Editor’s note: More companies are using prepaid payroll cards as a way of paying employees. These cards act a lot like a credit or debit card, but with less expense involved. In our prior posts in this series, we covered the growing use of prepaid, their added benefits and security and how to engage and excite employees and compliance.
Here, in our final post, Wendy Humphrey, the commercial prepaid team lead at Conduent, discusses how the prepaid phenomenon can help companies eliminate checks altogether.
Q: Why should companies use prepaid cards?
In previous blogs we’ve talked about how they’re great for helping employees without bank accounts get paid on time, which means no more waiting for checks to clear, and no more checking fees. They also help employees manage budgets. For example, they can help with the planning of daily, weekly and monthly outgoings, or for setting transaction limits for things like food and travel.
But they’re great for the companies too. They make administration of payments so easy. We find that after companies implement a prepaid payroll card program, they often convert other areas issuing paper checks to prepaid cards, moving to more time and cost efficient digital processes.
Read the full article on Lexology.