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Business Banking
Greater Pay
Decrease your Payroll Costs and Increase Employee Benefits
Greater Pay enables you to pay your staff without the need for cash or personal cheques. Paying employees by individual cheque or cash can be costly for your business, and can become a security risk for you on payday.
Why go through these hassles every week, fortnight or month, when the Greater Building Society can offer you a simple and convenient method of paying your staff.
The Greater's Payroll Systems
The Payroll method that you choose will be affected by the size of your business and your present payroll system.
For your convenience, the Greater offers two payroll options to enable you to choose a system that best suits your business needs.
Internet Batch Pay
Once you register for the Greater's internet banking service you can use Batch Pay to pay your employee's wages via the internet.
Files from your payroll software can be imported directly into internet banking or you can manually create your own template.
By using this method, employers can deposit staff wages into accounts held at other financial institutions as well as accounts with the Greater Building Society.
Those employees who are members of the Greater Building Society will receive their wages within minutes of the batch being posted.
Wages being deposited into non-Greater accounts will receive payment by 9am the following business day if the batch is posted before 4pm on a working day.
Direct Entry List Pay
With this payroll system wages can be credited to Greater accounts only.
All that is required for wages to be processed is a payroll listing that details your staff's names, account numbers and wage amounts.
The payroll listing can be hand delivered to any Greater branch with payment or faxed directly to the Direct Entry Department.
If the payroll is faxed, your business is required to deliver a cheque with the total wage balance by 4pm the same day to any Greater branch. Alternatively, if your Business has a Greater Business account, you may give authority for staff wages to be debited directly from that account.
The Greater will process your payroll within 2 hours of receiving the payroll list. There is no service charge associated with this method of Greater Pay.
Benefits of using Greater Pay
Greater Pay is the most convenient way of paying your staff wages each week, fortnight or month.
- Greater Pay eliminates the need to hold large amounts of cash on your business premises.
- Greater Pay relieves you of the time consuming task of issuing wages.
- Your employees will have their wages deposited into a nominated account, regardless of whether they are at work on payday.
- Wages are secure, being deposited straight into employee bank accounts. There is no risk of losing wages cheques, or cash envelopes.
- The Greater can set up automatic bill paying facilities on employee's savings account.
- Wages start earning interest from the day they arrive in employee's savings account.
- Your accountant will benefit from lower overheads and better debtors' control.
If you would like to find out more about Greater Pay please contact our Service Centre on 1300 651400.