Everything About Payroll Debit Cards:
Payroll debit cards are also known as paycards and function in the form of stored-value gift cards. These cards can offer attractive and affordable payroll solutions to small-scale business establishments consisting of 50-500 employees.
Debit card payroll programs have already proved their worth for large companies but now they are also helping small and medium-scale enterprises (SMEs) maximize their profits. To start using the debit card payroll system in an organization, the employer has to create a centralized payroll account and distribute payroll debit cards to all his employees.
On the pay day, employers can send money directly into the payroll account. The employees can thereafter collect their respective wages through the payroll cards provided to them.
The payroll service provider of the company manages the central payroll account. The payroll service provider keeps track of all the transactions that take place. This keeps a tab on distributing tax forms, pay stubs, and allows the employees to check the balance in the account through Internet.
Debit card payroll services don’t require the use of paper checks. Hence, companies don’t need to spend money on printing paper-checks. This way, small business owners can reduce their expenditure and save a considerable amount of money.
Plus, the usage of payroll debit cards does not require an employee to hold a savings or checking account. Thus, the cards are beneficial for organizations that hire seasonal or part-time employees.
The employees can use their payroll debit cards to receive money from any location in the world. The employees can use these cards to buy stuff or get cash back. As these cards function very similar to prepaid credit cards such as MasterCard and Visa, employees can use these cards to pay for their shopping expenses. Also, employees can use their payroll debit cards as prepaid cards to pay their other monthly bills.
Overall, payroll debit cards are very advantageous for both employers and employees. A number of companies have reaped the benefits of employing debit card payroll system.
Increasing number of Small business establishments can profit from a debit card program or prepaid card program.
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