Payroll debit cards, popularly called Pay cards, provide small businesses consisting of 50-500 employees with effective payroll solutions. A significant number of small business establishments in regions, such as Europe, Brazil, Malaysia and Singapore have profited from 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 payday, the employers need to load a specific amount of balance onto the card of the employees. This amount is same to the one that would have been paid to the employees on a pay check or through a direct deposit. For example, if the monthly pay, after deductions, of an employee is $800, the employer will need to load the payroll debit card with $700.
An attractive feature of payroll debit cards is they are not attached to a checking account. Thus, as soon as the balance amount is withdrawn, the card becomes empty. With a debit card payroll system, small businesses can cut down their expenses.
A debit card payroll system allows the employers to send money to their employees or workers in foreign locations. The workers or employees can receive money by withdrawing it by using their debit card.
Payroll debit cards are comparatively safer to carry in comparison to a large amount of cash. Besides, in case the debit card of the employees is stolen or lost, they can have it deactivated immediately and obtain a new one.
Debit card payroll services prove very useful for the employers, as they no longer need to carry the burden of storing the personal bank accounts of their employees. Besides, some debit card payroll service providers provide tracking records to the employers, thereby simplifying the recordkeeping procedure.
Payroll debit cards are quite similar to prepaid cards in featuring the logo of a reputed and popular credit card provider such as VISA and MasterCard. Thus, card holders can use a payroll debit card in the same way they use a prepaid credit card to pay their shopping bills.
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 payday, the employers need to load a specific amount of balance onto the card of the employees. This amount is same to the one that would have been paid to the employees on a pay check or through a direct deposit. For example, if the monthly pay, after deductions, of an employee is $800, the employer will need to load the payroll debit card with $700.
An attractive feature of payroll debit cards is they are not attached to a checking account. Thus, as soon as the balance amount is withdrawn, the card becomes empty. With a debit card payroll system, small businesses can cut down their expenses.
A debit card payroll system allows the employers to send money to their employees or workers in foreign locations. The workers or employees can receive money by withdrawing it by using their debit card.
Payroll debit cards are comparatively safer to carry in comparison to a large amount of cash. Besides, in case the debit card of the employees is stolen or lost, they can have it deactivated immediately and obtain a new one.
Debit card payroll services prove very useful for the employers, as they no longer need to carry the burden of storing the personal bank accounts of their employees. Besides, some debit card payroll service providers provide tracking records to the employers, thereby simplifying the recordkeeping procedure.
Payroll debit cards are quite similar to prepaid cards in featuring the logo of a reputed and popular credit card provider such as VISA and MasterCard. Thus, card holders can use a payroll debit card in the same way they use a prepaid credit card to pay their shopping bills.
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Check out the benefits that co-branded cards and prepaid cardsoffer to small companies with regards to customer satisfaction and business prospects.
1 comments:
Hello,
To start a debit card payroll system, the business owner first needs to create a centralized payroll account in a bank and distribute payroll debit cards among their employees. On payday, the employers can send money directly to the payroll account. Their employees can later withdraw money from this account. Thanks a lot...
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