If you are currently paid by cash or cheque, you probably have to pay high fees to cash your cheque (between 5% – 8%) of the cheque value or end up carrying a load of cash in your wallet. Not always ideal!!
It is also quite possible that you have been turned down for a temp job simply because you did not have a bank account to automate payments and the potential employer took the easy option.
Well, a prepaid payroll card could be just the thing for you. You don’t need a bank account or a credit history to apply for your card. Armed with your prepaid payroll card, you can get your employer to pay your wages directly on to your card. You will no longer have to pay high cheque encashing fees and will have a much safer alternative to cash! You are also less likely to spend all of your money at once for that “night of a lifetime” down the pub or that crazy “urge to splurge” in the shopping mall!
What’s more – your Employer will love your prepaid payroll card, too!!
It is estimated that there are over 3 million people in the United Kingdom without a banking relationship with no access to the basic payment vehicles. For employers who want to automate their payroll and remove cash from their systems, this can increase costs and complexity due to running payroll separately for banked and un-banked employees.
Also known as prepaid salary cards or prepaid wage cards, your prepaid payroll card can help your employer overcome these problems by providing a Chip and PIN protected prepaid Mastercard to you. Not only does this mean instant, safe and secure payments on to your card but it also means that you have access to your funds instantly to use online, in-store and over the phone in over 25 million locations worldwide that accept Mastercard.
Most prepaid card issuers offer a standing order payment service and some have a prepaid standing order form that may be downloaded from their website. This means that Employers can then automatically transfer wages and expenses rebates to the employees prepaid card cost effectively and instantly.
Employees can also add additional cardholders to their account, and send the additional card back home. This enables a family member to use the additional card at the ATM to withdraw funds in a local currency. Hence, a prepaid payroll card can also serve as a safe and secure, cost effective instant money transfer card.
Benefits of Prepaid Payroll Cards for Employee’s
- Don’t lose out on jobs because you don’t have a bank account
- Say bye to ridiculous cheque encashing fees
- No need to carry all your money in your pocket
- Your money is held safely and securely on your card and you have 24/7 access to it.
- There’s no opportunity for fraudsters to gain access to your bank account
- No bank accounts are required and there are no credit checks. Everyone is welcome to apply.
- Ability to apply for a secondary card and share money with secondary cardholder anywhere in the world.
- Chip & PIN Mastercard® – can be used to shop online, instore and over the phone at over 25 million merchants worldwide that accept Mastercard and over 9 million ATM’s to make withdrawals
Benefits of Prepaid Payroll Cards for Employer’s
- Harmonise your payroll. Pay all your employee electronically
- Payments on to prepaid cards can reduce your costs significantly as opposed to BACS and CHAPS transfers
- No longer need to pay employees with Cash
- Safe and secure method of payment
- Chip & PIN Mastercard® – can be used by your employees for payment at over 25 million merchants worldwide that accept Mastercard and over 9 million ATM’s to make withdrawals
To find a prepaid payroll card that works best for you, visit our prepaid payroll card comparison section.