In contrast to the process of sending a paper check by mail and waiting for the recipient to cash it, direct deposit facilitates the direct, immediate, and online transfer of money. Perhaps the most obvious benefit of direct deposit is its speed. They are typically used by businesses that provide goods or services on a recurring basis. ![]() Almost all very large companies choose direct deposit as a means of paying their employees.Ī Pew Research Center study found that more than half of Americans use direct deposit in some capacity.Ī direct deposit invoice allows businesses to easily and effortlessly collect payments from customers. ![]() Treasury to deposit social security checks into senior citizens’ accounts.Īccording to a study conducted by the Association for Financial Professionals, 43% of companies offer direct deposit as a payment option for employees. Large companies often use direct deposit to simplify and streamline the process of paying everyone on the payroll on time. A direct deposit electronically transfers funds into another person’s bank account. ![]() How to Use Direct Deposit Invoices to Streamline Your BusinessĪ direct deposit is a way of depositing a check into a person’s bank account without having to physically enter a bank to complete the transfer.
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