The National Automated Clearing House Association (NACHA), the Association for Financial Professionals (AFP), and the American Payroll Association (APA) have teamed up to form the Electronic Payroll Coalition. Designed to promote the benefits of electronic payroll for all audiences, the three organisations have joined forces to drive awareness and adoption of electronic payroll.
Direct deposit and payroll cards provide a safe option for payroll and create enhanced security when compared to paper cheques. According to the AFP 2010 Payments Fraud Survey, cheque fraud is the number one type of payments fraud. In eliminating the paper paycheque, an employer ensures safe receipt of pay, and the employee is protected against stolen or lost cheques.
“Payroll cards and direct deposit work together to enable electronic payroll processing for all employers,” said David Bellinger, AFP’s director of payments. “Achieving 100% adoption of electronic payroll provides employers with increased efficiency, decreased costs, and simplified payroll procedures.”
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