Demand for Payroll Cards
Prepaid debit card transactions are the fastest growing method of payment in the world. Employers discover payroll cards are highly desirable and are the preferred way workers want to receive money.
10 Reasons Workers Love Payroll Cards
- Instant access to money means immediate gratification
- Safe way to securely carry money
- Eliminates worries about loss or theft
- Acceptance assured regardless of credit history
- Convenient to use at ATMs and point of sales locations worldwide
- Easy money management through online cardholder portal
- Eliminates problems associated with cashing paper checks
- Quickly receive money anywhere in the world
- Saves time and increases satisfaction
- Receive money electronically, without needing a bank account
Employees Save Money with Payroll Cards
Payroll cards save employees up to $1318.00 per year by eliminating costly check cashing fees, money orders, and wire transfer services.
Employees who lack conventional bank accounts are presently paying fees between 3% and 8% (average is 5%) just to cash their paychecks. An employee making ten dollars an hour, about $20,000 per year, will spend over $1,000 a year just to cash their paychecks. Un-banked employees must also bear the cost of paying household bills with money orders rather than checks (the average is 2 money orders per month) which adds another $16.00 to their monthly expenses, or $192 per year. The average cost of a checking account is $238.00 a year, but the average cost of not having one is $1,192 or five times as much.
Most immigrant employees use wire transfer services to send money back home to support their families every month. To send $300 back to Mexico for example is around $15.00. Most workers send money every month at a cost of about $180.00 per year. Employees that have a payroll cards can send money home for a flat rate of $4.50 - a savings of $10.50 per transfer over wire service companies, saving up to $126 a year in wire transfer fees.