Most companies encourage100% direct deposit. However, it is not possible because many employees don’t have a bank account. However, payroll debit cards enable the companies to achieve 100% direct deposit participation. Payroll debit cards provide an innovative payment option through which employees can withdraw money even in the absence of savings accounts.
Prepaid cards provide benefit of convenience, safety and prestige to both, the employer and the employee. The prepaid debit card programs either involve a negligible amount of cost or are free for most employers.
The way of functioning of a payroll debit card and a prepaid credit card is similar. Since these cards, pre-loaded with direct deposit, do not allow the employees to spend beyond their account balance, employees can keep a check on their spending. Through these cards, an employer can send money directly from his master account to employees’ account directly. Reduction in unnecessary expenses by cutting down the costs of payroll check processing of employee is possible by using payroll debit card. International money transfers and online transactions can be conducted using these cards.
Your payroll service provider takes care of the customer service and looks over the money transaction process. Use of Payroll debit cards significantly reduces the risk of a fraud.
A payroll debit card functions in the same way as a prepaid credit card. Through these cards, employees can keep a check on their spending. With these cards, employees can receive money directly into their accounts on payday. They can get a report on the activity of their account through a monthly statement. Employees can use these cards in the same way as prepaid cards such as Visa and MasterCard to shop or withdraw money from any part of the world.
Many small companies in Singapore, Malaysia, Brazil, Germany and many other countries have benefitted largely from payroll solutions involving debit cards. If you have a small company and want to enhance your business prospects, you should consider implementing debit card payroll services. These cards offer a win-win option to both, the employer and the employees.
Payroll services that involve the application of debit card can enhance your business prospects.
