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As Americans become more and more comfortable with electronic bill payment, the next logical step is for employees to pay their regular monthly bills directly out of their paychecks and deposit the remaining funds into a bank account.
Items such as HSAs, FSAs, 401(k)s and benefit premiums already are being paid for through employee payroll. By automating the collection, aggregation, and remittance of variable payroll deduction amounts, E-Duction’s technology platform makes it simple to use payroll deduction to process payments for installment products, such as:
mortgage/home equity loans;
auto loans/leases; and
automatic investment/savings plans
Paying for installment products through payroll deduction is efficient for all involved:
| Banks and other lenders | - | Reduces losses
| - | Decreases billing and remittance processing expenses
- | Increases access to new customers
| Employers | - | Improves productivity by reducing financial stress of employees
Strengthens benefits package via product discounts
Improves employee loyalty |
| Employees | - | Improves credit score (bills always paid on time)
Reduces time spent on bill paying
Reduces cost of some bills (product discounts, lower interest) |
How can payroll deduction be put to work for you?
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