Deciding to offer a Paycard solution is a great way to potentially streamline your payroll process and give your employees a payment option that fits their lifestyle. The next, and most important, step is to find a reputable provider.
Here are five things to consider when selecting a Paycard program:
1) Are they established?
This is your payroll process, so you need to be choosy about the type of program you select. First and foremost, you want to choose a company that has a long track record of effectiveness, so that you know that you and your employees are in good hands.
2) Do they provide end-to-end support?
You need a partner who will guide you every step of the way, from implementing the program into your payroll process, to providing marketing and training for your team members.
3) Can the program be customized to suit your specific business needs?
Every business is different, with unique needs and challenges. When choosing a Paycard provider, make sure they can customize their program to meet your needs.
4) Do they meet all necessary regulatory standards?
Not only is payroll a complicated process internally, but you need to make sure you are meeting all your legal and regulatory responsibilities as well. A good Paycard provider can is compliant with all applicable regulatory standards and can adapt to future changes.
5) Will they provide support for your employees once chosen?
You don’t want to choose a provider who forgets about your employees once the program is implemented. Make sure you choose a program with dedicated Cardholder support that is available to help your employees to work through any issues that may occur.
Ask the right questions to find a program that will benefit you and your employees.