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Direct Deposit & Payroll Services
Direct Deposit will save your company money, improve productivity and can be promoted as an employee benefit. In fact, for every check converted to Direct Deposit you save $1.25 and will improve productivity by more than 10 hours per year per employee. Direct Deposit improves cash management by reducing the guesswork of fund flows. Your business will know precise deposits and fund transfers for more efficient investment and cash management decisions.
Direct Deposit will benefit your business by eliminating the time and costs associated with reconcilement, payroll processing, and storage of cancelled checks and can be promoted and perceived as an employee benefit. Your employees have immediate access to funds even on sick days or vacation. Direct Deposit eliminates the risk of their paychecks being stolen, and is one of the most confidential methods of processing payments. In addition, employees can customize their own built-in savings plan.
Mercantile offers Direct Deposit via e-Cash Management or through web based Automated Clearing House software including forms, guides and software. The electronic transfer of funds from your Payroll Account will allow employees' net pay information to be electronically credited to their designated checking and/or savings account(s) at any bank, savings institution, credit union or brokerage.
Employees that opt for a paper payroll check can conduct their banking business at any Mercantile Bank location, and can cash their payroll checks for no transaction fees.