The articles I've submitted in the last few issues have taken you on a journey from the basics of "what is a payroll card" to more specific topics such as "meeting the needs of immigrant and guest workers." In this edition, I would like to take it one step further by providing information that will help you when it's time to shop for a payroll card provider. So, here we go...
The payroll card continues to gain momentum as one of the most convenient and cost-effective tools available to pay the un-banked worker. Employers and staffing companies alike are faced with a growing number of options when it comes to choosing a payroll card provider. When "googling" on the Internet, you're likely to get a number of companies that would love to have your payroll card business, and that's great. But, how do you go about interviewing a card provider to see if they can both serve your needs, AND serve the needs of your workers?
Here are several questions and discussion points that will help you to choose a payroll card provider that's right for you:
How long have you been providing payroll cards?
You want to look for a company that has been providing payroll card services for at least three to four years. With years of service comes experience, and the higher the experience, the more indication the provider is well-established and competent to provide a quality payroll card program. One thing to avoid is choosing a company that's just getting into the business, or else you might encounter a bad situation in which, after cards are handed out, the company no longer returns your calls. That's not good.
Do you currently provide a payroll card program to other companies in my industry?
It's always good to choose a card provider that understands the basic fundamentals of your industry and actively participates in professional associations and trade shows designed to promote staffing. This indicates their commitment to serving the staffing industry, plus their understanding of the challenges you face with distributing payroll (i.e. people wanting their checks early, or having a friend or relative standing in your lobby on payday "who stopped by" to pick up the employee's paycheck, etc.).
Can I get a couple of customer references?
If possible, get customer references. This is a great way to see if you are being sold, or whether the company is really interested in providing you with a viable business solution. By talking with peers in your industry that utilize a card provider's services, you'll gain insight about the provider's abilities to display excellent customer support. If a company is resistant to provide customer references, be very cautious. Stay away from a company who's not willing to share its success stories.
Can you tell me about your customer service department?
This is a very important inquiry. Making sure that both you and your employees have the proper customer support and money management tools is essential to enjoying a smooth transition from a paper-based paycheck to a debit card. Also, ask about the customer service department's hours of operation. This could become important if you and your employees are on the west coast, and the card provider is on the east coast. So, be sure the hours of operation represent an acceptable level of service. The more customer-conscious card providers offer extended service hours, or even 24-hour customer service. Many of the employees that are well-suited to use payroll cards are non-English speaking, so it is also helpful to ask the provider if they offer bi- or multi-lingual speaking representatives. You want to ensure the employees can communicate effectively with the card provider's customer service representatives when they have questions or need assistance.
How do employees check their card balance and view card activity?
In addition, ask the provider if they offer secure Internet account management tools that allow the employee to check their balance, view transaction history, and in some cases, transfer money. The better providers offer "Internet bankinglike" services that are usually free to access, and they offer safe and convenient means for workers to access their card accounts. In some cases, employees without computer access will use the phone. The more technologically advanced card providers offer toll-free, 800-number, automated phone systems that provide many of the same options as the Internet. If you still need more information about your card account, you can usually press "0" to be transferred to a live customer service representative.
In closing, these are just a few important topics to cover when talking with a potential payroll card provider. Implementing a payroll card program can be a very exciting and painless experience. Plus, you can save money with the increased efficiencies of a payroll card program! Just make sure you choose a card provider that can meet, or exceed, your expectations.
Craig Fuller is the CEO of Innovative Processing Solutions. He can be contacted at 423.553.5203, or by email at cfuller@ipsolutionsusa.com.
