Aside from any initial start-up costs associated with rolling out a paycard program, employers will immediately eliminate the re-occurring costs associated with buying traditional paper stock.
Employers also enjoy cost savings from decreased toner cartridge usage for their paycheck printers as well as significant decreases in postage and overnight delivery charges for sending paychecks to employees at multiple work sites.
Reduces or eliminations bank service fees and account reconciliation costs, as well as stop payment fees for lost/stolen paychecks.
Quickly addresses final wage payments to terminated workers instead of physically providing a final paper paycheck to them in person or via overnight delivery.
Allows for the elimination of escheatment liability for the employer, as it will be passed on to the financial institution that actually holds the employee's funds.
Employers can significantly minimize their exposure to paycheck fraud.
Employers can partner with charitable and service organizations, giving monthly to their favorite cause.
Waiting in line to cash paper checks at banks or check cashing establishments become unnecessary.
Wages can be accessed via 24-hour ATM networks, safer than carrying cash.
Employees would no longer need to go to their worksite to pick up paychecks on days off or during vacations.
No more waiting for paychecks to arrive in the mail.
Employees would experience increased safety and security associated with not physically carrying cash.
Employees can opt for a subordinate card allowing family member’s access to wages in as little as 4 seconds, with our account to account transfers.
Employees can transfer money anywhere worldwide to a subordinate card in seconds, eliminating the cost of money transfers or Western Union.
Employees could set children (13+) with subordinate cards for allowance or college expenses. (See Debit Cards for Teens under Individual)
Employees could make purchases at point-of-sale terminals within stores immediately upon receipt of their funds.
Stops delicate information from ending up in the wrong hands when paychecks and pay statements are no longer issued to employees on paper.
Employees decrease the remote chance of not being paid timely due to unforeseen circumstances, such as natural disasters, that can impact the delivery of paper paychecks via air and/or ground transportation.
Employees develop good financial and budget habits, avoiding credit card debt, by spending only what is available on the card.
Unbanked employees have a sense of pride when using a paycard provided by their employer.
