As the workforce continues to grow and evolve, it’s important to understand what trends employees will come to expect. Outsourced jobs and the desire for remote workers has gained popularity over the years.
One question many workers find themselves asking their new company is: how will I get paid? While using Paypal and Venmo are popular ways to pay employees, it’s hard to pick which one is best if you’re unsure.
Learn more about the differences and discover which payment method works best for your company’s needs.
Understanding Remote Employees Needs
Many remote employees want to get their money on payday, without waiting for a check to arrive in the mail. It makes sense to look for an electronic method where the employees can get a debit card, or have the money arrive in a similar electronic wallet.
Some companies want to offer a payment method that makes getting money hassle-free, without any additional effort on the worker’s part. Others might look for additional benefits the worker can pursue if they so choose, such as the option to get a credit card with the payment company.
With these things in mind, here’s what to consider before committing to Paypal or Venmo to handle remote payment.
Using Paypal to Pay Employees
Paypal is one of the oldest payment forms since taking payment online first became the thing to do via eBay, in 1998. Most people think of Paypal as a payment application, but it offers more than that.
The company makes it possible to get a debit card, with no credit check needed. Paypal can also be hooked up to a bank account, to make spending easier. Companies can also elect to make pay stubs in order to provide employees with all the information they need related to each check cut to them.
For employers who want a payment processor that provides other benefits, Paypal offers:
- Credit cards
- Lines of credit
Paypal has become an online bank that accessible for everyone, making it a go-to for many businesses looking for a payment method.
The Benefits of Venmo
Venmo hasn’t been around as long as Paypal, but that doesn’t mean they don’t know what they’re doing.
Venmo has considered a digital wallet meets social media, with the option to make purchases postable, allowing friends to comment on them. This isn’t everyone’s cup of tea though, so these posts can be made private, ensuring no one else sees.
Venmo does have a motto of being a processor between friends who trust each other; for the sake of business, this might not be professional, depending on the setting. Small or family businesses might find this okay to use at first, but want to switch it up before operations get too large.
There’s a lot to know about how to pay employees and the best methods for payment delivery. By choosing between Paypal and Venmo, it’s possible to find the right balance for your business, cut down on problems, and avoid issues related to late payments.
Looking for more information on starting up your own small business? Check out our article on small business ideas to get started. Need information related strictly to the tech side of things? We’ve got you covered there, too.