Have you considered Payroll Cards as an alternative to paper checks?
The SOLE® Visa® Payroll Card is a payroll card that can reduce or eliminate the cost of check distribution for employers and the expensive hassle of check cashing for employees. The payroll card is conveniently funded as a direct deposit through Corporate Payroll Services; no bank account or credit check is required.
We spoke with Hannah Waterman, Business Development Manager at Sole Financial to explore the benefits to employers and employees and best practices for using the card.
Corporate Payroll Services: Why would an employer offer the SOLE Visa Payroll Card instead of standard paychecks?
Hannah Waterman: The SOLE Visa Payroll Card allows employers to offer the convenience of direct deposit to unbanked employees. When you consider the distribution cost of paper checks, the risk of lost or stolen checks and check fraud, as well as the time spent on check reconciliation, companies can save a substantial amount with direct deposit. The payroll card takes an ACH deposit, like Direct Deposit, so it has many of the same cost-saving benefits. We also cover the cost of the cards, shipping and any marketing/educational material. This is our investment in our clients’ paperless goals.
Corporate Payroll Services: How do employees benefit? Can’t they just use refillable debit cards?
Hannah Waterman: Unbanked and under-banked employees make up about 28% of the population. These employees have to take time, and typically pay high fees to cash their payroll checks at check-cashing stores, purchase money orders to pay bills, etc. If they move their funds to the refillable debit cards they can grab at the convenience store, they’ll incur additional charges to maintain and use them, often eating up a substantial amount of their pay.
Corporate Payroll Services: So how is the SOLE payroll card different? Is it really like a debit card
Hannah Waterman: Yes. It’s a branded Visa® Payroll Card and is accepted anywhere Visa debit cards are accepted. In fact, employees can order cards in their own name, and even choose their own picture for the face of the card.
Next time, we will share how SOLE Visa Payroll Card focuses on proactive Cardholder Education. They help your card holding employees understand all of the card features, benefits, and free vs. optional fee services. So your employees will not have their paycheck eaten up with unnecessary expenses.
In the mean time, if you have any questions, please feel free to reach out to Hannah at:
Hannah Waterman, Business Development Manager
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