How can Prepaid Payroll Cards Benefit Company Employees? | Prepaid365

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28 May 2014

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Keeping a tight grip on operating costs is essential to ensuring that businesses can continue to balance the books against an ever-changing marketplace. Utilising pre-paid payroll cards to distribute employees’ wages is one such way that firms can save on costs, while streamlining their payroll process.

With wages loaded directly onto a company-branded prepaid payroll card in minutes, employers can ensure that all employees are paid promptly and have ready access to their salaries.

Prepaid payroll cards provide a number of mutual advantages for both parties when it comes to wage payments. Here are just a few ways that prepaid payroll cards can directly benefit company employees:

Earnings can be spent on payday

Rather than waiting for a cheque to clear, or paying a fee to get them cashed instantly, prepaid payroll cards enable employees to meet their non-essential and essential expenses immediately.

As with a debit card, prepaid payroll cards allow employees to make instant purchases, whether that be in-store or online.

Accessible for a range of employees

Prepaid payroll cards can be utilised by employees who don’t yet have a bank account, such as those that are new to the country, or those who don’t have a previous credit history. As a result, prepaid payroll cards ensure that the ability to receive wage payments and obtain cash is extended to a wide range of employees.

Enhanced safety features

Utilising prepaid payroll cards can help to remove some of the safety risks that may result from employees handling cash or cheques. Prepaid payroll cards boast Chip and PIN features and enable internet purchases to be made without any sensitive information being revealed.

Removing the stigma of cheques

The use of cheques is continuing to go into decline, according to the Payments Council. With the advent of mobile technology, contactless payments and more cheques could potentially become outmoded at some point in the near future. As a result, employees may feel uncomfortable with continuing to handle cheques.

Employers can issue prepaid payroll cards, giving employees the prestige of a thoroughly modern and well recognised payment method.

Facilitating payments between employees

If employees need to make payments among themselves for any reason, such as a staff outing or payments between couples working for the same organisation, they are able to do so. This is because prepaid payroll cards allow payments between cards from the same issuer. Funds can also be shared at low cost via SMS with secondary card holders thanks to the MoneyShare® facility.

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