If you’re an employer, you want to keep your best employees. One of the best ways to keep your employees happy is to make sure they’re being paid and paid on time. Direct and easy access to their money is even better. You can do this by issuing them a payroll card.
What is a payroll card? It’s an employer-issued debit card where your employees will receive their paychecks. Read on more to learn about payroll cards and why they’re a great option for your business and your employees.
A payroll card is an employer-issued debit card where your payroll sends a worker’s wages. Your workers then have access to their money from this card and can use it as a debit card.
They can use it to withdraw cash from an ATM, grocery shop, or shop online. If your employees have a bank account, they can transfer their money to their account as one chunk or on an at-need basis.
If you own a restaurant, you know that many employees don’t have bank accounts. Restaurants rely on workers of all kinds, and with over 14.1 million Americans without a bank account, you employ some of them.
For employers, a payroll card program allows you to keep your employees that don’t have bank accounts happy. Payroll cards provide them with ease and access to their earnings that they cannot get from a paper check.
A payroll debit card is mutually beneficial for employers and employees. If you’re considering enrollment in a payroll card program, here’s what they can do for you.
A payroll card allows you to cut the time and cost of printing paper checks for your employees. You can save money in your payroll department by eliminating the need for paper checks, ink, and envelopes.
You can rest easy knowing your employee received the money they are owed. Paper paychecks can suffer easy damage. They get wrinkled, torn, or water damaged.
In these cases, you’ll have to issue another check and your employee won’t have access to their pay until you do.
While payroll card programs have great benefits for an employer, the employee benefits go even further.
A payroll debit card allows employees to access their money immediately. Once deposited, they can spend and withdraw.
Paper paychecks can cause many delays. For one, an employee has to receive the check. Then they have to cash or deposit. A deposited paper check may take one to three business days to process.
If an employee doesn’t have a bank account, a payroll card functions as a debit card. With these cards, they avoid carrying large sums of money.
They can use it in any place that accepts debit card payments like grocery stores, gas stations, and other retail outlets. They can also use their card to shop online.
A great advantage of the payroll card system is that it boosts an employees financial wellness. A card program like Payactiv offers financial planning tools that help employees budget and save.
Financially secure employees are happier employees. They are more productive and will call out less. A payroll card provides the tools they need to be secure.
Payroll cards like the one offered by Payactiv, offer discounts at participating retailers that help your employees save money. These discount programs act as an employee benefit program to keep employees happy.
This is the big benefit payroll cards offer employees that traditional paper checks and direct deposit cannot. Earned Wage Access allows employees to spend the money they earn when they need to.
Here’s how it works. With enrollment in the Earned Wage Access Program through Payactiv, employees can access up to 50% of their earned wages at any time.
With this money, employees can pay for expensive emergency car or home repairs without using a credit card or seeking a short-term loan. They can also use their money with certain online retailers to make emergency purchases.
What is a payroll card? A payroll card is a form of payment that gives the employer and the employee peace of mind.
Combined with other financial wellness programs and Earned Wage Access, a payroll card program keeps employees and employers happy. Payactiv offers the best in payroll debit card benefits programs. Contact us today to learn more about what we can do for you and your employees.
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
**Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payctiv App.
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