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Payroll Debit Card Program : An Ideal Payment Option :
Payroll debit cards are issued to employees of an organization as a payroll solution. However, they offer more conveniences than just attractive payroll solutions. Payroll debit cards are similar to prepaid credit cards in the sense that spending cannot exceed the amount that you have in your account.
Employers can send money anywhere in the world. They can monitor the card balance and money transfers online. Since payroll debit cards eliminate the need of pay checks, they help in saving a valuable amount of money spent in printing.
The biggest advantage offered by payroll debit card is that they can be used by employees not having any kind of bank account. These cards eliminate the requirement of having a savings account or checking account in bank for transferring the salaries.
They can easily access their funds through ATMS's that accept prepaid credit cards such as Visa or MasterCard. Employees don't need to visit a bank to withdraw their salaries. Employees receive their payments automatically on the day of the salary transaction. This also helps to save time of the employees.
It is very convenient to receive wages on a payroll debit card. You can either withdraw your whole salary in one go or in parts over a period of time. The money is safer on a debit card than it is as cash. If your payroll debit card gets stolen, you can deactivate it immediately.
Paychecks of supplemental security income, social security, civil service retirement and rail road retirement can be directly deposited in employees card account which is free of cost. These prepaid cards can be used to pay bills as well as to make purchases. The process of paying bills card is easy as you don't need to purchase money order or buy stamps to mail your bill.
Employees can save on high money transfer fee. Using an employee prepaid card, the transfer fee comes down to just $0.50, irrespective of the amount you transfer. They can also check their account balance using phone or Internet.
Small companies in Europe (Germany), Asia (Singapore and Malaysia) and Brazil have successfully implemented and benefitted from payroll solutions involving payroll debit cards.
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