To start a debit card payroll service, employers of small business establishments first need to create a central payroll account in a bank and issue payroll cards to all their employees. On the day of the salary, the employees can obtain their salaries from this central payroll account with the help of payroll debit cards.
Also referred to as ‘pay cards’, payroll debit cards can also be issued to employees who do not have a bank account. Generally, a single payroll card account is opened in the name of the employer. This particular account contains the payroll funds of all the employees. The bank managing the centralized account regulates the money transaction process. It also monitors other functions such as withdrawals, deposits and other paper work.
Payroll solutions involving these debit cards also help companies to reduce costs by eliminating the printing cost of salary checks. This way, small companies can increase their profit margin.
Through these cards, employees can conveniently obtain their salaries through an ATM machine. They can make use of payroll debit cards in restaurants, gas stations, hotels and super markets across the globe.
Through a debit card payroll system, business owners can send money to their employees in any part of the world. Employees too can easily receive money from any country.
Payroll debit cards are also called as store value cards. They operate in the same way as prepaid credit cards. Hence, employees can use these cards just as prepaid cards such as MasterCard and Visa to pay their bills, when shopping.
While withdrawing their salaries through the payroll debit cards, employees don’t need to pay any kind of surcharge fees. Besides, a debit card payroll system also allows the employees to keep a tab on their accounts. For this, they need to contact the company’s payroll vendor.
These unique features of payroll debit cards can be very beneficial for both, the employers as well as employees of small business organizations. Many businesses in Brazil, Malaysia, Singapore and Europe have profited considerably by implementing debit card payroll services.
A prepaid card program or debit card program can be beneficial in many ways to the employers and employees of small-scale companies.
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