Pay Card Services provide an opportunity for the employer to pay the employee using a pay card. The company benefits by
- Removing the check-writing and reconciliation process from the company
- The employee’s net pay is directly deposited to the pay card
The employee benefits by
- Receiving the net pay on to the pay card
- Having the ability to use the card vs. cash when making purchases
- Can easily draw available funds from the pay card from an ATM
- Reduces the expense employees often incur when using a check cashing business due to high fees that are often assessed.
The ability to reduce the amount of checks that are written is a key factor in reducing costs, limiting fraud, and more efficiently processing payables. Paying employees via a pay card is an area where companies can save on logistics, effort, time, and costs. The pay card is focused on the un-banked employee or those employees who desire a flexible debit card in addition to their traditional bank account.
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