One of the best innovations that we’ve seen over the past several years in the area of Payroll Administration has been payroll “Pay Cards”. Your employees may need additional solutions that direct deposit or a paper check cannot offer, such as employees who do not have bank accounts or that need the ability to divide their net wages amongst different sources or accounts. A Pay Card is a safe alternative for your employees. With a Pay Card, the employee’s net wages are electronically deposited to safe and secure VISA Branded account.
Employees receiving all of a portion of their net wages through a Pay Card can:
• Get cash any time at ATMs worldwide
• Make purchases anywhere Visa debit cards are accepted
• Shop online, by phone or mail order
• Eliminate the hassle and costs of cashing at check cashing operations
• Avoid lost or stolen checks
• Avoid the risk of carrying large amounts of cash
• Obtain a card (with the VISA brand) with no credit check
• Use the card as a forced savings mechanism
• Use the card to help manage household budgets
Once considered only an alternative for the “unbanked” Pay Cards are now being used by employees with varied occupations and levels of compensation to help simplify and make more convenient how they get paid. Check with your PEO Representative to see how a Pay Card may help you and your employees to more effective administer your company’s payroll.
