Even though depositing a paper check works for many employees, some of your workers need quicker access to their money. Instead of giving them no option but to use their high-interest credit cards or go to a check-cashing store, offer pay cards for employees instead.
With a payroll card, you can electronically deposit your employees’ funds into their payroll card accounts every pay period. They can withdraw cash at ATMs or use the pay card at a store much like they’d use a credit or debit card. Your employees don’t need bank accounts to use their payroll cards, and they don’t have to worry about lost or stolen paychecks.
National PEO’s payroll card, offered in partnership with Bank of America, lets your employees access their pay at any time. They can review their pay card accounts online or over the phone, and they receive free Money Network checks to use along with their payroll cards.
The Bank of America CashPay Visa card is not a credit card that charges interest rates. Employees can’t charge purchases to their CashPay accounts and pay them off later. Your workers never have to submit to a credit check to sign up for a CashPay card; they don’t even have to have a bank account, making this service that much more convenient for employees.
In day-to-day life, the payroll card works much like the prepaid credit cards that you’d give someone as a gift. Instead of giving your employee a paper check, your employee will receive a Bank of America CashPay Visa card. Every payday, their wages, minus payroll taxes, 401ks, etc., are deposited into their CashPay accounts. They can only spend as much money as they have in their balance, and they’re not charged interest for their purchases. Payroll cards offer many advantages over paper checks, including:
Instead of losing as much as 15 percent of their paycheck to a check-cashing store, your employees can use their entire paychecks to meet their financial goals. Also, instead of walking around with their entire week’s pay in their pockets, they only withdraw as much cash as they need, and only when they need it. CashPay accounts are in the employee’s name only, so employees don’t have to deposit their checks into joint bank accounts.
National PEO’s payroll solutions make payroll simple, quick, and convenient. You can submit your payroll online, via email, or over the phone, and we’ll take care of payroll administration for you. We offer multiple ways for your employees to get paid, including check, direct deposit, and payroll card. We make it easy for employees to sign up for pay cards, and we help them through every step of the process.
If you’re already a National PEO client, talk to us about making payroll cards for employees something that you provide for your workers. To learn more about the services we offer or to request a free quote, call us or fill out our Web form today.
National PEO is proud to offer PayCards to all of our employees. The PayCard program uses time-tested systems — direct deposit and ATM’s — to allow employees easy access to their pay.
Instead of cashing their paychecks at expensive check-cashing stores, employees’ funds are electronically deposited into their PayCard accounts every pay period. The PayCard lets employees access their pay at any time, letting them avoid long lines and costly check-cashing fees.
Sound too good to be true? It’s not. Just fill out the enrollment form and fax it back to National PEO at 480.945.1525. We’ll take care of the rest.