Advantages of Choosing a Branded Payroll Card

By: Craig Fuller
Date: 2/1/2008

As we evolve into a paperless society, instant-issued branded debit cards are gaining popularity because of their accessibility and versatility. The ability to issue a branded debit card account at the time of hire to an un-banked or underserved employee is very powerful. By issuing a payroll card that is branded with a major network, you give your employees security, convenience and peace-of-mind.

Paying your employees with a branded payroll card provides them the advantage of being able to use that card at ATMs and merchants in over 24 million locations worldwide. Branded payroll cards are accepted at all major retailers and can be swiped at any point-of-sale device that accepts that network. The convenience of being able to access their cash at ATMs eliminates much of the risk that follows unbanked employees who are used to carrying their entire paycheck in cash. By choosing a branded payroll card, you give your employees the opportunity to use their payroll card to make online, mail and phone purchases. Cardholders can enjoy the advantages of shopping at anytime and paying in a safe and secure manner.

If an employer chooses a branded payroll card, that allows them to give their cardholders additional financial management tools. A branded card can be used to pay and manage bills online. Cardholders can set up automatic or manual bill pay which assists them in tracking their bills and payments.

With a payroll card, employers offer employees an instant issue card, in which the cardholder secures and identifies their card with a protected Personal Identification Number (PIN). By offering a branded card, you allow them the choice of the instant issue card or a card with their name embossed on the front of the card.

Branded payroll cards enjoy the advantage of being re-loadable. Cards can be reloaded at Money Gram stores from an existing checking account or from anther employer, as long as that employer pays employees through direct deposit.

Offering employees a branded payroll card allows them to enjoy pay-to-the-penny payroll payouts from their card. By providing them a check and authorization number, the cardholder can withdraw their entire payroll from the card. This provides them a much more cost efficient method of accessing their entire payroll, whereas before they were spending 3-5% of their payroll to cash their check.

Paying your employees on a branded payroll card allows them to access their funds immediately every payday, no matter where they are located that day. It allows them to enjoy many of the benefits that were at one time only available to banked employees.

Payroll cards also save the employer time and money. With a cost of $2-10 to process, print and deliver a paper paycheck and the additional costs to replace it if the check is lost, a branded payroll card can significantly save companies money. When realizing the added costs of tracking mailed checks, account fees and time lost processing the paper checks, the savings earned from a branded card are immeasurable. Adding a branded card solution doesn't change the employer's existing operation and process, but increases its efficiencies and eliminates expenses immediately. Eliminating paper checks allows employers to eliminate bank-processing fees for stop payments on lost or stolen checks and reduces the employer's exposure to check fraud.

Offering a branded payroll platform for your company is one that can enliven your image, grant the best benefit to your employees and be flexible enough to adapt to your wishes and changes. A flexible, customized branded program goes a long way when you discover you are ready to implement a program that will meet your best interests and those of your valuable employees.

Craig Fuller is the CEO of Transcard. He can be contacted at 423.553.5227, or by email at cfuller@transcard.com, or visit www.transcard.com.