Few things are as important to employees as getting paid, and when considering payroll solutions, how receiving a paycheck affects your team members is paramount. Not all employees have – or want – a traditional bank account. For those employees, a Paycard option can be a welcome option. Here are a few of the ways employees can benefit:
1) More convenient than a paper check – Having a Paycard means that employees no longer have to wait for you to cut them a paper check, and then take that check to get it cashed. The money is sent to their Paycard Account.
2) They can use the card for purchases– Once you Direct Deposit funds to an employee card, they can use it to make purchases and pay bills in person, online, or over the phone.
3) Reduce check-cashing fees– Employees without traditional bank accounts can often encounter check-cashing fees. With Paycards, their pay is direct deposited into their Paycard Accounts.
4) Safer than carrying cash– When cash is lost, the money is typically not recovered. With Paycards, the money stays on a card, so employees can request that a card be cancelled and receive a new one.1
5) Budgeting Tools– Paycard isn’t just for employees without traditional bank accounts. It’s also an option for people who want to set money aside for specific purposes, like groceries, holiday shopping, or incidental expenses.
The benefits aren’t just for employees. Paycards can make your payroll process more efficient, with the potential to save time and money because you cut and distribute fewer paper checks. Click here to learn more about what Paycards can do for your business.
1 There may be a cost for additional replacement cards. Consult your Cardholder Agreement and fee schedule for details.