Prepaid payroll is dependent on the distribution of prepaid cards to employees and provides many advantages over the traditional cash or cheque, especially in, but not limited to, the shipping industry.
What are payroll cards?
A prepaid card onto which we can load your employee’s wages or salary each payday. Payroll cards are an alternative to direct deposit or paper checks. These cards are issued by major payment processors, such as Visa, allowing workers to use them anywhere credit cards are accepted. Cardholders may access their money online, from an ATM or as a cash back purchase in the same manner as with a traditional debit or credit card. Payroll cards are reloadable, so a worker need not receive a new card each pay period rather each payday the card is reloaded.
Payroll cards are offered by banks and employers as a service for low-income employees who do not have bank accounts. Payroll cards have advantages for both employers and employees. Employers save money by not having to issue paper checks. Employees who don’t have bank accounts get their money instantly, just like employees who use direct deposit, and they don’t have to pay check-cashing fees or worry about losing large sums of cash. Employees can use payroll cards in much the same way they would use a credit cards to pay bills and shop online, and since payroll cards are reloadable, employees don’t have to set up a new payment method every payday.
Advantages For EmployersSAVE ON PAYROLL COSTS
Reduces cheque (and lost cheque fees) and cash management, handling and bank fees
SAVE ON TIME
Satellite communication provides immediate payment
Reduces risks associated to handling, fraud and theft
PROVIDE EMPLOYEES WITH INCREASED FLEXIBILITY AND CONTROL
Immediate access to funds, companion cards, 24/7 mobile access
REDUCES ENVIRONMENTAL IMPACT
Reduces costs associated with transport and printing
ADVANTAGES FOR EMPLOYEESSAFER THAN PHYSICAL PAYMENTS
Reduces loss and theft of physical alternative
REDUCED RATES ON TRANSFERS AND EXCHANGE
No need for bank visits, internet purchases
App, mobile banking, 24/7 access
Funds are transferred on payday
There are many more advantages associated with prepaid payroll, all of which we would happily discuss with you in more detail either over the phone or by email. If you are looking for payroll solution to fit specific requirements or just for a simpler payroll solution then don't hesitate to get in touch and let us be the ones to guide you through the transition to prepaid payroll!