Payroll Card
A payroll card is a prepaid debit card that allows an employee to access their pay. For employees that, for one reason or another, do not have access to a bank account (bad check history, not in close proximity to bank, etc), this is a great solution. Instead of an employee receiving a check, and paying up to 5-10% to cash the check, the employee can have the direct deposit loaded onto a debit card.
In this, a company can save money on printing checks, not buy the expensive check stock, and not having to worry about check fraud, due to a check being lost or stolen. A payroll card can be more convenient than using a check casher and it can be used at participating automatic teller machines to withdraw cash. The card will either be a Visa or MasterCard and can be used at merchants world-wide or online.
BENEFITS
A Payroll Card enables companies to:
BILL PAY
- Lower operational costs
- Optimize payment processes by avoiding production, handling and distribution of checks
- Eliminate the time constraints and fees associated with lost and stolen checks
- Enhance “green” initiatives
For employees the prepaid Payroll Cards:
- Eliminate the need to stand in line at a bank or check cashing service
- Provide immediate access to their funds via more than 37,000 surcharge-free ATMs across the country and more than one million ATMs worldwide
- Offer cardholders 24 x 7 access to transaction history and customer support
- Provide better security than paper checks
- Can be used to make purchases anywhere Visa debit cards are accepted
BILL PAY In addition, cardholders can use their prepaid Payroll Cards to pay their bills online. Bill Pay enables payroll cardholders to schedule one-time or recurring payments online 24 x 7. Bill Pay eliminates costly money orders and check cashing fees, and enables cardholders to pay virtually any company or person in the United States, whether or not they accept electronic payments. And because all of these capabilities are online, management of transactions is easy.
AUTOMATE YOUR PAYROLL PROCESS
Every implementation is unique, and as such, your vendor should provide you with essential support to make your prepaid Payroll Card program a success. Make sure they offer the following services:
- Project planning
- Payroll administrator training
- Website setup
- Employee marketing program
- Employee enrollment sessions
- Cardholder fulfillment
- Card activation
- Customer service
- Technical support
Be very carefull to explore all the fees from your vendor. You should only work with vendors that offer the cards absolutely free to the issuing company…no set-up fees, no reload fees and no per card fee. FREE TO THE EMPLOYER.
Be aware of all fees that your employees will incur. Some vendors will charge Activation Fees, Monthly Fees, Low Activity Fees and many more. Only work with vendors that don’t charge these types of fees.
For more information on Payroll Cards, please feel free to contact me direct at dcook@storedvalue.com.
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