Payroll debit cards are popularly referred as Pay cards. These cards provide efficient payroll solutions to small businesses with employee strength of around 50-500 employees. A large number of small business entities in regions, such as Malaysia, Singapore, Europe and Brazil have successfully implemented a debit card payroll system.
To implement a debit card payroll system, employers first need to create a centralized account with a reputed bank that will monitor all the transactions. Thereafter, they will need to issue debit cards to all their employees.
On the day of the salary, the employers will load a certain balance onto the card in the same amount that they would have paid their employees through a direct deposit or on a paycheck. For instance, if the monthly salary of an employee is $700 after deductions, the payroll debit card will be loaded with $700 every week.
A notable feature of the payroll debit cards is they aren't attached to a checking account. Thus, as soon as the balance amount is withdrawn, the card becomes empty. With a payroll debit card system, employers can also lower their business expenses.
A debit card payroll system enables the employers to send money to their employers overseas. The employees can then receive money by withdrawing it through the payroll debit card provided to them by their employers.
In comparison to carrying a large amount of cash, payroll debit cards are safer to carry. In addition, if the employees lose their debit card due to any reason, they can get it deactivated instantly and replace it with a new one.
Debit card payroll services can prove very useful for the employers, as it reduces their workload with regards to storing the personal bank accounts of the employees. In addition, some payroll debit card service providers even perform the task of tracking records to the employees and in turn, simplify the procedure of recordkeeping.
Just as prepaid cards, payroll debit cards feature the logo of a renowned credit card provider, such as MasterCard or VISA. Employees can use a payroll debit card just as they use a prepaid credit card to make payments while shopping.
To implement a debit card payroll system, employers first need to create a centralized account with a reputed bank that will monitor all the transactions. Thereafter, they will need to issue debit cards to all their employees.
On the day of the salary, the employers will load a certain balance onto the card in the same amount that they would have paid their employees through a direct deposit or on a paycheck. For instance, if the monthly salary of an employee is $700 after deductions, the payroll debit card will be loaded with $700 every week.
A notable feature of the payroll debit cards is they aren't attached to a checking account. Thus, as soon as the balance amount is withdrawn, the card becomes empty. With a payroll debit card system, employers can also lower their business expenses.
A debit card payroll system enables the employers to send money to their employers overseas. The employees can then receive money by withdrawing it through the payroll debit card provided to them by their employers.
In comparison to carrying a large amount of cash, payroll debit cards are safer to carry. In addition, if the employees lose their debit card due to any reason, they can get it deactivated instantly and replace it with a new one.
Debit card payroll services can prove very useful for the employers, as it reduces their workload with regards to storing the personal bank accounts of the employees. In addition, some payroll debit card service providers even perform the task of tracking records to the employees and in turn, simplify the procedure of recordkeeping.
Just as prepaid cards, payroll debit cards feature the logo of a renowned credit card provider, such as MasterCard or VISA. Employees can use a payroll debit card just as they use a prepaid credit card to make payments while shopping.
About the Author:
Small companies can reap the benefits offered co-branded cards and prepaid cardsin guaranteeing customer satisfaction and boosting business prospects.
1 comments:
Hello friends,
Payroll debit cards function in the same way as prepaid cards. The employees can use the cards in the same way as prepaid credit cards. Through the debit card payroll system, businesses can reduce their administrative costs largely. This is because it eliminates the cost that goes into printing paper checks that help them to save a lot of money. Thanks a lot...
Pre Pay Card
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