Benefits of Employee Pay Cards
Benefits of Employee Pay CardsSo, you’re intrigued by the cost-saving benefits offered by pay cards—like saving nearly $3 per every printed paycheck—but you’re worried about your employees’ response?
No need to worry: in our experience, employees love them, especially employees within a distributed workforce like yours. Here are five quick reasons why.
- Instant Access to Cash – Instead of receiving paychecks each pay period, employee pay is electronically downloaded to the pay cards they are carrying in their wallets. Think about it: no paycheck to deposit…no waiting for checks to clear…no check cashing fees for employees lacking bank accounts.
- The Ease of Prepaid Debit Cards – Who doesn’t like the convenience of prepaid debit cards? Employees can use their pay cards just like bank account debit cards, whether making purchases, checking their balances, or withdrawing cash from ATMs.
- Access to Online Banking – More than 25% of U.S. households don’t have bank accounts, and many are hourly or seasonal workers…sound familiar? The best pay card programs give these employees access to online banking services, including bill pay. For many, this is the equivalent of a new employee benefit.
- Access to Convenience Checks – Premier pay card programs also provide employees with convenience checks, another benefit for unbanked workers, who routinely pay a small fortune in fees for money orders, wire transfers, and third-party bill payments.
- On the Road to Savings – By eliminating the above transaction fees, pay cards help employees keep more money, literally, in their pockets. (For this reason, wise employers choose pay card programs with minimal fees.) The most progressive programs also offer FDIC-insured savings accounts, giving employees an effortless way to start building a sound financial future.
EPAY’s pay cards—offered in partnership with SimplyPaid™, a leader in the prepaid card industry—provides all the above and more. Learn more about the benefits here or contact us. Here you can learn more about EPAY's human capital management services.