Specifically, SaleSynegy offers prepaid payroll cards for companies with larger employee bases without bank accounts.
As your prepaid debit consultant, SaleSynergy will work with you to create the right payroll solution for your unbanked employees. Prepaid is less expensive than paper checks for both the employer and employee.
All cards are bonded and insured. An instant reduction of theft and fraud can be realized. As a bonus, companion cards may be issued to avoid expensive wire transfer fees.
Payroll cards have emerged as an electronic substitute for payroll checks. Payroll cards help employers in paying their employees and also provide a drastic cutback in the costs of making paper checks.
Payroll cards provide a simple and cost-effective card-based alternative to issuing paper checks. Paying employees with payroll cards provides the convenience and flexibility of electronic payroll in a secure card-based solution - without the need for the cardholder to have a bank account.
Payroll cards are designed to help employers move to a completely paperless payroll solution which saves money, time, provides efficiencies and allows for greater focus on business operations.
Traditionally, employers have disbursed wages in two ways:
- ACH direct deposit of funds into employees' bank accounts
- Paper-based payroll checks
Payroll cards are linked to accounts that are funded by employers each pay period. After the payroll cards are distributed, funds are accessed by the employee at the point of sale or online to buy products or services or at an ATM to withdraw cash.
Reduce High Costs:
- Reduce costly and time consuming payroll administration by replacing paper-based distribution with a card-based system.
- Reduce the costs of reconciliation against your payroll disbursement account.
- Reduce the costs of paper production of checks and replacement of lost or stolen checks.
- Reduce the costs of special disbursements, such as final paychecks.
Gain Operational Efficiencies:
- Simplify payroll distribution for all categories of employees including unbanked, contract, temporary, youth, part-time and remotely-located workers.
- Increase employee productivity by eliminating time-consuming off-site trips to cash paychecks.
- Use your existing payroll processor and systems to manage payroll account processing, including payment disbursement instructions to your banking institution, tax calculations and reporting. (Direct deposits continue to be handled as they are currently.)
Enhance Employee Convenience, Security and Control:
- Immediate employee access to payroll funds on payday, with no need to have a checking account or any banking relationship.
- Purchasing capability up to the balance available in the account at millions of MasterCard merchant locations worldwide.
- MasterCard's Zero Liability policy ensures lost or stolen payroll card replacement, with full remaining stored value.
- Employees can access cash at over 900,000 ATMs and bank branches as well as at select POS terminals.
- Online statements help employees track their spending and manage their finances. .