Deposits generally refer to funds placed into an account, typically with a bank or financial institution, for safekeeping, storage, or to earn interest. These funds can be made in various forms, such as cash, checks, or electronic transfers, and are often used for various purposes, including savings, investments, or as collateral for loans.
Our Deposits feature is tailored for employers seeking simplified payroll management. It allows employers to deposit funds equivalent to their employees' total employment costs. We securely hold these deposited funds, ready for future payroll disbursements or paying final invoices. Essentially, it's a convenient solution ensuring timely and hassle-free payments for both employers and employees.
With our Deposits, you can:
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Ensure timely payments: Your employees will be paid on time, regardless of their location.
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Earn passive income: You will benefit from a competitive monthly interest rate on your balance, which incentivises the maintenance of deposits and ensures steady growth of your funds over time.
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Save on fees: You will receive a 10% discount on your subscription fees, adding to your overall savings.
Any questions? Feel free to contact support at support@nteams.com