A new study of United States small businesses by the non-profit Small Business Technology Institute and sponsored by PayCycle, Inc. reveals that entrepreneurs are consistently looking to streamline the task of managing payroll, while keeping associated costs low. Specifically, the findings show that a majority of small business owners prefer to offer direct deposit of paychecks for their employees, assuming there are no incremental costs associated with the service.
Among the significant trends uncovered in this report focusing on small employers with more than 10 employees:
- 69% of those not using direct deposit have considered switching to that option during the past year;
- 89% of those not using direct deposit have received from employees, in the last twelve months, one or more requests to provide such option.
The report explores the current and planned ways small employers handle pay days, including payment options and attitude towards fees and overhead.
95% LOC, CI 8.28%
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