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Everything About Payroll Debit Cards:

Dec 3, 2009 Business Management

Payroll debit cards are also referred to as paycards. These cards operate in the same way as stored-value gift cards. They offer efficient and affordable payroll solutions to business organizations that have a small employee-base of about 50-500 employees.

A debit card payroll system has proved very effective for large business organizations; however, it has been rapidly making inroads in many small and medium-scale enterprises (SME’s). To implement a debit card payroll system, employers need to create a central payroll account in a bank. They also need to issue payroll debit cards among their 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 central payroll account is handled by the payroll service provider of the company. The service provider monitors all transactions (debit and credit) for every employee paycard, issues tax forms and pay stubs, and makes it easier for employees to keep an eye on their account balances through the Internet or phone.

Use of paper checks can be done away with using payroll services. It thus saves a significant amount of money the company spends on printing checks. This way, the small business heads can minimize their costs and save a handy amount of money.

Apart from this, even employees who don’t have savings or checking accounts can use payroll debit cards. Therefore, the payroll debit cards can be very beneficial for business establishments that employ seasonal or temporary employees.

With payroll debit cards, employees can receive money from different countries. These cards can also be used by the employees to get cash back or make purchases. Since these cards operate in the same way as prepaid credit cards such as Visa and MasterCard, employees can use them to pay their shopping bills. Besides, employees can use these cards as prepaid cards to pay their 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.

Several small companies can benefit from a debit card program or prepaid card program.

Tags: Business Management, debit card, payroll services, payroll solutions, prepaid cards, prepaid credit card, receive money, send money, VISA