefits of Virtual Paychecks Priceless During Natural Disasters

More Than 9 Out of 10 Paychecks Now Electronic

Ninety-five percent of employees receive their wages electronically, according to the 2017 "Getting Paid In America" survey conducted by the American Payroll Association (APA) during National Payroll Week.

Electronic wage payments offer employees several benefits over paper paychecks, including not having to travel to the office to pick up a paycheck following a natural disaster.  Employees in areas affected by natural disasters who receive their wages electronically can count on receiving their paychecks.  As long as an employer is able to process payroll, employees will receive their paychecks on-time and without the need to be physically present to receive them. 

"Knowing your paycheck will be there when you need it can make a huge difference in someone's situation in the wake of a natural disaster," shared Dan Maddux, executive director of the APA. "Instead of worrying about finances, people can focus on the things that matter, like ensuring the safety of family and friends."

This year's survey results indicate that traditional paper paychecks may soon be a thing of the past.  More and more employees recognize the value of direct deposit and payroll cards and are turning away from a traditional paper paycheck. The annual survey asked, "How do you receive your pay?" In response, 95% of participants stated that they received their pay electronically, by direct deposit, through a payroll card, or on a prepaid reloadable card.

"Our research has found younger generations are less comfortable carrying cash," said Michael Purcell, executive vice president and chief marketing officer for Global Cash Card. "Many are so unaware of traditional banking methods, such as ATMs, that they believe they can withdraw any amount, down to the penny, at an ATM."

The "Getting Paid In America" survey is conducted annually during National Payroll Week by the American Payroll Association. More than 34,000 employees responded to the 2017 survey, providing insight into various payroll and time and attendance trends impacting the American workplace.

During National Payroll Week, the APA encourages employees to work together with their payroll department to make strategic and informed decisions about how they're paid.  For more information on the benefits of direct deposit and other electronic forms of payment, and to view full survey results, visit nationalpayrollweek.com.

The APA is the nation's leader in payroll education, publications, and training. Visit APA online at americanpayroll.org.


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