Using a Prepaid Debit Card as a Payroll Card
Author: Jeff Paul
Most companies nowadays are turning toward electronic payment options such as direct deposit and the use of a prepaid debit card for payroll funds. By encouraging employees to opt for electronic transfer of payroll funds, employers get to cut down on expenses. It costs around 1-2 dollars per pay period to issue paper checks to company employees. That amount is cut down to just twenty cents per employee when the payment transfer is instead done through electronic accounts. While this seems like a miniscule deduction, the resulting savings are quite substantial. While direct deposit remains the most popular electronic payroll fund option, it is not exactly the most accessible. Unbanked workers who have no affiliation with a financial institution cannot avail of the direct deposit option. Issuing a prepaid debit card or paycard leverages the financial advantages of electronic funds transfer without having to force employees to open a bank account. Aside from giving companies an efficient and cost-effective means of distributing payroll fund, prepaid debit payroll cards provide employees with the convenience of accessing their funds wherever and whenever needed, so long as there is a compatible ATM machine nearby. It also enables for a more secure method of bills payment and making purchaseseven online. Prepaid debit payroll cards work almost like a full service bank account card. The big difference here is that there are no strings attached to a prepaid debit card account. This is probably why paycards are usually issued to temps, freelancers or contractual employees. Resource Box: MiCash Inc. is one of the pioneering providers of prepaid debit card services. The company aims to allow everyone, even underserved citizens to have indiscriminate consumer access, security and convenience. To learn more about the company and its products and services, visit http://www.micash.net or call 866-642-2741.About the Author:
Jeff Paul is a writer and copy editor who likes to share information on many different topics. Five Reasons You Should Buy the GBC HeatSeal H210 Pouch Laminator Five Great Reasons to Buy the GBC HeatSeal H520 Pouch Laminator Easing Your Payroll Burden Who Still Thinks Crime Pays? Should You Buy Rocket Japanese? - Will it Actually Work? Play Before You Pay Duvet covers - Things to Know Before You Buy Should You Buy FAP Turbo Or Not The Leg Stretches Pay Off Quick Tip For Being Able To Buy Moped Parts How To Avoid Paying High Hearing Aid Prices Broken Promises to Pay The Negative Side Of Paying Private Tuition