Prepaid Payroll Card holds enormous potential for payroll specific companies as well as numerous other companies with a medium to large staff contingency (E.g. Construction, healthcare and retail). Many companies' workforce could benefit from direct deposit on a Prepaid Payroll Card. Available in clients own corporate brand, Prepaid Payroll Card solutions offer clients an audit trail for employee expenses.

For the employer, it provides the opportunity to cut costs on processing payroll. This is especially true in those industries where significant numbers of cheques are produced and distributed. By providing a prepaid debit card, the employer is able to load that card with the employee's wages within minutes, efficiently and cost effectively.

The employees receive the funds on a card rather than having to cash a cheque and it gives them access to shopping on the Internet or through the traditional retail environment. Cardholders do not need to carry cash around. For the non-banked, this solution removes the inconvenience and cost of exchanging cheques for cash, whilst providing the benefits of a Debit Card such as access to the online world of payments.

Employer Benefits

• Fiscal
  • Reduce cheque and cash management and handling costs
  • Reduce bank fees
  • Reduce security risks involved with cash and cheque fraud
  • Greatly reduce lost cheque replacement costs
  • Payments to employees either instantly or within their own timeframe
  • Issuing a prepaid card is cheaper than sending international SWIFT or CHAPS payments
  • Employee expenses can be paid seamlessly with an audit-trail
  • Revenue earner
• Operations Efficiency
  • Management no longer required to spend time creating and distributing cheques
  • Refined/streamline business process for salary payment
  • Increase employee retention with a true cash alternative
  • Reduce staff requirement to process cash and cheques
  • Easy integration with existing direct deposit payroll systems
  • Account management facility replaces need for corporate banking account
• Brand
  • Create brand awareness that offers employees a choice of how to pay
  • Creates brand loyalty

Employee Benefits

• Value
  • Employees do not need to wait in queues to cash cheques
  • Replaces the need to cash cheques at high commission rates
  • Employees will use fewer money orders
  • Access to Internet purchases
• Convenience
  • Employees have immediate access to funds on payday
  • Saves time and money
  • Employees can get account balance and transaction history via Internet, SMS or telephone IVR
  • MoneyShare® with the secondary cardholders instantly at low cost via SMS
  • Employees do not need to be at work to collect pay cheques
  • Easily send/receive money between prepaid cards from the same issuer
  • Obtain cash or make payments to merchants worldwide using the Prepaid Card
• Safety
  • Greatly reduces the risk of fraud
  • Safer than carrying cash
  • Benefit from safety features of Chip and PIN cards
  • Removes the security risks involved with handling cash and cheques
  • Can make online purchases without revealing sensitive information
• Prestige
  • Anyone can obtain a card as no bank account or previous credit history is required
  • Employers are able to issue MasterCard® or Visa branded cards
  • Unbanked employees can use Prepaid Cards to make payments and obtain cash
  • Removes the stigma of dealing with cash or cheques only

If you wish to launch a prepaid payroll card scheme for your employees or customers, contact a prepaid card provider from our list of prepaid card providers.