What Are Payroll Debit
Cards?
Payroll debit cards are re-loadable
Stored Value Cards that allow employers to deposit employees' pay onto a debit card each pay period by direct deposit.
Payroll debit cards can then be
used by employees to access their salaries via withdrawals at ATM machines or through purchases that they make with their payroll debit cards much in the same way that they would make
a purchase with a Visa or Mastercard.
An employee may request to be paid via a payroll debit card provider but more often than not an employer will voluntarily sign-up for a payroll debit card program through a payroll debit card issuer.
In this case the employer will send payroll information to the provider, who then links each employee wages to a payroll debit card account.
Payroll debit cards have been around for several years but are only recently gaining in popularity. Previously, payroll debit cards were thought to be a good solution for "unbanked" employees, however, more recently, because of the overall benefits to everyone involved, payroll debit cards are becoming more and more popular with a wider population of people.
Generally referred to as the "unbanked," research indicates that 40% of U.S. workers do not have bank accounts.
Unbanked workers often encounter difficulty cashing their checks or sometimes pay high fees to check cashing companies. Thus, payroll debit card offer an excellent solution to this population of people.
On the other hand, it is not only the unbanked population who are seeing the benefits of payroll debit cards.
People from all walks of life are finding
payroll debit cards more convenient, easier to use and more efficient. Many people like the idea of being able to have instant access to money rather than waiting for their payroll checks to clear.
Benefits of Payroll
Debit Cards To Employees
To summarize, some of the benefits that payroll debit cards
offer to employees include:
-
Via their payroll debit cards, employees have immediate access to funds, 24 hours a day, 7 days a week, 365 days a year.
-
No more waiting in long lines to cash payroll checks.
-
Money can be accessed at thousands of ATMs worldwide and through purchases that they can make with their payroll debit card at locations worldwide.
-
Payroll debit cards eliminate costly check-cashing charges which can add up over time.
-
Employees can receive payment no matter where they are in the world. This means that an employee who is on vacation in another country can still have access to their salaries and do not have to wait until they return to work to get paid.
-
Payroll debit card accounts are protected by PIN.
-
Payroll debit cards eliminate risk of having paychecks stolen -FBI statistics indicate that over 3 million payroll checks are stolen each year.
If you are looking for
a Payroll Debit Card, then you'll want to go with
a
company that has good customer support.
Also
it should be one that can be used for signature based transactions at any location that accepts Visa/Mastercard. It can also be used as a PIN based debit card.
This card can be used worldwide at millions of ATM locations and participating merchants. It can be loaded by ACH every payday, or it can be loaded "in-house".
The second is the Non-Branded Payroll Card. It can be used to make ATM withdrawals or at any location accepting PIN based transactions only. There are no signature based transactions with this card. And it is accepted at most major retailers, grocery stores, convenience stores, and ATM's worldwide.
You can use any of these two cards with any payroll service currently being used by your company.
And lastly, the icing on the cake is the that the fees
are very reasonable. Check them out for yourself and
see.
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Benefits of Payroll
Debit Cards To Employers
Employees are not the only ones happy with payroll debit cards, employers
benefit as well because it saves them both time and money and is more efficient and cost effective.
Some of the benefits that payroll debit cards offer to employers include:
-
Eliminates or reduce the cost of printing and issuing a paper check
-
Lowers payroll costs connected with bookkeeping, reconciliation, check-cashing, stop-payment transactions and lost or stolen checks fees.
-
Payroll debit cards
make it easy to pay an employee in any location making it an excellent solution for freelance employees.
-
Eliminates fraud and increases security - with payroll
debit cards, there's no more worry about lost or stolen checks.
-
Because payroll debit cards provide a convenient and cost effective payroll solution it's a win-win solution to employers and employees alike.
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