How To Get A Payroll Card: Is It Worth It?

How To Get A Payroll Card: Is It Worth It?

Did you know that 50% of businesses still pay their employees with a paper check? Printing a paper check can cost a lot of money over the years. Employers can now look into purchasing payroll cards for their employees. This fast and easy process has more businesses looking into the process.

Read more to learn if payroll cards are a solution for you.

Payroll Card

There are so many ways a business can pay its employees. The options are endless. You’re already wondering, what is a pay card? This card is used to pay you for working.

Your employer can work with several different banks to issue you a payroll card. When it is time to get a paycheck, instead of printing a check that you have to deposit or cash at the bank instead, there is a card that already has your money on it.

So if you’re out on vacation, no problem, the money will automatically show up on your card. Not only is it saving you time, but it is also saving your employer money.

Benefits of a Payroll Card

One important factor is you don’t have to have a bank account to get paid. Therefore, this card is not associated with a bank, but it is associated with your employer.

You can use this card as frequently or not as often as you’d like. As long as there is money on the card, you’re able to use it. It does work similar to other cards where the money is removed immediately to prevent an overdraft.

Another benefit is flexibility. Employers can pay their employees more frequently. If you’re on a bi-weekly schedule, this could mean moving to a weekly paycheck.

They have even thought that people could be paid every day once their hours are approved. It takes no time for the employer to approve and pay with a click of a button.

Since this card is not associated with a bank, this means the ATM withdraw options are endless. You could have the ability to visit any ATM that is convenient for you.

If you prefer a direct deposit into your bank account, this card can offer options like only having some of your money deposited into your bank. For example, if you’re planning on going on vacation and have a budget of the money you want to spend, you could have this money loaded onto the card, and once it is empty, it is empty.

Cons of a Pay Card

This is a card that you would carry along with you. However, there is always the possibility of losing or having the card stolen. This can be a large problem if you have a lot of money on the card.

These cards don’t have a fraud system as your local bank account does. So if the money is used because it was stolen, there isn’t a way to get it back.

Another con is the ability to use it everywhere you shop. These cards aren’t associated with a brand like VISA. The card itself is its own entity, and some places may not accept the money in this format.

Finally, there may be some associated fees when the employee goes to check their balance. Every time the card’s funds are accessed, they could experience some fees.

You can check your account balance in a normal banking situation as many times as you’d like without any penalty.

Read More Today

A payroll card is your best option if you don’t have a bank account. Employers love the easy access of paying you on your agreed-upon schedule. You don’t have to wait for the money, and you can use it on your terms. Be sure to read more of our blogs today!

Did you know that 50% of businesses still pay their employees with a paper check? Printing a paper check can cost a lot of money over the years. Employers can now look into purchasing payroll cards for their employees. This fast and easy process has more businesses looking into the process.

Read more to learn if payroll cards are a solution for you.

Payroll Card

There are so many ways a business can pay its employees. The options are endless. You’re already wondering, what is a pay card? This card is used to pay you for working.

Your employer can work with several different banks to issue you a payroll card. When it is time to get a paycheck, instead of printing a check that you have to deposit or cash at the bank instead, there is a card that already has your money on it.

So if you’re out on vacation, no problem, the money will automatically show up on your card. Not only is it saving you time, but it is also saving your employer money.

Benefits of a Payroll Card

One important factor is you don’t have to have a bank account to get paid. Therefore, this card is not associated with a bank, but it is associated with your employer.

You can use this card as frequently or not as often as you’d like. As long as there is money on the card, you’re able to use it. It does work similar to other cards where the money is removed immediately to prevent an overdraft.

Another benefit is flexibility. Employers can pay their employees more frequently. If you’re on a bi-weekly schedule, this could mean moving to a weekly paycheck.

They have even thought that people could be paid every day once their hours are approved. It takes no time for the employer to approve and pay with a click of a button.

Since this card is not associated with a bank, this means the ATM withdraw options are endless. You could have the ability to visit any ATM that is convenient for you.

If you prefer a direct deposit into your bank account, this card can offer options like only having some of your money deposited into your bank. For example, if you’re planning on going on vacation and have a budget of the money you want to spend, you could have this money loaded onto the card, and once it is empty, it is empty.

Cons of a Pay Card

This is a card that you would carry along with you. However, there is always the possibility of losing or having the card stolen. This can be a large problem if you have a lot of money on the card.

These cards don’t have a fraud system as your local bank account does. So if the money is used because it was stolen, there isn’t a way to get it back.

Another con is the ability to use it everywhere you shop. These cards aren’t associated with a brand like VISA. The card itself is its own entity, and some places may not accept the money in this format.

Finally, there may be some associated fees when the employee goes to check their balance. Every time the card’s funds are accessed, they could experience some fees.

You can check your account balance in a normal banking situation as many times as you’d like without any penalty.

Read More Today

A payroll card is your best option if you don’t have a bank account. Employers love the easy access of paying you on your agreed-upon schedule. You don’t have to wait for the money, and you can use it on your terms. Be sure to read more of our blogs today!